The managing agent submitted the NCAT (lease termination application) form (costing me $60) last week, as the tenants had still not been paying their rent weekly in advance as per the lease agreement. It wasn't quite as bad as I had thought though, as they had paid four weeks rent in one lump sum last week. So they are currently only one week in arrears, but not complying with the terms of the lease. We'll see what the tribunal determines - if they agree to start paying the rent each week and catch up on any rent that is owing over a reasonable period of time, the tribunal is likely to not terminate the lease. Hopefully the proceedings might encourage the tenants to start paying their rent weekly, as my biggest concern would be if they vacated the property without notice and were owing a month or more of rent in arrears. The two week rental bond is meant to cover any damages beyond normal 'wear and tear', and isn't sufficient to cover a substantial amount of unpaid rent. Then again, my landlord insurance does (theoretically) provide some cover for unpaid rent, but making an insurance claim is bound to be time consuming and tedious.
If the lease was terminated the managing agent would charge me another one week of rent as a fee for finding new tenants, plus any advertising costs. So it would be best from my POV if the tenants simply start paying their rent on time.
ps. After chasing up the local and international payroll/HR departments of the company I work for, they finally processed the PAYG tax variation approval from the ATO. So I will now have slightly more after-tax 'take home' pay each fortnight rather than having to wait until lodging the annual tax return to get a large tax refund. This is good, as the extra income can sit in my mortgage offset account at an effective pre-tax interest rate of 6.29%, rather than have the ATO holding onto my tax instalments for more than a year (and not paying any interest) before providing a tax refund.
Subscribe to Enough Wealth. Copyright 2006-2023
No comments:
Post a Comment