Queensland's six-month moratorium on residential evictions has ended today.
The Sunshine State is the only state in the nation not to extend the eviction ban which was put in place at the end of March in response to COVID lockdowns.
Measures which have ended today in Queensland include:
- Eviction moratoriums;
- Fixed-term agreement extensions for COVID-19 impacted tenants;
- Ending agreement provisions that prevent property owners ending tenancies with COVID-19 impacted tenants without grounds and provide additional grounds for parties to end tenancies; and
- Adjusted rent and bond processes that support parties to negotiate arrangements to manage COVID-19 impacts on their tenancies
Looking to compare low-rate, variable home loans? Below are a handful of low-rate loans in the market.
Smart Booster Home Loan
- Discount variable for 1 year <=80% LVR
- No ongoing fees
- Unlimited redraw facility
Monthly repayments: $1,476
- Discount variable for 1 year
- No ongoing fees
- Unlimited redraw facility
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. If products listed have an LVR <80%, they will be clearly identified in the product name along with the specific LVR. The product and rate must be clearly published on the Product Provider’s web site. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term.
Protections that continue to be in place include provisions allowing tenants experiencing domestic and family violence to end their tenancies quickly and protections for tenants against being listed in a tenancy database for rent arrears caused by COVID-19 impacts.
Queensland Minister for Housing Mick de Brenni was contacted for comment.
Chief executive of Tenants Queensland Penny Carr told Savings.com.au she was at a loss as to why the residential eviction ban hadn't been extended but the moratorium on commercial evictions had.
"We’ve been mainly focused on our advice work and supporting renters out there and trying to raise that issue with the government, but we don’t know why they made that decision," Ms Carr said.
Ms Carr said many people would now be at risk of homelessness and urged those struggling to contact her organisation.
"We know people who will face eviction proceedings straightaway and many of them will struggle to find another affordable and appropriate property," she said.
"It’s a pretty tough time for people in the lead up to Christmas to be facing this issue.
"If anyone needs advice, contact us through our free advice service on 1300 744 263."
"Now is the time to start transitioning away from the eviction moratorium"
Chief executive of the Real Estate Institute of Queensland (REIQ) Antonia Mercorella, told Savings.com.au it made sense for the eviction ban to now end.
"There will be a number of tenant protections that will remain ongoing until the end of the year, so tenants haven't been left high and dry," Ms Mercorella said.
"There are a range of important mechanisms and protections that will remain."
Ms Mercorella said just as tenants had been impacted by COVID-19, so too had property owners.
"We've seen property owners who have lost their jobs, we've seen property owners who have been unable to make their financial obligations connected to the property," she said.
"I understand the concern about tenants having to go back to meeting their normal rental repayments, but that's also got to be assessed against the fact that there will also be property owners who have an obligation to keep meeting their financial obligations otherwise ultimately, they lose the property too."
Commercial eviction moratorium extended
The Palaszczuk Government announced two weeks ago the moratorium on evictions for commercial leaseholders has been extended to the end of 2020.
Attorney-General and Minister for Justice Yvette D'Ath said the extended moratorium would be a shot in the arm for Queensland jobs and the economy.
“This extension is about giving businesses, and the thousands of workers they employ, the certainty they need in these challenging times," she said.
“It’s about supporting jobs and keeping people in work as Queensland builds towards economic recovery.”
The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:
- The big four banks are: ANZ, CBA, NAB and Westpac
- The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Credit Union Australia, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
- The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
- If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au
Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.
In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.
*Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan.
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