New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 232

232 Use of Property Services Compensation Fund to assist residential landlords and tenants suffering hardship

(1) Parliament recommends that this Act be amended to allow the Secretary to establish a scheme to provide financial assistance from money held in the Property Services Compensation Fund to landlords who are suffering financial hardship caused directly or indirectly by the COVID-19 pandemic, being a scheme that provides for the following--

(a) the landlord demonstrating that a tenant--

(i) has suffered a loss of income of 25% or more, and

(ii) has less than $5,000 in savings, and

(iii) is paying more that 30% of the tenant's income in rent to the landlord,

(b) a maximum payment of $2,500 per landlord per tenancy is available to a landlord,

(c) the landlord being required to reduce the tenant's rent by the amount of any payment under the scheme.

(2) Terms used in this section that are not defined in this Act have the same meanings as they have in the Residential Tenancies Act 2010 .