The Let’s Rent Response to COVID-19 This Week – Simplified
With the release of the new regulation late on Wednesday, we at Let’s Rent been working hard to plan how to best support our tenants and owners.
Here is a link to the Fair Trading website which explains the new regulation together with some flow charts and FAQ’s – https://www.fairtrading.nsw.gov.au/resource-library/publications/coronavirus-covid-19/property/moratorium
Its tough for many people out there right now. Jobs have been lost, hours have been cut, businesses have closed or been severely affected. How do I know this? Because we are speaking with tenants and owners in distress each day.
The government says that tenants in rent arrears and Covid affected cannot be evicted for 6 months; only tenants experiencing a loss in household income of 25% or more can access a rent relief negotiation process; tenants should keep paying rent and landlords should ask their banks for a break on their mortgage or access a 25% waiver or rebate on land tax. All that is true but how do we best navigate negotiations for all concerned?
Honestly, we are finding each tenant and owner situation different. The biggest barrier to progressing discussions right now is the provision of sufficient documentation to qualify tenants for the negotiation process. We get it. Not all employers are providing documentation and Centrelink is extremely backed up so you don’t know the level of financial support you’ll receive. So, we are trying to move ahead where possible with rent deferment and mutual agreements that can be signed off when we do received all of the supporting documentation.
Essentially, we need you to show what your income was previously and what it is now including any government support. For business owners, its the same. If you could complete the Rent Relief Form and upload your supporting docs that would be great. If you’ve already completed your form, you can upload any additional docs or email to email@example.com.
Owners really appreciate if you can contribute what you can to the rent right now. It helps us in negotiations too as well as minimising rental arrears.
Our position is to mediate the best an outcome under the new regulation and its not always going to suit all parties. Owners will offer less than what tenants expect. Tenants will expect more than owners feel they can manage. We need to get to an agreement that both tenant and owner can live with right now.
We’d like to thank you for your patience and understanding. It is very much appreciated and we are so heartened by the positive way in which both tenants and owners have responded to an unprecedented change to all our lives.
We need to find balance, compassion and understanding for each individual, family or household whether tenant or owner. So please, let’s work together.