As at 29 March 2021 the updated Residential Tenancies Act came into effect along with the complementary Residential Tenancies Regulations. With this we have seen over 120 changes which impact the investment market and how it operates.

Since their implementation there have been varied interpretations and applications of the changes and we have taken the time to have these filter through to ensure the information we provide you with is not only accurate, but proven in its practical implementation.

For a new lease or at the end of a current fixed term lease the following items would need attended to. 

1. SAFETY COMPLIANCE CHECK INFORMATION

A safety check is required every two years for electrical safety and gas safety at the premises. A smoke alarm safety check is required every 12 months. These checks must be carried out by suitably qualified and licensed tradespeople with a certificate provided. There are costs involved in conducting these inspections so please ensure you factor these costs in when deciding to renew a lease. For further information please refer to the Consumer Affairs Victoria website: https://www.consumer.vic.gov.au/housing/renting/changes-to-renting-laws/resources-for-practitioners/rental-providers-gas-and-electricity-safety-checks

Please see price schedule below.

2. MINIMUM HOUSING STANDARDS

Rental homes in Victoria are now subject to a set of minimum standards. All homes must meet these requirements the next time they are leased (and at all times following this). https://www.consumer.vic.gov.au/housing/renting/repairs-alterations-safety-and-pets/minimum-standards/minimum-standards-for-rental-properties 

3. MANDATORY DISCLOSURES TO TENANTS

Prior to a renter signing any rental agreement, a Residential Rental Provider (the landlord) must provide a set of disclosures to the renters (the tenant). https://www.consumer.vic.gov.au/housing/renting/changes-to-renting-laws/resources-for-practitioners/fact-sheet-6-disclosure-requirements-before-entering-into-a-rental-agreement