• Home
  • Articles
    • Front Page
    • General Interest
    • Snippets
    • Letters to the Editor
    • Council Comments
  • Competitions
  • Our Community
    • Our People
    • Question of the Week
    • Jobs in the Central West
    • Be Seen
    • What’s On
  • Features
    • Rural Round Up
    • My Place
    • Loving Local Living
    • Wellness Wise
    • Just a Short Drive
    • Real Estate
  • Sports
    • Bowls
    • Cricket
    • Equestrian
    • Footy Tips
    • Golf
    • Netball
    • Rugby League
    • Rugby Union
    • Soccer
    • Touch Football
  • Contact Us
    • Contact Page
    • Advertise with us
    • Testimonials
    • Submit an Article
    • Subscribe to the Forbes Phoenix

Forbes Phoenix

You are here: Home / Our Community / New Break Fees For Fixed Term Agreements

New Break Fees For Fixed Term Agreements

July 17, 2020 By editor

Changes to the Residential Tenancies Act came into effect on 23rd March this year. Today I thought we should discuss the new break fees for fixed term agreements.

When a tenant signs a lease, they should be committed to staying for the entire fixed term, otherwise the tenant may need to break their fixed term lease which will incur a penalty. This is called a break lease fee.

For tenants that have signed a lease from 23rd March onward, and the lease is for a term of three years or less, their break lease fee will be calculated based on what stage of the agreement they are in.

• Four weeks rent if less than 25% of the agreement has expired.
• Three weeks rent if 25% to 50% of the agreement has expired.
• Two weeks rent if 50% to 75% of the agreement has expired.
• One weeks rent if 75% or more of the agreement has expired.

For example, if two months of a six-month tenancy agreement has expired, that would be 33% of the lease term. Therefore, the tenant would need to pay a fee equal to three weeks rent to the landlord to end their agreement early.

However, if the tenant signed the lease before 23rd March, before the new legislation came in, these fees are not applicable to them. These tenants would still be bound by the former agreement rules.

For more information go to the Fair-Trading website or alternatively, contact us at Century 21 Central West.

Filed Under: Our Community, Real Estate

Latest Print Editions

Click here to download the recent issue (276) of The Forbes Phoenix (1MB) – 26th February 2021 

STAY CONNECTED

The Forbes Phoenix would like to thank you, our Facebook friends, for your continued support and readership!

Central West Rural Round Up Booklet

Click here to download the Central West Rural Round Up Booklet

SEARCH THE PHOENIX

Recent Articles

  • Thump, Jump, Rhyme February 26, 2021
  • Our Bloke – John Scott February 26, 2021
  • Aussie Croquet February 26, 2021
  • Governor Beazley’s Tour Of Forbes February 26, 2021
  • Forbes Soccer Club Scores Big With Two Local Sporting Grants February 26, 2021

CONTACT THE PHOENIX

Postal Address
PO Box 203

Canowindra NSW 2804

Editorial
editor@forbesphoenix.com.au

Sales Phone – 02 6344 1846 or 0477 309 807
sales@forbesphoenix.com.au

phone: (02) 6344 1846

View our Privacy Policy.
View our Conflict Resolution Process.
View our Ethics and Complaints Policy.
Want to advertise with us?
Information on our Community Promotions.

Submit an Article

We are always looking for new articles of interest to the local community.

Please feel free to submit an article for possible inclusion in a future issue.

To submit an article, click here to use our online article submission form.

RECEIVE THE PHOENIX VIA EMAIL

* = required field

Copyright © 2021 · Website setup by WebSysMan