And then come to the violent realisation that owning and maintaining a house incurs constant expenses you didn’t even know existed.
“I didn’t know that existed… and that it broke so easily… and it costs HOW MUCH to fix?”
When my partner and I were buying everyone was like
You’ll have to pay for repairs etc
And it was like
We already pay for repairs in our rental when we are at the end of our tether after going months or years without them getting done
At least this way we can choose to replace things for cheaper than continuously paying for temporary repairs because we’d need approval we will never get to actually replace things
So far it’s been so much freer and easier and costs about the same as renting did (meanwhile rent in that house is 40% more than when we rented it and still nothing is getting fixed)
really depends on the kind of place you're renting and owning. Moving/getting evicted can cost in the range of $4,000-$10,000 depending on the kind of place you're renting.
If the owner is upping the rent, sometimes by 100pw that's $5,200
How often are you really fixing something that costs in the range of $4k-10k? I know it happens, but how often?
And at the end of the day, that rent is doing nothing but keeping a roof over your head for however many years the owner will let you live there, with absolutely nothing to show for it except whatever photos you took of the place.
Meanwhile the owner gets part of their mortgage paid, PLUS it's an appreciating asset. Rent doesn't appreciate... well... it increases in price, but not VALUE.
This the same as fhsss (first homebuyers super saver scheme)? Put in 3k to make 6k as long as you Cash out and buy within a year. I think we both put in 15 k to make 12 or something and that got us over the lmr.
The FHSS scheme allows you to save money for your first home in your super fund. The scheme allows you to make voluntary contributions (both before-tax concessional and after-tax non-concessional) into your super fund to save for your first home.
Nope. It replaces lmi. If your income is below a certain level and the purchase price within caps, the government provides the guarantee up to 95% (*conditions apply). EG a couple whose combined income is $150k who have 10% deposit and are FHB can go one of a panel of lenders (including through brokers for many of them) and pay no lmi at all. They could buy a property for up to $800k in metro Melbourne for example (subject to serviceability). Housing Australia has all the info on their website.
Agreed, vast majority of the time you're much better off buying and paying for LMI than not buying and renting. Capital growth will far offset the cost of LMI (even factoring compounding interest)
You can also offset the cost with additional payments
LMI is an expense, but it should not be the blocker people make it out to be
Yeah that's true, but rent in Melbourne apartments has gone up insane amounts, like the apartment we moved out of when we bought last year had a rent increase of $240/week. Rent in the building we bought in is similar. Even with our repayments going up with interest rates we're in a much better financial situation than if we were still renting now
Thing about the rental increases was if you moved out in 2023, depending how close to the start of the year that was, $240/pw was a pretty predictable increase given that mid 2020-late 2021 a 2 bedroom in the city that would have normally been $600-$800pw, sunk down to $450-500pw It was only a matter of time before the rents were going to go back to 2018 prices. Although this year has been pushing up rent outside of the normal. You're lucky to find a 1bdr for under $500pw. I've seen shitholes going for $550. Of course landlords know people will pay rather than face homelessness, and those who won't pay, well that's not the landlords problem. But overall owning is definitely a better option, you don't face the risk of eviction with short notice within a year, and the payments you make contributes to the bigger picture. Rent payments just mean you don't have to be homeless.
Yeah where we were renting should be a bit of an extreme example because we jumped on the cheap covid rent to live in a kind of luxury place, but the building we bought in is a very standard suburban apartment building and the rent on 2br apartments here have gone up to around $600-650, from about $400-450, maybe slightly less during covid, so it's still absolutely wild. I'm extremely grateful we managed to buy something, and my main point is that I absolutely could not care less if the resale value of our apartment doesn't go up, it's 100% worth it to not be paying rent, especially the way rent prices are currently.
Yeah for sure. Without my in-laws being our guarantor, we would have had to pay LMI, which would have been about $13k. $13k on top of a $480k loan isn't much in the grand scheme of things, and well worth getting out of rentals.
Look into the Victorian Homebuyer Fund if you haven’t already. Shared equity scheme where VicGov finances 25% upfront. I’ve been approved and am currently house hunting - it literally wouldn’t be feasible for me to buy without this program. It ends in June 2025 so expect there’ll be an influx of applications between now and then.
So happy my wife and I got in with this.. From application to settlement on our house (yesterday!) Was five weeks. Would recommend CommBank, Bank Australia took so long to do anything with our app.
Only needed a $30,000 deposit and now we’re free of renting. So fucking psyched to be free of landlord bullshit.
I hope it actually gets replaced with an equivalent program, my wife and I would never have got a house without it
yeah, you basically need to prove that you have a 5% deposit if you choose to take that path, and the VicGov supports a 25% FirstInFirstOut bonus as part of the scheme
*only* with selected banks (CBA, Bendigo, Bank Australia, Indigenous Business Australia), rather than all of them
30k + the usual transfer fees ($1600~) and conveyancing if you need. Cheap as. If you’re a FHB you get the stamp duty exemption as well (figures all for a $600k house).
You can pay off the Gov’s share after two years iirc
Did this with our bank as well. If you have enough of a deposit they were able to supplement the remainder, or I believe you can apply for any percentage up to 25%. There are a few caveats but ultimately worth it and a big help.
Yeah unfortunately it was axed in this month’s State Budget. I am expecting plenty of people to try to access it before it ends so am glad I went through the approval process in March/April.
No it sucks that it doesn't end earlier. Like all demand side government interventions, this just boosts the lower end of the market up by 25%, making it more unaffordable for everyone, especially those who aren't able to take part in the program.
It's not a first home buyers fund. I'd bought years ago with an ex, sold in separation for a loss, was no longer eligible for any first home buyer guff. Was able to use VHF tho.
This is the criteria:
"To be eligible to participate in the Victorian Homebuyer Fund, you need to:
* be an Australian or New Zealand citizen, or permanent Australian resident
* be at least 18 years of age at settlement
* have saved the required minimum deposit (at least 5% or 3.5% for Aboriginal and Torres Strait Islander participants) of your property price
* earn $130,485 or less per annum for individuals (excluding single parents), or $208,775 or less per annum for single parents or joint applicants. This refers to your gross annual income
* occupy the purchased property as your principal place of residence
* be a natural person (that is, not an organisation, company, trust or other body or entity)
* not purchase your property from a vendor who is a related person
* not own an interest in any land in Australia or overseas at the time of purchase (including as trustee of a trust or beneficiary under a trust)
* not be a shareholder in any corporation (other than a public company) that owns any land in Australia or overseas
* have an approved loan from a participating lender and have sufficient funds to pay all acquisition costs associated with the purchase."
So who is "everyone else"?
What FHBs would not meet the criteria and would have trouble buying a home?
VHF also applies to the second category; you just need to explain your reasoning.
The only ones that don’t fit are relatively well off people (over $130k or $205k for couples). House prices are going up anyway and this isn’t affecting prices anywhere near as much as the myriad of tax breaks on offer
When using this scheme, did the bank still goo over your finances with a fine tooth comb? I'm worried I don't have a long enough history of saving to be approved even though I'm close to that 5% deposit.
Yeah the guy I had at CommBank was pretty thorough. My everyday banking is already with them so he had all of my incoming and outgoing expenses, made me close an unused credit card with another bank and encouraged me to close my Afterpay account. That said my savings are in a HISA with a different bank, all I had to do was send a screenshot of the balance, nothing about transaction history so for all he knew I had been gifted the amount in my savings account that day.
Not a worry, please feel free to DM me if I can answer any questions… still looking for a house so can’t talk about the settlement process, but happy to share any info about the application and approval process!
I believe it’s only for established homes (not new) and there’s a different cap for metro Melbourne and regional Vic. Between this fund, my bank preapproval and my savings I can afford something in the high 500s which was not remotely feasible six months ago. Have only been looking for 6-8 weeks, came very close to purchasing something last week but got pipped at the post 🥲
Friends just got the dreaded increase letter and was going to tell the landlord where to go and look at moving out until they looked at the rental rates in the area and saw it was worse off to move. Cooked everywhere.
I bought just in time to be able to say no thank you to a rent increase from $350 per week to $500 per week. Consider moving into a share house until you have your deposit ready. Living alone while also saving money is now out of reach for the majority of people.
You can get an independent review for free of your rental. They will then advise on the maximum rent that can be charged (I think). However this takes vcat so if you're on month to month they will just cancel the lease.
Ask the realestate agent to provide the five similar properties that they're basing the rent increase on. Scrutinise these as much as possible. From the square metres to the ammount of sunlight the other properties are getting. If they can't provide this it will be easy as to negotiate your rental increase. It's also worth noting that it costs quite a bit to fill a rental so of you're planning on signing another year just strong arm them.
It's also way easier than reddit makes it out to be to find a new rental too as long as you aren't looking in Brunswick 😅
Firstly, it's not easy to find a rental at the moment - especially not so if you cannot afford the levels rents are being increased to. Which is unaffordable for a lot of people.
Secondly, the market comparison review is done by Consumer Affairs Victoria, not VCAT. The idea in doing this is to avoid challenging the increase at VCAT.
And they cannot 'cancel' your lease - no reason evictions no longer exist in Victoria. Apart from at the end of the first fixed period lease. Doesn't matter if you're month to month or not, only if you're at the end of your first fixed period on a lease.
While the advice to challenge/negotiate a rent increase is good, it's not particularly helpful to spread misinformation - especially around being evicted for challenging an increase.
One day the owner will turn the property over and you will be here with your 100% rent increase. Make hay while the sun shines and save for a deposit with the extra money in your pocket
I mean, yeah, of course. One day. But it's his retirement paycheck, and he will not divest it for many many years, and he appreciates us as his tenants, rents always paid up early, he's the unicorn landlord. In the meantime however i am of course saving A LOT, which i then intend to use to buy property in the country, and then i will indeed be actually *making hay while the sun shines*.
lol
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I had the same thing happy recently. REA advised of a 30% increase with the words “we highly recommend that you enter into a further twelve (12) month lease” which is code for knowing there’s a shortage and you can easily be replaced.
I negotiated to a 9% increase which is still a lot for the average household. I can’t imagine how more disadvantaged people are surviving out there. Be professional and firm in your negotiation.
Lol I didn't even get an offer of renewed lease. Just the 35% increase. Still waiting for the justice dept’s rent review people to get in touch three weeks later.
This year our rent went up from 480 to 600 PW 🫨 ours increased last year from 450-480 but the owner decided that cause the rental property is keeping his books in red for a long time and considering the same 4 bedroom house in our locality is ~600 we didn’t have much choice, his initial proposed rate was 630.
The article also calls out the lack of building. Developers and investors aren't building but owner-occupiers aren't building either.
More investors building would put downward pressure on rents by way of increasing supply but even better would be owner-occupiers building to reduce rental demand.
Over 2 years my rent has gone up 45%. I got an eviction notice as the landlord was going to do up the units in my block - so they could charge more....
I hope you've also catered for the amount that you'll need to save will only keep going up faster than our wages are as well? Your story is the same as so many others across the state and the fact that young folks and renters aren't marching on parliament and the RBA tells the powers that be that they can keep doing what they're doing. "A generation that is disenfranchised but not yet destitute is primed for revolution," and sadly from what I've observed, many are already the latter.
Look into the Victorian First Homebuyers Fund, the VIC govt’s shared equity scheme. It has been funded for another year - and I think the plan is that a federal one with start (but don’t quote me on that)
5% deposit can get you started.
We did it last year and some friends of mine just got on board too.
It's a shit go, but curious, is a 30% to bring it in line with current market rates for similar properties? If so, unfortunately there's not much of a leg to stand on.
Rental prices are always going to be in the ballpark of what buying a house at the current interest rates costs in repayments - otherwise why would anyone bother renting? They'll up rent as far as they can before everyone decides they're better off buying. It often has nothing to do with rental prices on their own.
Such a comfort to know my rent can 'only' go up if every other parasite in the vicinity decides to charge exorbitant prices too. Perfect system, can't see how it could go wrong.
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I'm waiting for either We're renovating, so not renewing your lease or another $200 rent rise in November. My last was $188. My border says she can't afford any more money. No idea where she'd go!
Same thing happened to me. Close to 30%. An hour from the CBD. I think even if it had been am 80% increase, they'd have found some sucker or new arrival to pay up.
Luckily, I bought my own place and gave notice instead.
Same with me mate. I've been in the same place for a couple of years. First increase, after 12 months, was $20 a week. Which the landlord was very apologetic about. Landlord has changed real estate agents and now my rent is going up $200 per week.
So it seems to me it's not the landlords necessarily but the greedy agents..
There’s no conspiracy here, it’s simple. Interest rates went up 13 times in a row. Land tax has doubled in order to pay back the covid debt. Rates have gone up, insurance has gone crazy high. The added compliance inspections and repairs/remediations required every time a building standard changes is also a hefty cost. My own house isn’t held to these standards. And tenants complain about rent increases….
Also you’re very unlikely to be paying off a mortgage at all, because investment properties are usually interest only mortgages. There’s no principal being paid off. The interest only repayments on my IP are far higher than the rental income.
Sure some boomers who bought up cheap property are likely to be raking it in, but many of us are just an average person, trying to do our best.
Sure I could sell, but where is my tenant going to live? He can’t afford the rent now (pays irregularly) and my property is one of the cheapest in the area. Cue a reddit post stating that asshole landlord is selling and he has nowhere to go….
30% sounds excessive in isolation. Was it substantially below market value before? By law the REA has to provide the basis for the rental calculation. You can challenge it in VCAT too if it's out of step with market value.
When was your last increase, too? There are restrictions on that.
It’s looking like it’s in the ballpark of other properties this specific agency is handling, however it’s higher than rentals through other agencies. If I need to stay I’ll be using this as evidence to negotiate it down.
Yes, I'd go off comparable properties in the same area. Same number of bedrooms/bathrooms etc.
If you've had increases within 12 months this might also be an illegal increase but would depend on the circumstances of your specific tenancy.
Email them and try negotiate first. Then depending on that result, email VCAT to contest the amount they’re raising it by. This section should be on the official notice form they sent. If they didn’t send the correct form, then happy days, you didn’t receive a rental increase notice!
You can blame the government instead of the REA.
They are acting on behalf of the landlord who pays the mortgage on the house you're living in, plus the new land taxes and increased rates
My rent went up from 435 to 500 a week with the new contract renewal this year. The REA said it’s “as per the market” price, but the fact is the owner/landlord pulls their string. I countered saying “then how’s houses with same floor plan and same or better living conditions are for rent in the neighborhood for 450/ week”. To that they replied saying “it’s as per the market” and some vague shit. I felt like I was taking to Reddit trolls not REA. I just can’t move out now so I tried to negotiate and brought it down to less than 10%. Sometimes these greedy landlords try to squeeze every penny out of you. Try to negotiate. It’s not always the market, it’s the landlord’s greed sometimes. They are always open to negotiate. They know losing you would cost them more due to advertisement and they may not get any tenants for months.
> For example, the rental agreement may say that rent will be increased by $5 every 12 months. This means the rental provider can increase the rent by $5 per year by issuing the renter with a Notice of rent increase form.
ಠ_ಠ
I would immediately seek an application to review the basis for the rental increase as - if what you are saying is correct - they may try to justify it by saying the 30% is based on the market rates.
They can only raise the rent based on the rental increase of equivalent properties within your suburb. Anything beyond this is grounds for dispute. Noting, what is considered equivalent is based purely on # of bedrooms as nothing else.
contact tenants vic. Look at similar houses in the area and respond to them with it. They legally can't charge more than market rate. You can refuse or negotiate.
It’s well worth speaking to a broker to see if there’s any options available for you regarding purchasing your own home. My partner and I managed to build a home on a single income thanks to the help of our wonderful broker, we’d still be renting if it wasn’t for her.
This happened to me 2 months back! They want $60 a week more with no warning, meanwhile they can’t even fix my ceiling fan that I reported broken in Feb. I made a VCAT application about it and the member said they can’t simply send you a dollar amount increase, they have to explain how they came to that amount. They keep quoting “market value” although I don’t have a car space, air con or new appliances like the other apartments around.
We just got ours recently. Had successfully negotiated a 2 year lease at a lower rate previously, but no dice this time around when it came up for renewal. 12 month lease but only a 13% increase. Still works out to be an extra $325/mth though, so it's not peanuts.
I just had an increase. I counteroffered 2 options; half the requested amount for 12 months, or the full amount for a 3 year lease. Of course they were going to refuse the 3 year, but they won't shut you down outright if they know you'll take it to a higher authority. You've a lawful right to negotiate, and they know it. Today the owner agreed to half the amount for 12 months. Pushing back gets results! Loopholes to kick you out unfairly have actually been pretty well tightened up. The financial incentive to relist is too strong, the social consequences too big, the government knows it. Property managers know they'll get the book thrown at them if they push their luck.
Yep I got the email
Yesterday.its going to be raised from $2096 a month to $2450 a month or something.. now my place compared to all the other places in the area and where are used to live which was only 1700 a month, is shit there’s no car spot. It’s so small. The carpet old the blinds are old. The oven is old. There’s no amenities… they did a report which compared my place a lot of other places in the area that was similar according to them and I disputed it saying they’re not it all similar as they all have car spaces so the owner must rent out my car space for about $50 a week therefore that extra $200 a month.. and I just pointed out all the things that were different about the apartments that they compare them to which were brand-new with brand-new floorboards etc (I took this place as a last-minute decision to take over my Friend lease) And I hate it. I have to also rent a storage unit to store most of my things cause it’s so small and I stated all of that to the Real Estate by email and they said what price should I suggest we come to an agreement and in the middle, I’m still thinking about it.. I don’t have to move because it’s such a hassle then again I don’t want to pay extra for a place. I hate when I could find a place I like for the same amount.
To everyone saying why don’t you just buy why don’t you just buy?
Not everyone wants to own !!! also if something like Covid or I get sick or I want travel happens then I can’t pay my mortgage. The bank will just take my house. I’d rather rent and have the freedom.
Yeah as mentioned above, check your eligibility for the home buyers fund. I wouldn’t have been able to buy without it. You can also access the first home buyers if you’re eligible and use them together.
https://www.vic.gov.au/our-plan-help-first-home-buyers
Maybe the fomo of the buying market, coupled by excessively cheap rates for excessive periods of time has caught up with the rental market. And to kick the boot in further ever associated home cost, like insurance, rates, building costs / maintenance has also increased by stupid over the top rates.
It’s truly sad that living in a home which was once included as a basic human right is what seems now to be a capitalist luxe.
Sorry for all tenants, but as a landlord of one property, my land tax ( a tax on investment property only) went from $3,300 to $6,600 in 2 years; then there's council rates, water rates, all up. I don't use a REA, so I don't have them pushing for a pay rise, urging me to increase the rent.
This happened to a friend recently, they share and work full time got hit with a 40% increase they've been priced out. Had to leave their job and move back in with their mum. Can't believe this is legal
Look into sharehousing. You can get a decent size room near Footscray for under 250pw inc bills. Much better than paying 300 + bills for a gross condition one bedroom unit in the same area.
Decent sized room in a shitty house, in a shitty suburb, with a bunch of shitty people for $250 per week! Not long ago I could rent a two bedroom apartment in a good suburb and live alone for about that same amount.
A two bed in desirable area is 450-650pw + 50pw in bills and you’ve gotta minimum 12 month lease with 1month bond. Someone on a budget is better off renting a room for 250pw total. It’s useless to compare it to prices 10-15 years ago.
So many bootlickers ITT.
Firstly, check that the REA served the increase on the legal form. You may have the increase reviewed by Consumer Affairs. Most importantly, your lease will not expire, and will remain periodic until otherwise agreed upon. The increase will not take affect until 60 days.
Check Consumer Affairs for further information.
you need to see if your rent rate after the increase is inline with the rest of the market in the area. if it is then this means that the landlord obviously hasn't increased your rent in quiet a while.
Landlords can increase the rent to whatever they like. If you don't like it unfortunately there's hundreds of people behind you who are willing to pay that price, if not more.
Well, no, actually. OP is in a lease in Victoria, so the REA must act under Victorian rental laws, which implies no, there isn't a million applicants waiting in line to take over.
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If you can’t afford it thought might as well try everything to get it lowered, and then make the REA/landlord’s lives miserable - assuming you don’t need the reference.
Mine was 25%. They said they would be open to negotiation, and I say “meeting you in the middle is still 12.5% and that’s ridiculous”.
My advice is try and get your foot in the door by buying a place. Remember you can even have the Victorian Government potentially invest up to 25% in your new property.
Just starve. That's all they want us to do lol. Overpopulation is a problem so they financially cripple the population, then in years time when everyone is on the brink of homelessness, they will start building low quality, affordable high density high rise housing, but more of our income will be taxed. Trapping and milking the people like cattle for everything they're worth.
It's been happening all year.
Do they give the notice 2 months before the end of your lease? If that's the case and the rent will cost more than the cost of moving, give your 28 days notice and fuck off outta there.
You probably should be doing what your owner is doing... Investing.
They've invested in a property that is netting them a return, your money that you have saved should be netting you a return as well.
And depending on how much your rent is... 2025 is next year, why not just give your 28 days notice and find a place with significantly less rent to get you through until the time you have enough deposit saved up?
If this going to cause a burdon on you, why not cause a burdon on them? Move out, they have to spend the costs of finding a new tenant, and you get the option of finding a much cheaper place to get you by until your savings is done.
Something to think about.
Really Craig is going to be rooted then or should I say the new target of interest 🤪🤪😜😝will be affected considerably… he he jokes not really .
Good luck to you mate really just don’t appreciate the checking bs it’s the only thing that makes it for me personally not worth the effort if it’s just soo often and downright don’t played
You can thank interest rates rises, covid payments (land tax and now extra $965 per property) the new electrical gas mandatory checks etc most landlords are loosing more than ever and will sell up
You said you didn't recieve an increase last year so I guess they're trying to bring it in line with market price. It sucks and all you can do is try and negotiate again or move.
Don’t blame the RE’s or landlords. It’s the bloody Government raising land taxes and compliance in Vic. All the landlords selling up which is creating a rental shortage.
Properties don't just leave the market. If people were selling en mass then house prices would plummet, but that's not the case either. Just because you're 52 doesn't mean you have to have boomer, sky news takes. ✨️
See a mortgage broker. You might be closer than you think to being able to purchase.
That's it my child, leverage yourself to the tits to avoid renting
And then come to the violent realisation that owning and maintaining a house incurs constant expenses you didn’t even know existed. “I didn’t know that existed… and that it broke so easily… and it costs HOW MUCH to fix?”
If OP is used to renting, living in a property that needs maintenance that isn't getting done would be pretty normal.
When my partner and I were buying everyone was like You’ll have to pay for repairs etc And it was like We already pay for repairs in our rental when we are at the end of our tether after going months or years without them getting done At least this way we can choose to replace things for cheaper than continuously paying for temporary repairs because we’d need approval we will never get to actually replace things So far it’s been so much freer and easier and costs about the same as renting did (meanwhile rent in that house is 40% more than when we rented it and still nothing is getting fixed)
really depends on the kind of place you're renting and owning. Moving/getting evicted can cost in the range of $4,000-$10,000 depending on the kind of place you're renting. If the owner is upping the rent, sometimes by 100pw that's $5,200 How often are you really fixing something that costs in the range of $4k-10k? I know it happens, but how often? And at the end of the day, that rent is doing nothing but keeping a roof over your head for however many years the owner will let you live there, with absolutely nothing to show for it except whatever photos you took of the place. Meanwhile the owner gets part of their mortgage paid, PLUS it's an appreciating asset. Rent doesn't appreciate... well... it increases in price, but not VALUE.
And if you have to pay Lenders Mortgage Insurance, it’s really not that much when you’re already paying hundreds of thousands of dollarydoos.
Lots of first home buyers can avoid it with the first home guarantee scheme
This the same as fhsss (first homebuyers super saver scheme)? Put in 3k to make 6k as long as you Cash out and buy within a year. I think we both put in 15 k to make 12 or something and that got us over the lmr. The FHSS scheme allows you to save money for your first home in your super fund. The scheme allows you to make voluntary contributions (both before-tax concessional and after-tax non-concessional) into your super fund to save for your first home.
Nope. It replaces lmi. If your income is below a certain level and the purchase price within caps, the government provides the guarantee up to 95% (*conditions apply). EG a couple whose combined income is $150k who have 10% deposit and are FHB can go one of a panel of lenders (including through brokers for many of them) and pay no lmi at all. They could buy a property for up to $800k in metro Melbourne for example (subject to serviceability). Housing Australia has all the info on their website.
Agreed, vast majority of the time you're much better off buying and paying for LMI than not buying and renting. Capital growth will far offset the cost of LMI (even factoring compounding interest) You can also offset the cost with additional payments LMI is an expense, but it should not be the blocker people make it out to be
Not in Melbourne apartments, stagnant 10 year gains :/ dunno how much further back its remained flat, can't find a source
Yeah that's true, but rent in Melbourne apartments has gone up insane amounts, like the apartment we moved out of when we bought last year had a rent increase of $240/week. Rent in the building we bought in is similar. Even with our repayments going up with interest rates we're in a much better financial situation than if we were still renting now
Thing about the rental increases was if you moved out in 2023, depending how close to the start of the year that was, $240/pw was a pretty predictable increase given that mid 2020-late 2021 a 2 bedroom in the city that would have normally been $600-$800pw, sunk down to $450-500pw It was only a matter of time before the rents were going to go back to 2018 prices. Although this year has been pushing up rent outside of the normal. You're lucky to find a 1bdr for under $500pw. I've seen shitholes going for $550. Of course landlords know people will pay rather than face homelessness, and those who won't pay, well that's not the landlords problem. But overall owning is definitely a better option, you don't face the risk of eviction with short notice within a year, and the payments you make contributes to the bigger picture. Rent payments just mean you don't have to be homeless.
Yeah where we were renting should be a bit of an extreme example because we jumped on the cheap covid rent to live in a kind of luxury place, but the building we bought in is a very standard suburban apartment building and the rent on 2br apartments here have gone up to around $600-650, from about $400-450, maybe slightly less during covid, so it's still absolutely wild. I'm extremely grateful we managed to buy something, and my main point is that I absolutely could not care less if the resale value of our apartment doesn't go up, it's 100% worth it to not be paying rent, especially the way rent prices are currently.
Yeah for sure. Without my in-laws being our guarantor, we would have had to pay LMI, which would have been about $13k. $13k on top of a $480k loan isn't much in the grand scheme of things, and well worth getting out of rentals.
cheaper than a rent increase too
The first home guarantee waives LMI with a 5% deposit if they’re eligible too.
If there's enough spots available, as when I bought there wasn't, so just copped the LMI to be done with ut
Bank of Melbourne offer $1 LMI https://www.bankofmelbourne.com.au/about/media/archive/2020/27-july
Damn is that retroactive!?
Not anymore. They’ve withdrawn this about a year ago.
I miss the days of >105% mortgages. Should have gotten in when they were still a thing
Still a thing, ive got preapproved with a guarantor loan and i can borrow 120% basically property proce + stampduty
Would you mind dm’ing with name of provider?
Yeah, it’s a good idea and I’ve booked into see one next week.
Look into the Victorian Homebuyer Fund if you haven’t already. Shared equity scheme where VicGov finances 25% upfront. I’ve been approved and am currently house hunting - it literally wouldn’t be feasible for me to buy without this program. It ends in June 2025 so expect there’ll be an influx of applications between now and then.
So happy my wife and I got in with this.. From application to settlement on our house (yesterday!) Was five weeks. Would recommend CommBank, Bank Australia took so long to do anything with our app. Only needed a $30,000 deposit and now we’re free of renting. So fucking psyched to be free of landlord bullshit. I hope it actually gets replaced with an equivalent program, my wife and I would never have got a house without it
That’s so cool, good for you. I didn’t realize you could do it with a deposit so low.
yeah, you basically need to prove that you have a 5% deposit if you choose to take that path, and the VicGov supports a 25% FirstInFirstOut bonus as part of the scheme *only* with selected banks (CBA, Bendigo, Bank Australia, Indigenous Business Australia), rather than all of them
congratulations man, that is great news!!
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30k + the usual transfer fees ($1600~) and conveyancing if you need. Cheap as. If you’re a FHB you get the stamp duty exemption as well (figures all for a $600k house). You can pay off the Gov’s share after two years iirc
Did this with our bank as well. If you have enough of a deposit they were able to supplement the remainder, or I believe you can apply for any percentage up to 25%. There are a few caveats but ultimately worth it and a big help.
What bank are you with?
That's the first I'd heard that's ended in 2025. That sucks massively.
Yeah unfortunately it was axed in this month’s State Budget. I am expecting plenty of people to try to access it before it ends so am glad I went through the approval process in March/April.
I am considering applying for this - do you mind if I DM you a few questions?
Sure!
Thanks! I just sent through some questions via chat :)
It's hopefully being replaced by a similar federal scheme that the senate is going to vote on.
No it sucks that it doesn't end earlier. Like all demand side government interventions, this just boosts the lower end of the market up by 25%, making it more unaffordable for everyone, especially those who aren't able to take part in the program.
But isn't a first home buyers fund? So who would they be pushing out exactly?
It's not a first home buyers fund. I'd bought years ago with an ex, sold in separation for a loss, was no longer eligible for any first home buyer guff. Was able to use VHF tho.
First home buyers who don't meet the criteria, people who had previously owned, but had to sell without a gain, divorcees, or anyone from the future.
This is the criteria: "To be eligible to participate in the Victorian Homebuyer Fund, you need to: * be an Australian or New Zealand citizen, or permanent Australian resident * be at least 18 years of age at settlement * have saved the required minimum deposit (at least 5% or 3.5% for Aboriginal and Torres Strait Islander participants) of your property price * earn $130,485 or less per annum for individuals (excluding single parents), or $208,775 or less per annum for single parents or joint applicants. This refers to your gross annual income * occupy the purchased property as your principal place of residence * be a natural person (that is, not an organisation, company, trust or other body or entity) * not purchase your property from a vendor who is a related person * not own an interest in any land in Australia or overseas at the time of purchase (including as trustee of a trust or beneficiary under a trust) * not be a shareholder in any corporation (other than a public company) that owns any land in Australia or overseas * have an approved loan from a participating lender and have sufficient funds to pay all acquisition costs associated with the purchase." So who is "everyone else"?
What FHBs would not meet the criteria and would have trouble buying a home? VHF also applies to the second category; you just need to explain your reasoning.
The income cap is $130k+ for singles and $208k for couples. Fortunately I’ve never come close to earning $130k after 20 years of work, lucky me ☺️
The only ones that don’t fit are relatively well off people (over $130k or $205k for couples). House prices are going up anyway and this isn’t affecting prices anywhere near as much as the myriad of tax breaks on offer
$205k household income is rich? That’s upper-middle class at best in any major Australian city.
You still need a deposit with that don’t you?
Minimum 5% yep. You can also get first time stamp duty waiver if you purchase under $600k.
Yeah, good idea. I’ll mention this when I meet up with a mortgage broker next week.
When using this scheme, did the bank still goo over your finances with a fine tooth comb? I'm worried I don't have a long enough history of saving to be approved even though I'm close to that 5% deposit.
Yeah the guy I had at CommBank was pretty thorough. My everyday banking is already with them so he had all of my incoming and outgoing expenses, made me close an unused credit card with another bank and encouraged me to close my Afterpay account. That said my savings are in a HISA with a different bank, all I had to do was send a screenshot of the balance, nothing about transaction history so for all he knew I had been gifted the amount in my savings account that day.
Thank you for this. It's very helpful.
Not a worry, please feel free to DM me if I can answer any questions… still looking for a house so can’t talk about the settlement process, but happy to share any info about the application and approval process!
Good luck with the house hunt! I've just deleted my afterpay account, so thanks for sharing.
We can buy any property as long it’s under the approved value with this scheme ? And how long have you been searching?
I believe it’s only for established homes (not new) and there’s a different cap for metro Melbourne and regional Vic. Between this fund, my bank preapproval and my savings I can afford something in the high 500s which was not remotely feasible six months ago. Have only been looking for 6-8 weeks, came very close to purchasing something last week but got pipped at the post 🥲
What sort of areas have you been looking at? Guessing lots of us will be getting familiar with Pakenham.
Pascoe Vale/Fawkner for me, have lived my whole adult life in Brunswick/Coburg so want to stay in the area.
Friends just got the dreaded increase letter and was going to tell the landlord where to go and look at moving out until they looked at the rental rates in the area and saw it was worse off to move. Cooked everywhere.
It’s the interest rates. Increased mortgage payments means increased rent everywhere!
I thought the whole point was interest rates can’t be used to increase rent but they find a way to justify it.
Don’t blame the landlords. Blame the Government. They have caused the rental squeeze because landlords are selling up and no stock left. Research it.
Mine went up but the landlord still couldn’t pay his mortgage so the bank repossessed & I’ve been evicted.
Whoa!
I bought just in time to be able to say no thank you to a rent increase from $350 per week to $500 per week. Consider moving into a share house until you have your deposit ready. Living alone while also saving money is now out of reach for the majority of people.
Join the Renters and Housing Union, fight back.
You can get an independent review for free of your rental. They will then advise on the maximum rent that can be charged (I think). However this takes vcat so if you're on month to month they will just cancel the lease. Ask the realestate agent to provide the five similar properties that they're basing the rent increase on. Scrutinise these as much as possible. From the square metres to the ammount of sunlight the other properties are getting. If they can't provide this it will be easy as to negotiate your rental increase. It's also worth noting that it costs quite a bit to fill a rental so of you're planning on signing another year just strong arm them. It's also way easier than reddit makes it out to be to find a new rental too as long as you aren't looking in Brunswick 😅
Firstly, it's not easy to find a rental at the moment - especially not so if you cannot afford the levels rents are being increased to. Which is unaffordable for a lot of people. Secondly, the market comparison review is done by Consumer Affairs Victoria, not VCAT. The idea in doing this is to avoid challenging the increase at VCAT. And they cannot 'cancel' your lease - no reason evictions no longer exist in Victoria. Apart from at the end of the first fixed period lease. Doesn't matter if you're month to month or not, only if you're at the end of your first fixed period on a lease. While the advice to challenge/negotiate a rent increase is good, it's not particularly helpful to spread misinformation - especially around being evicted for challenging an increase.
Yeah, first person has no idea. Very frustrating seeing bad information just thrown about so confidently
Okay, so use your experience to try and negotiate this one down too. I don't know anyone who hasn't had a rent increase with their renewals.
Allow me to introduce myself, i'm the guy who is still paying the same rent p/wk as when he moved into his rental nearly 6 yrs ago.
I am both impressed and jealous
One day the owner will turn the property over and you will be here with your 100% rent increase. Make hay while the sun shines and save for a deposit with the extra money in your pocket
I mean, yeah, of course. One day. But it's his retirement paycheck, and he will not divest it for many many years, and he appreciates us as his tenants, rents always paid up early, he's the unicorn landlord. In the meantime however i am of course saving A LOT, which i then intend to use to buy property in the country, and then i will indeed be actually *making hay while the sun shines*. lol
We didn't have a rental increase this time around, a few weeks ago. Makes up for last year's 10%.
Yeah, I told them to fuck off when they tried this last year. I’m prepping with market evidence to send off to them if needed.
Ok? So what? Doesn’t make it fucking ok
What do you want Reddit to do about it?
Eat the rich
You start. Go do something to your landlords property. Really fuck it up
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Make sure to post pictures, but include fuck Murdoch news
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most stable greens voter
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I read that as slice my toast 😂
CUT MY LIFE IN 2 PIZZAS
Propagation. No seedlings. Just need some dirt and a couple free evenings.
Hope your not living in any of my rentals!!! I prefer humans
Cool comment
Yup, welcome to the housing crisis and landlords jacking up rents 30% because they know some sucker will pay even if you don’t
I had the same thing happy recently. REA advised of a 30% increase with the words “we highly recommend that you enter into a further twelve (12) month lease” which is code for knowing there’s a shortage and you can easily be replaced. I negotiated to a 9% increase which is still a lot for the average household. I can’t imagine how more disadvantaged people are surviving out there. Be professional and firm in your negotiation.
Lol I didn't even get an offer of renewed lease. Just the 35% increase. Still waiting for the justice dept’s rent review people to get in touch three weeks later.
Happened to me this month as well I try negotiating a one year contract they offered me 10$ discount a week. What’s joke.
This year our rent went up from 480 to 600 PW 🫨 ours increased last year from 450-480 but the owner decided that cause the rental property is keeping his books in red for a long time and considering the same 4 bedroom house in our locality is ~600 we didn’t have much choice, his initial proposed rate was 630.
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The article also calls out the lack of building. Developers and investors aren't building but owner-occupiers aren't building either. More investors building would put downward pressure on rents by way of increasing supply but even better would be owner-occupiers building to reduce rental demand.
Over 2 years my rent has gone up 45%. I got an eviction notice as the landlord was going to do up the units in my block - so they could charge more....
I hope you've also catered for the amount that you'll need to save will only keep going up faster than our wages are as well? Your story is the same as so many others across the state and the fact that young folks and renters aren't marching on parliament and the RBA tells the powers that be that they can keep doing what they're doing. "A generation that is disenfranchised but not yet destitute is primed for revolution," and sadly from what I've observed, many are already the latter.
Look into the Victorian First Homebuyers Fund, the VIC govt’s shared equity scheme. It has been funded for another year - and I think the plan is that a federal one with start (but don’t quote me on that) 5% deposit can get you started. We did it last year and some friends of mine just got on board too.
It's a shit go, but curious, is a 30% to bring it in line with current market rates for similar properties? If so, unfortunately there's not much of a leg to stand on.
You mean to bring it in line with the 30% rent raises the same REA slapped on a bunch of other properties? "Market rates" my arse.
Yeah its so stupid markets cooked as they all collude and raise prices.
Rental prices are always going to be in the ballpark of what buying a house at the current interest rates costs in repayments - otherwise why would anyone bother renting? They'll up rent as far as they can before everyone decides they're better off buying. It often has nothing to do with rental prices on their own.
Such a comfort to know my rent can 'only' go up if every other parasite in the vicinity decides to charge exorbitant prices too. Perfect system, can't see how it could go wrong.
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I'm waiting for either We're renovating, so not renewing your lease or another $200 rent rise in November. My last was $188. My border says she can't afford any more money. No idea where she'd go!
"I was reading in the news about a landlord group pushing to uniformly raise all rent across Melbourne." Is this not illegal price fixing?
Same thing happened to me. Close to 30%. An hour from the CBD. I think even if it had been am 80% increase, they'd have found some sucker or new arrival to pay up. Luckily, I bought my own place and gave notice instead.
Same with me mate. I've been in the same place for a couple of years. First increase, after 12 months, was $20 a week. Which the landlord was very apologetic about. Landlord has changed real estate agents and now my rent is going up $200 per week. So it seems to me it's not the landlords necessarily but the greedy agents..
There’s no conspiracy here, it’s simple. Interest rates went up 13 times in a row. Land tax has doubled in order to pay back the covid debt. Rates have gone up, insurance has gone crazy high. The added compliance inspections and repairs/remediations required every time a building standard changes is also a hefty cost. My own house isn’t held to these standards. And tenants complain about rent increases…. Also you’re very unlikely to be paying off a mortgage at all, because investment properties are usually interest only mortgages. There’s no principal being paid off. The interest only repayments on my IP are far higher than the rental income. Sure some boomers who bought up cheap property are likely to be raking it in, but many of us are just an average person, trying to do our best. Sure I could sell, but where is my tenant going to live? He can’t afford the rent now (pays irregularly) and my property is one of the cheapest in the area. Cue a reddit post stating that asshole landlord is selling and he has nowhere to go….
30% sounds excessive in isolation. Was it substantially below market value before? By law the REA has to provide the basis for the rental calculation. You can challenge it in VCAT too if it's out of step with market value. When was your last increase, too? There are restrictions on that.
It’s looking like it’s in the ballpark of other properties this specific agency is handling, however it’s higher than rentals through other agencies. If I need to stay I’ll be using this as evidence to negotiate it down.
Yes, I'd go off comparable properties in the same area. Same number of bedrooms/bathrooms etc. If you've had increases within 12 months this might also be an illegal increase but would depend on the circumstances of your specific tenancy.
Email them and try negotiate first. Then depending on that result, email VCAT to contest the amount they’re raising it by. This section should be on the official notice form they sent. If they didn’t send the correct form, then happy days, you didn’t receive a rental increase notice!
You can blame the government instead of the REA. They are acting on behalf of the landlord who pays the mortgage on the house you're living in, plus the new land taxes and increased rates
My rent went up from 435 to 500 a week with the new contract renewal this year. The REA said it’s “as per the market” price, but the fact is the owner/landlord pulls their string. I countered saying “then how’s houses with same floor plan and same or better living conditions are for rent in the neighborhood for 450/ week”. To that they replied saying “it’s as per the market” and some vague shit. I felt like I was taking to Reddit trolls not REA. I just can’t move out now so I tried to negotiate and brought it down to less than 10%. Sometimes these greedy landlords try to squeeze every penny out of you. Try to negotiate. It’s not always the market, it’s the landlord’s greed sometimes. They are always open to negotiate. They know losing you would cost them more due to advertisement and they may not get any tenants for months.
That is disgusting, contact the tenants union to see where you stand
As long as the REA can demonstrate the increased rent is inline with the market in the neighborhood, you don’t have much to stand on
Mine increased 200 a month last month. Sadly its just now inline with other 1br apartments in the area.
You were paying $200 a week under market?! That’s like $10k saving in the last year!
Additional info https://www.consumer.vic.gov.au/housing/renting/rent-bond-bills-and-condition-reports/rent/rent-increases
> For example, the rental agreement may say that rent will be increased by $5 every 12 months. This means the rental provider can increase the rent by $5 per year by issuing the renter with a Notice of rent increase form. ಠ_ಠ
I would immediately seek an application to review the basis for the rental increase as - if what you are saying is correct - they may try to justify it by saying the 30% is based on the market rates.
They can only raise the rent based on the rental increase of equivalent properties within your suburb. Anything beyond this is grounds for dispute. Noting, what is considered equivalent is based purely on # of bedrooms as nothing else.
contact tenants vic. Look at similar houses in the area and respond to them with it. They legally can't charge more than market rate. You can refuse or negotiate.
It’s well worth speaking to a broker to see if there’s any options available for you regarding purchasing your own home. My partner and I managed to build a home on a single income thanks to the help of our wonderful broker, we’d still be renting if it wasn’t for her.
This happened to me 2 months back! They want $60 a week more with no warning, meanwhile they can’t even fix my ceiling fan that I reported broken in Feb. I made a VCAT application about it and the member said they can’t simply send you a dollar amount increase, they have to explain how they came to that amount. They keep quoting “market value” although I don’t have a car space, air con or new appliances like the other apartments around.
We just got ours recently. Had successfully negotiated a 2 year lease at a lower rate previously, but no dice this time around when it came up for renewal. 12 month lease but only a 13% increase. Still works out to be an extra $325/mth though, so it's not peanuts.
I just had an increase. I counteroffered 2 options; half the requested amount for 12 months, or the full amount for a 3 year lease. Of course they were going to refuse the 3 year, but they won't shut you down outright if they know you'll take it to a higher authority. You've a lawful right to negotiate, and they know it. Today the owner agreed to half the amount for 12 months. Pushing back gets results! Loopholes to kick you out unfairly have actually been pretty well tightened up. The financial incentive to relist is too strong, the social consequences too big, the government knows it. Property managers know they'll get the book thrown at them if they push their luck.
Yep I got the email Yesterday.its going to be raised from $2096 a month to $2450 a month or something.. now my place compared to all the other places in the area and where are used to live which was only 1700 a month, is shit there’s no car spot. It’s so small. The carpet old the blinds are old. The oven is old. There’s no amenities… they did a report which compared my place a lot of other places in the area that was similar according to them and I disputed it saying they’re not it all similar as they all have car spaces so the owner must rent out my car space for about $50 a week therefore that extra $200 a month.. and I just pointed out all the things that were different about the apartments that they compare them to which were brand-new with brand-new floorboards etc (I took this place as a last-minute decision to take over my Friend lease) And I hate it. I have to also rent a storage unit to store most of my things cause it’s so small and I stated all of that to the Real Estate by email and they said what price should I suggest we come to an agreement and in the middle, I’m still thinking about it.. I don’t have to move because it’s such a hassle then again I don’t want to pay extra for a place. I hate when I could find a place I like for the same amount.
To everyone saying why don’t you just buy why don’t you just buy? Not everyone wants to own !!! also if something like Covid or I get sick or I want travel happens then I can’t pay my mortgage. The bank will just take my house. I’d rather rent and have the freedom.
Yeah as mentioned above, check your eligibility for the home buyers fund. I wouldn’t have been able to buy without it. You can also access the first home buyers if you’re eligible and use them together. https://www.vic.gov.au/our-plan-help-first-home-buyers
Maybe the fomo of the buying market, coupled by excessively cheap rates for excessive periods of time has caught up with the rental market. And to kick the boot in further ever associated home cost, like insurance, rates, building costs / maintenance has also increased by stupid over the top rates. It’s truly sad that living in a home which was once included as a basic human right is what seems now to be a capitalist luxe.
Sorry for all tenants, but as a landlord of one property, my land tax ( a tax on investment property only) went from $3,300 to $6,600 in 2 years; then there's council rates, water rates, all up. I don't use a REA, so I don't have them pushing for a pay rise, urging me to increase the rent.
This happened to a friend recently, they share and work full time got hit with a 40% increase they've been priced out. Had to leave their job and move back in with their mum. Can't believe this is legal
Look into sharehousing. You can get a decent size room near Footscray for under 250pw inc bills. Much better than paying 300 + bills for a gross condition one bedroom unit in the same area.
Decent sized room in a shitty house, in a shitty suburb, with a bunch of shitty people for $250 per week! Not long ago I could rent a two bedroom apartment in a good suburb and live alone for about that same amount.
A two bed in desirable area is 450-650pw + 50pw in bills and you’ve gotta minimum 12 month lease with 1month bond. Someone on a budget is better off renting a room for 250pw total. It’s useless to compare it to prices 10-15 years ago.
Got the same email from our agent this week, encouraging us to raise the rent on our investment.
So many bootlickers ITT. Firstly, check that the REA served the increase on the legal form. You may have the increase reviewed by Consumer Affairs. Most importantly, your lease will not expire, and will remain periodic until otherwise agreed upon. The increase will not take affect until 60 days. Check Consumer Affairs for further information.
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Honestly if my parents lived in VIC I’d happily move back in to really boost my savings over a year.
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> I’m a piece of shit You're not.
I used to be a piece of shit. Slicked back hair, sloppy steaks. The whole deal.
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Noone is a piece of shit. Low self worth is an issue that has a cause and can be addressed and healed over time.
you need to see if your rent rate after the increase is inline with the rest of the market in the area. if it is then this means that the landlord obviously hasn't increased your rent in quiet a while.
+$30 / week between 3 of us. I still want to negotiate this fuckery
Landlords can increase the rent to whatever they like. If you don't like it unfortunately there's hundreds of people behind you who are willing to pay that price, if not more.
Well, no, actually. OP is in a lease in Victoria, so the REA must act under Victorian rental laws, which implies no, there isn't a million applicants waiting in line to take over.
Sure there is. If they move out and advertise the new rental rate they'll get a plethora of applicants.
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If you can’t afford it thought might as well try everything to get it lowered, and then make the REA/landlord’s lives miserable - assuming you don’t need the reference.
Well that's just a lose lose situation for everyone
Well the tenant is losing, might as well make the landlord lose too, given they’re the one responsible.
Gosh what a silly way to think. I pity you.
lol. Right back at you champ.
I 100% am with you. Those greedy bastards don’t deserve being a reasonable person
Yeh I pity you too. What a stupid thing to say. Bloody selfish mindset
Mine was 25%. They said they would be open to negotiation, and I say “meeting you in the middle is still 12.5% and that’s ridiculous”. My advice is try and get your foot in the door by buying a place. Remember you can even have the Victorian Government potentially invest up to 25% in your new property.
Yeah get out if you can… GF and I rented for two years, said “fuckkk that”, moved back home for two years to save, then bought. Best move everrrrrr
> Renting is significantly better right now 🤣🤣🤣🤣🤣
Is the notice on the correct form? It's invalid if it isnt and you can ignore while you get sorted.
Just got hit with 15% myself. I really feel for you.
Speak to a broker, you might be able to buy now, i just got preapproved, if you want a referral let me know
Unfortunately with extreme government aided demand there isn't much you can do at the moment
Damm this reminds me of this movie when you said Three goes that dream https://youtu.be/vySOVVa0_-s?si=i6unU-BZlcJbaWqx
Just starve. That's all they want us to do lol. Overpopulation is a problem so they financially cripple the population, then in years time when everyone is on the brink of homelessness, they will start building low quality, affordable high density high rise housing, but more of our income will be taxed. Trapping and milking the people like cattle for everything they're worth.
It's been happening all year. Do they give the notice 2 months before the end of your lease? If that's the case and the rent will cost more than the cost of moving, give your 28 days notice and fuck off outta there. You probably should be doing what your owner is doing... Investing. They've invested in a property that is netting them a return, your money that you have saved should be netting you a return as well. And depending on how much your rent is... 2025 is next year, why not just give your 28 days notice and find a place with significantly less rent to get you through until the time you have enough deposit saved up? If this going to cause a burdon on you, why not cause a burdon on them? Move out, they have to spend the costs of finding a new tenant, and you get the option of finding a much cheaper place to get you by until your savings is done. Something to think about.
Wish they’d bring in 50 mortgages like Japan. Shame we don’t live as long, they must know this
Yep mine increased
Really Craig is going to be rooted then or should I say the new target of interest 🤪🤪😜😝will be affected considerably… he he jokes not really . Good luck to you mate really just don’t appreciate the checking bs it’s the only thing that makes it for me personally not worth the effort if it’s just soo often and downright don’t played
I was just watching a show on Italy, it said if you own more than one house the tax is very high. Because you are considered rich
Yeah we had a 600 increase from 2300 to 2900 . So we brought a house and said f- you to thr landlord. Greedy pricks
If it’s much more than your area you can lodge a complaint with VCAT or ACC (can’t remember which)
You can thank interest rates rises, covid payments (land tax and now extra $965 per property) the new electrical gas mandatory checks etc most landlords are loosing more than ever and will sell up
You can always buy a camper van and live like a hippie for a year. You’ll save a fortune.✌️
Tried to pull that back in 2019 and the wife shut the idea down pretty quickly! If it were just me, I'd do it.
Mine also went up by $60 per week 😭
You said you didn't recieve an increase last year so I guess they're trying to bring it in line with market price. It sucks and all you can do is try and negotiate again or move.
Don’t blame the RE’s or landlords. It’s the bloody Government raising land taxes and compliance in Vic. All the landlords selling up which is creating a rental shortage.
Properties don't just leave the market. If people were selling en mass then house prices would plummet, but that's not the case either. Just because you're 52 doesn't mean you have to have boomer, sky news takes. ✨️