Proposed changes to legislation, and how this may impact on your investment

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With a lot in the media lately about the rental industry and the proposed changes to legislation, we thought it was appropriate to give you a brief overview of the changes and what impact that may have to investment owners.

Each property is different, so we certainly encourage you to take a couple of minutes and have a listen to the video on the link below and give us a call if you have any concerns or want to talk about the detail of the changes and how it might affect your investment.

Insulate yourself against 2019. All rental homes must be insulated by July 2019.

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A warmer home is healthier for tenants. Insulation statements are now compulsory on all new tenancy agreements, so that tenants know what to expect when they are moving into their new home.  This is something that Westerman Property Solution’s will cover off when inducting new tenants into a rental property.

Ceiling and underfloor insulation will be compulsory in all rental homes from 1 July 2019 where it is reasonably practicable to install. It must comply with the regulations and be safely installed.

A landlord who fails to comply with the regulations is committing an unlawful act and may be liable for a penalty of up to $4,000.

The installation or repair of electrically-conductive insulation, known as foil insulation, is banned in all residences including rental homes. Anyone who breaches the ban commits an offence and may be liable to a penalty of up to $200,000.

For all the details you need, you can visit the site here.

If you’re not alarmed, you should be. Smoke alarms are now compulsory in all rental homes.

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Since the new regulations which came into force on 1 July 2016, Landlords must have the right type of smoke alarms installed in the right places.

All new or replacement smoke alarms must be long-life photoelectric smoke alarms with a battery life of at least eight years that meet the required product standards, or a hard-wired smoke alarm system.

A landlord who fails to comply with smoke alarm obligations is committing an unlawful act and may be liable for a penalty of up to $4,000, while a tenant who fails to comply with their responsibilities may be liable for a penalty of up to $3,000.

For all the information you need on what is required in your property, you can visit the site here.