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

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, March 19th, 10:57AM

News

rss
Latest Headlines

Call for apartment law reform petition support

The campaign to reform apartment law is heating up once again with National MPs urging property owners to sign a petition calling for changes to the law.

Friday, January 17th 2020, 10:16AM

by The Landlord

There has long been confusion and misgivings around body corporates – which are responsible for the management of multiple title dwellings like apartments – and the way they work.

But, given the huge growth in the development of multi-unit buildings and apartment living, the associated problems have generated increasing concern in recent years.

To address this, Auckland Central MP Nikki Kaye and National’s housing spokesperson, Judith Collins, proposed their Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Bill back in 2018.

However, then Housing Minister Phil Twyford said more work needed to be done on the issue, so he declined to progress the proposal at that time.

He also said that apartment law reform was planned "in due course" when priorities and resources allowed.

When the situation had not changed by October 2019, the Fix the Law for Apartments and Units (FLAU) group* launched a petition calling on the Government to urgently reform the Unit Titles Act 2010.

Now the time for the petition to be closed and presented to Parliament is fast approaching so Kaye and Collins are urging apartment stakeholders to sign it.

Kaye says the petition reflects good support for the Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Bill that she and Collins launched in 2018.

Their bill aims to improve the information disclosure regime to prospective buyers of units and strengthen the governance arrangements in relation to the body corporate.

It also aims to increase the professionalism and standards of body corporate managers and ensure planning and funding of long-term maintenance projects is adequate and proportionate to the size of the complex concerned.

Kaye says this reform is particularly important for areas like Auckland Central where the numbers of multi-unit housing developments, and therefore unit titles, has increased dramatically over the past few years.

“It is my intention to hold a meeting of Body Corporate chairs and body corporate managers in Auckland central to discuss further steps to push for change.

“We have worked closely with a working group of leaders within the property sector on this bill. It’s widely accepted within the sector that the Act needs reform, and our bill addresses gaps that will make a huge difference.”

Because the Government hasn’t picked up the Bill, Kaye says public support is crucial to put pressure to ensure there are changes.

Collins seconds this, pointing out the apartment sector is worth more than $50 billion and is continuing to grow. That means it’s important we have robust laws in place for those who own, or want to buy, apartments, she says.

“It’s encouraging that more than 500 people have already added their signatures, and I ask that anyone with an interest in better rules for apartments and body corporates does so before January 30.”

The petition is here

*FLAU’s members include the Auckland District Law Society, Body Corporate Chairs Group (BCCG), Home Owners and Buyers Association NZ (HOBANZ), Real Estate Institute of New Zealand (REINZ) and Strata Community Association New Zealand.

Read more:

Time for apartment law reform 

Halt to apartment law reform 

Tags: Apartments Auckland compliance housing market housing shortage investment property investment property management real estate REINZ

« Evidence needed to support Tribunal claimsThreat to assault ends problem tenancy »

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 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
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 - 7.24 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 7.84 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 - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 ▼6.79 ▼6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 ▼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 6.69 6.45 6.19
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 ▼6.75 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 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 ▼6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 14 March 2024 9:32am

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