There are 2.6 million Australians facing the risk of losing their home as a result of someone else’s financial default, and they do not even know it yet.
Thousands are likely to lose their homes, but nobody in the industry is even talking about it.
Strata owners all over Australia are being exposed to an imminent financial risk, and and we are concerned no-one is talking about it. Owners are falsely comforted, believing their financial liability in relation to their strata home or investment is limited. It is not.
The looming Covid-19 recession, triggered by millions out of work, will result in strata buildings unable to pay for essentials. Fit For Occupancy necessities such as water, electricity, fire and safety equipment and insurance are all at risk.
Who carries both that risk and the financial burden?
The answer is apartment owners. Every apartment owner is exposed to the risk of home loss.