Are you the  owner of an investment property?

I want you to take a moment to think. Will the Palaszczuk Government’s Special COVID-19 Protections for Residential Tenants protect you as a landlord?

FAIRNESS is something we should always embrace, moreso during this COVID-19 pandemic. If, after reading this, you agree that these proposals are anything but fair, please sign our petition. 

Since the 15th of May 2001, MRD has applied honesty and fairness to the business of helping everyday Australians build financial security. Sure, our primary focus is on adding value to you but it doesn’t end there. Thousands of other Australians are residential property landlords and they are VERY GOOD for the Australian economy, providing jobs (and thus taxpayers) and new housing.

Regardless of the state of the economy, we all need a home to go home to (or be locked down in for months at a time, hahaha) and your investment property purchase is someone’s home. Without landlords, renters would struggle to find accommodation, and what was available would cost a whole lot more to rent than it does today.

MRD supports the need for tenant protection during COVID-19. However, landlords are often just as vulnerable in this situation as tenants, with potential job losses, mortgages, and property expenses. The banks may offer a repayment holiday but they require that it is paid back in full and the accrued debt may accrue further interest, essentially interest charged on interest, costing the landlord far more in the long term.

The QLD government has announced their support package for rent relief in QLD. It has not passed parliament as yet, but there is a meeting scheduled on the 22nd April which will either pass or deny this package. This only gives us 6 days to take action, so we have put together a petition to send to the Premier of Queensland, Anastacia Palaszczuk.

We ask that you sign this petition; even share it on social media and encourage others to also sign it. More voices means more influence and will pressure the government to find solutions that are fair to both tenants and landlords. 

Our industry representatives, the REIQ, support the need for tenant protection during COVID-19. However, they are fundamentally opposed to some of the proposed measures, you should be too. They have circulated an open letter for concerned landlords to sign and send to the Qld Premier. This petition has drawn from the content of the REIQ’s open letter.

If the following proposals are introduced, landlords will ultimately foot the bill:

• Your tenant/s will NOT have to pay back any rent. Put simply, a rent reduction negotiated with your tenant/s is a permanent rent waiver meaning you, as the landlord, will be out of pocket, with no means of recovering any unpaid rent in the future post COVID-19.
• You CANNOT ask your tenant/s for any proof of financial hardship. Your tenant/s can request reduced rent due to COVID-19 without any proof. This potentially exposes you to false claims and exploitation of the proposed protections for those who genuinely need it.
• Your Landlord Insurance will NOT cover you for rent in arrears*. The normal terms of your policy won’t cover the rent reduction as this is a mutual agreement between you, as the landlord, and your tenant and you cannot follow the necessary rent default process as this is prohibited. (*Please contact your relevant insurer for individual policy conditions)
• Your tenancy agreement WILL immediately extend by 6 months if it expires during the 6 month freeze on evictions. Tenants will be automatically entitled to a 6-month extension of the tenancy agreement meaning any protections may last up to 12-months.
• Your tenant/s can REFUSE ENTRY for anything other than emergency repairs. Not only can your tenant refuse access, they don’t have to participate in virtual property inspections either. There’s also no clarity as to whether prospective purchasers can inspect a property that is for sale.
• Your tenant/s can BREAK A LEASE with only 7 days’ notice. To make matters worse, you cannot recover any lost rent or costs associated with finding a new tenant as would normally apply.

Now you understand how the Palaszczuk Government’s proposed Special COVID-19 Protections favour tenants at the expense of landlords. We need your urgent help before Parliament sits to pass these protections on Wednesday, 22 April 2020.

For our voices to be heard, click through to our petition to Premier Palaszczuk, read and electronically sign it [then share and repeat]. It’s that simple.

TOGETHER we can make a difference and achieve a more balanced outcome for landlords.

The package announced goes far beyond what the federal government, as well as other states and territories are implementing and I strongly believe that EVERY landlord needs to ensure their voice is heard.

If you have 30 minutes to spare (I highly recommend you make the time), please watch the below video to fully understand the impact that these proposed measures will have on you as an investor.

Video: https://www.facebook.com/TheREIQ/videos/237328287417473/

I believe it’s important for every landlord to consider their tenants’ request for financial assistance if genuine. However these measures take away so many fundamental rights that you hold as an investor and provide you with NO protection during this crisis. We believe this is  unreasonable and unbalanced.

Step One: Click through to our Change.org petition: https://www.change.org/p/premier-of-queensland-covid-19-help-us-protect-qld-landlords

Step Two: Read and sign

Step Three: Share our petition on social media: https://www.facebook.com/mrdpartners/posts/10158038504325690

If you have any questions at all, please let our team know. We can assist you at https://www.mrdpartners.com.au