FINANCIAL & LEGAL

For many strata owners, financial reports can feel overwhelming — filled with unfamiliar terms, columns of numbers, and accounting language that’s hard to interpret. But understanding your scheme’s financial position is one of the most important ways to protect your investment. The good news is you don’t need an accounting background to grasp the basics. This guide breaks down the key components of strata financial statements and what you should be looking for. Why strata fin

Serving on a strata committee is an important role. Committee members help make decisions that impact finances, safety, compliance, and the overall wellbeing of residents and owners. But with this responsibility comes a legal duty of care  — a concept that many committee members have heard of, but not everyone fully understands. In this article, we break down what duty of care means in a strata context, what committee members are legally responsible for, and how you can prote

If you live in a newer strata building in NSW, chances are you’ve heard the word “defects”  mentioned at some point. Cracking walls, waterproofing failures, leaking balconies, faulty fire systems — building defects can be stressful, costly and complex. Understanding your rights — particularly around statutory warranty claims  — is critical for protecting your building and your investment. Here’s what every strata owner and committee member should know. What is a building defe

Significant changes to strata maintenance and governance requirements are on the horizon in New South Wales, with reforms aimed at improving transparency, accountability, and long-term planning across strata schemes. These updates will affect developers, owners corporations, and strata committees alike, making it essential to understand what’s changing and how to prepare. Here’s a breakdown of the key reforms and what they mean for strata living in NSW. 1. Standardised mainte

Introduction Strata insurance is often misunderstood. Many owners assume “the building is covered” means everything inside their lot is too — but that’s not the case. This guide breaks down what strata insurance usually covers in NSW, what it doesn’t, and what you as a lot owner are responsible for. Strata insurance protects the building and common property - but not everything inside your lot 1. What Strata Insurance Usually Covers Strata insurance policies in NSW generally

From 1 July 2025, significant updates to the Strata Schemes Management Act 2015 have come into effect. These reforms bring new...

If you own a property in a strata scheme, you’re probably familiar with quarterly levies (or “strata fees”) that help cover the...

If you own property in a strata scheme, paying your levies on time isn’t just good manners — it’s essential to keeping your building running smoothly. These contributions fund everything from cleaning the common areas to repairing the roof, maintaining the gardens, paying insurance, and more. But what actually happens if you don’t pay on time? Let’s break it down. 1. Interest charges start adding up Under NSW strata laws, if your levies aren’t paid by the due date, the Owners

A friendly guide from the strata experts at Centric Strata When you live in a strata property, you’re part of a community — and like any...