Rent hardship for tenants and landlords
The current crisis may present challenges for landlords and tenants alike. We have provided some information below as a starting point but please note that this space is changing rapidly and this information is true as at 7th April 2020.
The Prime Minister announced on 29th March 2020 that the States and Territories have agreed to a 6- month moratorium on at least some evictions. More details around this are yet to be announced by the States and Territories and we are expecting an announcement in the coming days. In the meantime, the Federal Government has a number of initiatives in place to support those who have lost their jobs or had their incomes severely impacted.
Information for South Australian Residents
For all up to date information, please visit the Government of South Australia’s COVID-19 webpage.
Understandably there is concern from landlords who rely on their rental income to pay mortgages or simply cover living expenses. Some landlord’s insurance policies include rent default as standard cover while for others it is considered an optional benefit. We encourage you to refer to your insurance PDS for the terms and conditions of any rent default protection that may apply. At this stage most insurance firms are not taking on new landlord insurance policies and if landlord policy renewals are affected we will let you know.
If you are concerned about meeting your mortgage obligations, please contact your mortgage provider in the first instance. If you are not satisfied with their response, please let us know as we may be able to assist you via our property and lending specialists.
If you have had your rental or other sources of income significantly reduced, please refer to the information in our Government Assistance section.
Contact us for help
If you have any questions regarding your investment property and potential impacts on your overall financial position, please contact the office.
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