tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Budget Briefing Friday - click here for details Dismiss
Last Article Uploaded: Thursday, May 30th, 6:45PM

News

rss
Latest Headlines

Warning: insulation deadline looming

Landlords take note: there’s only 40 days left to insulate rental properties before a $4,000 fine from the Ministry of Business, Innovation and Employment (MBIE) comes into play.

Tuesday, May 21st 2019, 10:20AM

by The Landlord

From 1 July 2019 ceiling and underfloor insulation will be compulsory in all rental properties around New Zealand.

The insulation requirements were announced under changes made to the Residential Tenancies Act (RTA) back in 2016 and have been widely publicised.

But there are concerns that some landlords may not be up to speed in the area and that has prompted REINZ to issue a reminder of the looming deadline.

REINZ chief executive Bindi Norwell says it’s imperative that landlords, who haven’t already acted, take action now – particularly as stories are emerging about suppliers running out of insulation materials ahead of the deadline.

“MBIE has warned that it will be proactively checking up on landlords to ensure their rental properties meet the requirements under the RTA by the deadline.

“If they don’t comply they could be fined $4,000 and any landlords who still don’t comply after paying the penalty may face further action, according to MBIE.”

There has been some confusion over properties that will be demolished or substantially renovated in the coming months, and their insulation requirements, she says.

“If a landlord has applied for and obtained the necessary resource or building consents by 1 July 2019, they are not required to upgrade the insulation during the 12-month period beginning 1 July 2019.

“They must, however, comply by 1 July 2020, and existing tenants living in existing tenancies that fall under this exemption must be fully informed.”

REINZ is supportive of the insulation requirements as they will help to improve New Zealand’s housing stock and also improve the health and wellbeing of tenants.

But they need to support the industry to help ensure homes can be insulated in time, especially given there are potentially not enough insulators to meet the demand, Norwell adds.

Under the new requirements, landlords must also ensure that all new tenancy agreements include a separately signed insulation statement covering what insulation the home has, where it is, including the type, thickness or R Rating.

For further information about the insulation requirements, landlords should visit the websites of the Insulation Association of New Zealand, the Energy Efficiency Conservation Authority or MBIE’s Tenancy Services.

Read more:

Landlords urged to act on insulation

Landlords need to get into insulation 

Tags: compliance healthy homes insulation landlords minimum standards property investment property management REINZ RTA tenants

« Standards set to costWhat landlords can't ask tenants »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.14 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.74 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 ▼7.65 ▼7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.74 7.29 6.59
SBS Bank Special - 7.14 6.69 5.99
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 ▼7.84 7.35 ▼6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - ▼7.24 6.75 ▼6.39
Median 8.64 7.19 7.27 6.65

Last updated: 28 May 2024 11:21am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com