The Owners Corporation Act 2006 (Vic) had amendments passed in the
Victorian parliament in February 2021 and the changes will come into
effect from December 1st 2021.
Five tiers of owners corporations have now been created, and the
applicable regulations may change dependent upon the owners corporation
+ Tier one: more than 100 lots
+ Tier two: 51 to 100 lots
+ Tier three: 10 to 50 lots
+ Tier four: 3 to 9 lots
+ Tier five: 2 lots or a services-only
There are several additional changes relating to management, fees and
owners corporation procedures but a couple of the key elements that may
relate to your dealings with AESG include the following.
+ All owners corporations with 10 or more
lots will be required to elect a committee. This is reduced from 13 lots
+ Tier one owners corporations will be
required to appoint a manager unless this is decided against by a special
+ Owners corporations that fall under tier
one and two will be required to prepare and approve a maintenance plan
and maintenance fund. This has decreased from 100 lots and above.
The requirement for a maintenance plan and fund is a new requirement for
properties with 51 to 100 lots and so many will not have them in place.
AESG would recommend that all owners corporations (regardless of size)
create a 10 Year Maintenance Plan as it
identifies, and details all required maintenance activity allowing for
accurate and fair budgeting.
AESG can assist by creating a 10 Year Maintenance
Plan for your owners corporation t hat identifies
anticipated maintenance, repair, renewal, or replacement of both major
and minor capital items. The plan provides a snapshot of the present
condition of a building and provides owners corporations with the ability
to plan and budget accurately by providing annual costs per lot
Further information about the requirements for a 10 Year
Maintenance Plan can be found under the Owners Corporation
Act 2006 (Vic) Part 2, section 7A and Part 2 section 36.
Consumer Affairs Victoria
Real Estate Institute of Victoria
To order a 10 Year Maintenance Plan contact the
AESG sales team on 1300 336 339 or at email@example.com.