FAQ

Sellers

How much is my property worth?

At Restt Property, we’d be happy to provide you with an obligation free appraisal on your home. Please contact your local agent now.

How long should it take to sell my property?

Once your home is placed on the market, the length of time it takes to sell depends on a number of circumstances including: price, location and the current market. A Restt Property real estate agent can give a rough guide on how long it can take to sell.

Buyers

Where do I search for properties?

Website portals such as resttproperty.com.au, realestate.com.au and domain.com.au are a great place to start, along with regional and local newspapers. Feel free to contact your local Restt Property real estate agent as they may know other properties that are up for sale – sometimes before they’ve even hit the market.

What is the first home buyer grant?

The First Home Owner Grant was established in 2000 to assist eligible first home owners in purchasing a new home or in building their home. The grant amount is determined by the date of the eligible transaction and each state has different rules and regulations. To find out more, please visit http://www.firsthome.gov.au/.

What is stamp duty?

Stamp duty is a charge imposed by state and territory governments in Australia in relation to the transfer of land or property. The State Government charges vary depending on the purpose of the property purchased. 

What are the costs associated with buying a house?

  • Packing and moving costs
  • Deposit - usually 10-20% of the home’s overall cost
  • Stamp Duty
  • Lenders mortgage insurance if you borrow more than 80% of the property purchase price
  • Legal help such as lawyers or conveyancers
  • Building, pest and strata inspections
  • Council rates
  • Building insurance
  • Strata fees, if applicable.

Tenants

How frequently are Routine Inspections carried out?

It is our policy to inspect every rental property under our management three times a year and as a result a report is sent to the landlord on the general condition of the property and in the manner in which the tenants are maintaining the property.

What if we have a friend coming to stay for a long period of time?  Are we meant to advise you?

A visitor is someone who stays no longer than 30 days in the property.  If you are unsure check with your Property Manager.

What is a rental bond and who holds the money?

A rental bond is a security deposit a tenant pays at the start of a tenancy. The bond is lodged and held with the RTA (Residential Tenancies Authority). Typically, the maximum bond charge is equivalent to 4 weeks rent if the rent is $700 a week or less. If the rent is more than $700 a week there is no limit on the bond.

This money is paid back to the tenant at the end of the tenancy provided no money is owed to the for rent, damages or other costs.

 What happens if I require maintenance work to be completed in my home?

Rental property repair is important to us. If you require an emergency repair, please contact your property manager by phone. You can get in touch with them here. If your matter is not urgent, please complete the form below and your property manager will be in touch with you shortly.

What costs are involved if I have to break my lease?

If the fixed term of your General Tenancy Agreement has not yet expired, you are responsible for the following:

  • You will need to complete Form 13 (Notice of Intention to Leave) which will stipulate an intended date for which you will have departed and cleaned the apartment.
  • Paying of rent until the time a new tenant moves in to the property or until the fixed term expires (whichever happens first)
  • A letting fee equal to one weeks’ rent plus GST to reimburse the Lessor for our services in finding a suitable replacement tenant
  • All agreed advertising costs for finding a suitable replacement tenant
  • Cost to test, clean & check the smoke alarms within 30 days of the start of a new tenancy
  • If any goods or furniture is left after your departure, you will be charged for its removal or disposal

Owners

What is the length of the average tenancy?

For residential properties, the fixed term is usually 6 or 12 months. On some instances, other terms can be negotiated.

What are your fees and charges for property management?

Any successful investor will tell you that if you choose the right property manager, then they are worth far more than what they charge. It is wise to never choose a property manager based on their fee structure alone. Ensuring your investment is growing, vacancy is minimal and being well-maintained is far more significant than negotiating lower fees.

If you would like a copy of our Capability Statement, please email us.

What should I do if I change my address, bank account, phone numbers, email address, etc?

We like to keep in touch regularly with our owners, so please notify us via email as soon as possible if your circumstances change.

I’m currently with another property manager, how do I switch over to Restt Property?

Changing to Restt Property is easy! Did you know you can change managing agents without affecting the tenancy in any way, even if your property is tenanted and on a current lease?

All you have to do is make the decision, and fill out the appropriate forms, and we will do the rest!

Do I need landlords insurance?

We strongly recommend all landlords take out some degree of landlord insurance. As with all insurance, you may never use it but if the time comes that you do need to make a claim, you will be glad you had it. Your policy should cover aspects such as, loss of rent, malicious damage etc. Restt Property has a reputable insurance broker who will present you with the best policies and some recommendations for our owners.

Your property manager can assist you in finding a policy that satisfies the requirements of the RTRA and is suitable for protecting your investment.  Don’t forget Landlords’ Insurance is also tax deductible.

Body corporate

What is an AGM/EGM?

Commonly abbreviated, Annual General Meetings is a gathering of directors and stakeholders owners in the complex and required by law to be held every year.

An Extraordinary General Meeting is a meeting dealing with urgent matters that cannot wait until the next AGM.

Who can be on the Committee?

Any owner within the complex of the can nominate to be on the committee at a general meeting.

How many can be on the Committee?

A minimum of three, with a maximum of seven voting members can form a committee. 

The committee must consist of three executive members (chairperson, secretary and treasurer) and up to four ordinary voting members.

Who makes decisions?

The committee is in charge of making decisions as well as:

  • looking after the administrative and day-to-day running of the body corporate of a complex
  • making decisions on behalf of the body corporate
  • putting the lawful decisions of the body corporate into place.

The committee can make decisions by calling a committee meeting and voting, or by voting outside a committee meeting.

What are my obligations when renovating?

As a general rule, you cannot alter common property without permission. Body corporate rules generally intend to maintain the streetscape presentation and structural integrity of a complex which can often limit the level of renovation.

As a requirement of the by-laws, owners must submit renovation plans to the body corporate committee for approval.

How can I obtain a copy of the by-laws?

To obtain a copy of the by-laws, you can contact the Building Manager of the complex, the Body Corporate Manager, or the Body Corporate Committee. This applies to all residents.

Who is the Body Corporate Manager?

The Body Corporate Manager is an independent company engaged by the committee to run the administrative tasks of the committee and also to issue levy notices.  The Body Corporate Manager attends all meetings and takes minutes of these meetings and distributes to all owners.

 

Still can’t find the answer you were looking for? Send us an email and we’ll get back to you shortly!