Rental Assistance for Tenants
The Victorian Government has established an $80 million rental assistance fund to provide relief payments of up to $2,000 to Victorians experiencing rental hardship due to the Coronavirus (COVID-19) pandemic.
To be eligible for the grant, tenants must:
- have a bond registered with the Victorian Residential Tenancies Bond Authority;
- have less than $5,000 in savings;
- be paying at least 30% of income in rent; and
- have a household income of less than $1,093 per week
Once approved, the grant is expected to take up to 2 weeks to be processed and will then be paid directly to the landlord or agent as a contribution towards the tenant’s rental payments. There is no obligation for the tenant to repay the grant at a later date.
Land Tax Relief for Landlords
The Victorian Government has also announced land tax relief for landlords as part of its Economic Survival Package in response to COVID-19. The relief measures include:
- landlords who provide tenants impacted by COVID-19 with rent relief may be eligible for a 25% reduction on the property’s 2020 land tax;
- a 25% reduction on the property’s 2020 land tax if the landowner is unable to secure a tenant because of COVID-19; and
- the ability for landlords to defer the remainder of their 2020 land tax to 31 March 2021.
If you have any questions regarding your eligibility for these grants and concessions or require assistance with the relevant applications, please contact Morrows Legal to discuss.