Victorian Consolidated Legislation

Owners Corporations Act 2006 - SECT 29

Penalty interest on arrears

29. Penalty interest on arrears



(1) An owners corporation may charge interest on any amount payable by a lot
owner to the owners corporation that is still outstanding after the due date
for payment.

(2) The rate of interest charged must not exceed the maximum rate of interest
payable under the Penalty Interest Rates Act 1983.

(3) The owners corporation may waive the payment of interest in a particular
case.