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Hi.. We have a strata special levy for the external renovation of our block of 20 units. Our levy is $116,000 and was due on December 31, 2019. We haven’t been able to make a payment yet and have just been hit with $4000 interest for the month of January on the overdue levies.
This calculates to 41% pa interest. What is the maximum interest that can be charged for over due levies such as these?
We have since paid $60,000 and will be making the full payment by end of March. I am thinking that I will only pay what was owed (i.e. $116,000) and disregard any interest charges. What can strata do in that situation?
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