COVID-19 StrataFAQ | What can we do to ensure our strata scheme remains financially stable?

Q: What can we do to ensure our strata scheme remains financially stable?

A: Committees may wish to consider the following measures to remain financially sustainable and relieve financial strain on owners:

  • Build a cashflow forecast to re-assess expenditure
  • Defer non-essential and discretionary spending
  • Defer non-essential capital or major works
  • Use your capital works/sinking fund for administrative fund expenses, if permissible under the relevant state-based legislation
  • Apply for a strata loan.

To receive COVID-19 updates for managing community living, sign up here.