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1<main><div class="container mx-auto py-5 lg:pt-8"><nav data-slot="base" aria-label="Breadcrumbs"><ol data-slot="list" class="flex flex-wrap list-none rounded-small border-medium shadow-sm max-w-fit px-2.5 py-1.5 border-ln300"><li data-slot="base" class="flex items-center" href="/news-insights"><a href="/news-insights" data-slot="item" data-current="false" class="flex gap-1 items-center cursor-pointer whitespace-nowrap line-clamp-1 tap-highlight-transparent outline-none data-[focus-visible=true]:z-10 data-[focus-visible=true]:outline-2 data-[focus-visible=true]:outline-focus data-[focus-visible=true]:outline-offset-2 text-small hover:opacity-80 active:opacity-disabled transition-opacity no-underline text-ln700">Back to articles</a></li></ol></nav></div><main class="page-content"><section class="container mx-auto py-4 mb-8"><div class="pb-8"><h1 class="text-h1 accent-bar">The Legal Reality of Hybrid Strata Loans and Why Lannock Steers Clear of This Product</h1></div><div><div class="flex gap-4"><div class="relative max-w-fit min-w-min inline-flex items-center justify-between box-border whitespace-nowrap px-1 h-7 rounded-large bg-cln300 font-semibold text-cln1000 text-xs uppercase"><span class="flex-1 text-inherit font-normal px-2">news</span></div><div class="relative max-w-fit min-w-min inline-flex items-center justify-between box-border whitespace-nowrap px-1 h-7 rounded-large bg-cln300 font-semibold text-cln1000 text-xs uppercase"><span class="flex-1 text-inherit font-normal px-2">insight</span></div></div></div><div class="flex gap-4 pb-8"></div><div class="flex justify-center "><div class="lg:w-[65%]"><div class=" flex justify-between md:items-center flex-col md:flex-row gap-4"><p class="text-xs text-ln700">Thu, June 25, 2026</p></div><div class="prose pt-8"><p>Recently, leading strata lawyers Bugden Allen Group Legal published a detailed analysis of the so-called hybrid strata loan products. Their conclusion was unambiguous: These hybrid structures do not comply with strata legislation in either New South Wales or Victoria. </p><p>At Lannock, we’ve seen these types of loan structures enter the market, disappear and reappear over time with only minor changes. We evaluated hybrid loan structures carefully, chose not to offer them and stand by that decision. This article explains why and what the Bugden Allen analysis has now confirmed for the wider strata community.</p><h3><strong>What is a hybrid strata loan?</strong></h3><p>A hybrid strata loan is a financing structure where an owners corporation borrows simultaneously from two sources;</p><ul><li><p>an external commercial lender, and</p></li><li><p>individual lot owners (<strong>Lending Owners</strong>) who choose to make an unsecured loan through a Trust to the owners corporation (the corporation of which they are also a member).</p></li></ul><p><strong>The Liability Risk:</strong> Lending Owners often mistakenly believe that their unsecured loan to the owners corporation exempts them from the obligations of the owners corporation&#x27;s external loan arrangement. <strong>It does not</strong>. All lot owners have <strong>unlimited liability</strong> for their owners corporation’s obligations, which include all borrowings, both the external commercial debt and any amounts owed to Lending Owners.</p><p>The hybrid strata loan structure creates a financial paradox where the Lending Owner is an unsecured creditor to the owners corporation, yet also liable for its debts:</p><p><strong>If the owners corporation defaults on its external loan, then the Lending Owner is liable (via levies) to contribute to repaying that external debt, even though the owners corporation already owes them money from their initial unsecured loan.</strong></p><p>A hybrid strata loan creates two tiers of members (owners) within the owners corporation. However, it does not create two tiers of liability.</p><h3><strong>Understanding hybrid strata loans: The gap between market appeal and structural reality.</strong></h3><p><span>A strata lender is responsible for ensuring its loan products comply with regulatory requirements</span><em><span> and </span></em><span>strata legislation.</span></p><p><span>The first of these two points is our problem – if a strata lender chooses to ignore their accountability under ASIC’s Design and Distribution Obligations or fails to register their trust as a Managed Investment Scheme under the Corporations Act, then there are major problems – but those failures will only affect the owner corporation when they bring about the early demise of the funder.</span></p><p><span>Compliance with strata legislation does, however, become the owner corporation’s problem.</span></p><p><span>Strata committees face genuine tension when owners are divided between borrowing and levying. A product that appears to resolve both preferences within a single structure has obvious, if superficial, appeal.  However, “appeal” is a very different matter to “merit”.</span></p><p><span>That appeal is real. The lending owner option itself may be the factor that makes a borrowing motion politically viable at a general meeting - wealthier owners who would prefer a special levy are brought onside by the prospect of becoming lenders and receiving payments from the </span>owners corporation<span>. The owner-lending mechanism may be the structural concession that allows the motion to pass.</span></p><p><span>Ironically, it is precisely that marketing appeal which marks the first point of product failure in the hybrid strata loan. The question of compliance with ASIC&#x27;s Design and Distribution Obligations arises directly from it – particularly where choice architecture is concerned. In the strata context, where decision fatigue and the associated preference for apparent ease of adoption must be considered, those design obligations carry real weight (see </span><span><a href="https://www.asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-274-product-design-and-distribution-obligations/">RG 274</a></span><span>).  The “appeal” of a hybrid strata loan lacks “merit”.</span></p><p>Adopting a product because it serves the political purpose of breaking deadlocks amongst owners is fraught.</p><p>Glossy marketing appeal is a very different thing to a well-structured loan product that is compatible with strata legislation. When we examined the current structure of hybrid strata loans and their repayment mechanism, we had concerns that went well beyond the sales pitch and product-market-fit. In their current form, these loans are cane toads: released as a solution into an ecosystem without a proper understanding of the environment and toxic to everything they touch.</p><h3><strong>What did Lannock see in the hybrid strata loan structure that was concerning?</strong></h3><p>Owners Corporations are statutory bodies – entities created by legislation.</p><p>Understanding this is essential to understanding strata finance – because the foundational doctrine of statutory bodies is that of <em>ultra vires</em> – namely that any act by the statutory body which exceeds the powers conferred on it by its enabling legislation is <em>ultra vires</em> (literally “beyond the powers”). And any act which is <em>ultra vires</em>
1 is invalid.</p><p>This means that when considering what owners corporations can do, the approach is very different to considering what ordinary companies can do, which is mostly anything not prohibited by law. An owners corporation starts from the opposite position: It can only do what it is authorised to do by law (its enabling legislation). Even judicial review is guided by the logic of the <em>ultra vires</em> doctrine.<span> </span></p><p>In this light, the most obvious problem is the levy credit mechanism. Under strata legislation, levies must be raised across all owners according to their lot entitlement.</p><p>The hybrid arrangement purports to enable Lending Owners (those who might have preferred a special levy but in this structure have made a loan to the owners corporation) to not make levy payments in real monetary transfers between bank accounts to service the owners corporation’s borrowings. Instead, the owners corporation grants each Lending Owner a “credit” equal to the levy amount which is offset against what the owners corporation owes them in loan repayments.</p><p>On paper, hybrid strata loans might appear “clever”. In practice, they contain insoluble structural problems that someday will come home to roost.</p><p>Specifically, we identified the following concerns when we modelled these structures:</p><ul><li><p><strong>The levy credit is not allowed under strata legislation. </strong>Strata legislation is prescriptive about how funds are raised and disbursed. Neither the NSW nor Victorian Acts authorise the offset mechanism. An owners corporation that cannot point to a statutory power for what it is doing is in a difficult position. Put simply, levy credits are beyond the powers of any owners corporation – this is how statutory interpretation works and there is no way around it.</p></li><li><p><strong>The tax implications are adverse</strong><strong><span>.</span></strong><strong> </strong>Lending Owners must pay tax on the interest they receive (<a href="https://www.ato.gov.au/law/view/document?docid=PR2024/2" target="_self">ATO product ruling PR 2024/2</a>).</p></li><li><p><strong>Sale complications may be significant. </strong>Assigning the Lending Owner&#x27;s loan on the sale of their lot requires four parties – the seller, the purchaser, the strata lender and the owners corporation – to execute a deed and the owners corporation to convene a general meeting. In a standard property settlement window, this is very difficult to manage.</p></li></ul><p>Hybrid strata loans do not meet the standards we set for lending in strata, which as a minimum include legislative and regulatory compliance. We made a deliberate decision not to offer them.</p><h3><strong>What has the Bugden Allen analysis confirmed?</strong></h3><p><a href="https://www.linkedin.com/pulse/hybrid-loan-agreements-strata-schemes-why-current-structure-9sddc/" target="_self">The Bugden Allen analysis</a>, published by partner and Fellow of the Australasian College of Strata Lawyers, Gerard Doyle, on 19 May 2026, confirmed our legal concerns with deep analysis of both the legislative framework that creates owners corporations and the powers they are granted.</p><p>The analysis observes that Section 100 of the <em>NSW Strata Schemes Management Act</em> <em>2015</em> and Section 25 of the <em>Victorian Owners Corporations Act</em> 2006 both grant owners corporations the power to borrow money, but finds that neither Act grants any power to credit a levy obligation against a debt owed by the owners corporation. This means the levy credit is <em>ultra vires</em> (Latin for &#x27;beyond the powers&#x27;, meaning the owners corporation has no legal authority to do it)<em>.</em> This means that part of the loan contract will be void, with serious consequences for the rest of the loan agreement (which may<span> </span>itself be held to be void <em>ab initio</em> (from inception) due to this key term being invalid). It is not a minor drafting issue. This cannot be resolved by contract or by general meeting resolution, <span> </span>it is the way in which strata legislation works.</p><p>The consequences Doyle identifies are severe:</p><ul><li><p><strong>Lending Owners become unfinancial. </strong>Because the credit has no legal effect, the levy remains unpaid. In both states, unfinancial owners lose their right to vote at general meetings. The owners who lent to the owners corporation lose their governance rights.</p></li><li><p><strong>Owners corporations are in default of their agreements with the Lending Owners. </strong>As with the Lending Owners, the credit means that the owners corporation has not made the required repayments to the Lending Owners and so will be in default of the loan contract.</p></li><li><p><strong>
1Auditors cannot sign off. </strong>An owners corporation is required to reconcile every transaction against its bank records. With a levy credit, nothing appears on the bank statement, there is no bank entry to reconcile. An auditor cannot certify bank accounts<span> </span>which do not reflect transaction flows.</p></li><li><p><strong>The loan agreements may also be void for purporting to exclude legislative provisions. </strong>Both the NSW and Victorian Acts void contractual terms that purport to exclude or restrict the operation of the legislation. If the levy credit is struck out, other key provisions of the loan agreements may fall with it, potentially leaving lenders with no enforceable repayment obligation.</p></li></ul><blockquote><p>The irony is stark: the lot owners who agreed to fund the scheme&#x27;s capital works – and who have in fact advanced their own money to the owners corporation – find themselves classified as non-paying owners, unable to participate in the democratic governance of their own scheme.</p></blockquote><p><em><strong>Gerard Doyle, Partner, Bugden Allen (May 2026) </strong></em></p><h3><strong>What is the answer?</strong></h3><p>If these so-called hybrid strata loans are the wrong answer, what is the right answer?</p><p>The answer lies in simplicity. If a special levy is the best funding option for a particular owners corporation in a particular situation, then that’s what the owners corporation should do. Any owners who have problems in funding the levy should seek other forms of finance, such as refinancing their mortgage. If a proper strata loan is the right funding solution, then those few owners who want to have a special levy can easily find better investments than lending to the corporation of which they are a member – a bank term deposit (guaranteed by the Australian government up to $250,000) is a good first port of call.</p><h3><strong>What should strata communities already in these arrangements do?</strong></h3><p>Many owners corporations entered hybrid strata loan arrangements in good faith, based on the information and advice available at the time. The Bugden Allen analysis is likely to prompt further discussion across the strata sector, and committees should seek independent legal and financial advice that takes the Bugden Allen analysis into account to better understand how the analysis applies to their particular circumstances. The instructions given to your advisers should clearly focus on statutory interpretation.</p><p>When it comes to strata, the gold standard for legal advice is from members of the Australasian College of Strata Lawyers. The Bugden Allen analysis is a significant piece of legal analysis that committees, advisers and owners corporations should now consider carefully when assessing how these products operate in practice. </p><p>If you are evaluating your strata community&#x27;s financing options and want to understand what a straightforward and legally sound strata loan looks like, we are happy to provide an information session with no obligation. A clean strata loan, one lender, one agreement, one repayment structure, is <a href="https://lannockstratafinance.com/our-loans/strata-loan">available now</a>, and it does not carry any of the risks described above.</p><hr/><p><strong>Lannock Strata Finance </strong>has been providing specialist strata loans to Australian communities for more than 20 years. We have seen products come and go. Our decision not to offer hybrid strata loans was not a competitive stance – it was a professional one. We are glad the analysis now available in the market supports that judgment.</p><p>To learn more about Lannock&#x27;s approach: <a href="https://lannockstratafinance.com/lp/hybrid-strata-loan">lannockstratafinance.com/lp/hybrid-strata-loan</a> · Call <strong>1300 851 585</strong></p></div></div></div></section><section class="bg-[#EAEBEE]"><div class="container mx-auto py-20"><div class="flex flex-col items-center"><p class="text-ln700 font-bold text-xs py-8">THE AUTHORS</p><div class="flex flex-col md:flex-row gap-5"><div class="w-full bg-white rounded-lg text-left overflow-hidden max-w-[300px]"><a href="/team/paul-morton"><div class="w-full relative overflow-hidden" style="aspect-ratio:325 / 325;background-image:none;background-size:cover;background-position:center"><img alt="" fetchPriority="auto" loading="lazy" width="450" height="450" decoding="async" data-nimg="1" class="block absolute inset-0 h-full w-full object-cover transition-opacity duration-500 opacity-0" 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src="/icons/linkedin.svg"/></a><p class="font-semibold text-lg">Stephen Mockett</p><p class="font-medium text-sm">General Counsel</p><hr class="my-3"/><a class="flex text-ln700 text-sm font-opensans mb-2" href="mailto:[email protected]"><img alt="mail" loading="lazy" width="20" height="16" decoding="async" data-nimg="1" class="mr-2" style="color:transparent" src="/icons/mail.svg"/>[email protected]</a><a class="flex text-ln700 text-sm font-opensans" href="tel:+64 27 522 9381"><img alt="phone" loading="lazy" width="20" height="16" decoding="async" data-nimg="1" class="mr-2" style="color:transparent" src="/icons/call.svg"/>+64 27 522 9381</a></div></div></div></div></div></section><section class="wrapper">
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14    {
15      "@type": "Question",
16      "name": "What is a hybrid strata loan?",
17      "acceptedAnswer": {
18        "@type": "Answer",
19        "text": "A hybrid strata loan is a strata finance arrangement in which an owners corporation borrows capital from both a commercial lender and from individual lot owners within the scheme (called Lending Owners or Participating Lot Owners). Lending Owners fund their proportionate share directly to the OC under separate loan agreements, with repayments offset against their levy obligations via a 'levy credit' mechanism."
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21    },
22    {
23      "@type": "Question",
24      "name": "Are hybrid strata loans legal in Australia?",
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26        "@type": "Answer",
27        "text": "In their current form, hybrid strata loans are not legally compliant with strata legislation in New South Wales or Victoria. The levy credit mechanism – where an OC offsets a Lending Owner's levy obligation against the OC's repayment obligation – is ultra vires (beyond the powers of an OC) under the Strata Schemes Management Act 2015 (NSW) and the Owners Corporations Act 2006 (VIC). This conclusion is supported by a legal analysis published by Bugden Allen in May 2026."
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31      "@type": "Question",
32      "name": "What does 'ultra vires' mean for a hybrid strata loan?",
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34        "@type": "Answer",
35        "text": "Ultra vires means 'beyond the powers'. Neither the NSW SSMA nor the VIC OCA grants owners corporations the power to credit a levy obligation against a debt owed by the OC. Because the levy credit is outside the OC's legal powers, it is unlawful – regardless of what the loan contract says, and regardless of any resolution passed at a general meeting."
36      }
37    },
38    {
39      "@type": "Question",
40      "name": "Do Lending Owners lose their voting rights?",
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42        "@type": "Answer",
43        "text": "Yes, potentially. Because the levy credit has no legal effect, a Lending Owner's levy technically remains unpaid. In both NSW and Victoria, owners who fail to pay levies become 'unfinancial', which is a status that removes their right to vote at general meetings. This means lot owners who funded the capital works could lose their governance rights for the duration of the loan."
44      }
45    },
46    {
47      "@type": "Question",
48      "name": "What are the tax implications of a hybrid strata loan?",
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50        "@type": "Answer",
51        "text": "ATO Product Ruling PR2024/2 confirms that interest received by a Lending Owner via a levy credit is assessable income in the year the credit is applied, even though no cash is received. Lending Owners must declare this as income in their tax returns. They also lose the tax deductibility available under a standard strata loan, where levy payments are 100% deductible for investors."
52      }
53    },
54    {
55      "@type": "Question",
56      "name": "Can a Lending Owner sell their property during a hybrid loan?",
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58        "@type": "Answer",
59        "text": "Selling is complicated. The Lending Owner's loan agreement cannot be automatically transferred to a purchaser. A deed of assignment must be executed by four parties: the Lending Owner, the purchaser, the OC, and the commercial strata lender. The OC, must convene a general meeting to approve it. This process is difficult to coordinate within a standard property settlement timeframe and may affect the sale."
60      }
61    },
62    {
63      "@type": "Question",
64      "name": "What is the difference between a hybrid strata loan and a standard strata loan?",
65      "acceptedAnswer": {
66        "@type": "Answer",
67        "text": "A standard strata loan involves one lender, one loan agreement, and one repayment structure funded through regular OC levies. All lot owners contribute proportionately. Levy payments are fully tax-deductible for investors, the accounts can be properly reconciled, and disclosure to purchasers and valuers is straightforward. A hybrid loan adds a second layer of individual Lending Owner agreements, a legally problematic levy-credit mechanism, and significant administrative complexity, without the legal foundation to support it under current Australian strata law."
68      }
69    },
70    {
71      "@type": "Question",
72      "name": "Do Lending Owners reduce their financial exposure to the external loan obligations of the OC by funding their share as a loan prior to works commencing?",
73      "acceptedAnswer": {
74        "@type": "Answer",
75        "text": "No. Lending Owners remain members of the owners corporation, which still has a commercial loan from an external lender. Lending Owners' joint and several liability for that loan, including but not limited to arrears, budget blowouts, cost overruns, shortfalls, fees and penalties, remains fully intact. Lending Owners carry the borrower's risk and the lender's risk simultaneously. By lending their share, Lending Owners have also taken on a second exposure. Their loan to the owners corporation is unsecured project finance. If the owners corporation cannot repay them, they are an unsecured creditor of a corporation of which they are also a member and for whose debts they remain personally liable. The hybrid structure may create two tiers of owners. It does not create two tiers of liability."
76      }
77    },
78    {
79      "@type": "Question",
80      "name": "Do Lending Owners reduce their financial exposure to the external loan obligations of the OC by funding their share as a loan prior to works commencing?",
81      "acceptedAnswer": {
82        "@type": "Answer",
83        "text": "No. Lending Owners remain members of the owners corporation, which still has a commercial loan from an external lender. Lending Owners' joint and several liability for that loan, including but not limited to arrears, budget blowouts, cost overruns, shortfalls, fees and penalties, remains fully intact. Lending Owners carry the borrower's risk and the lender's risk simultaneously. By lending their share, Lending Owners have also taken on a 
83second exposure. Their loan to the owners corporation is unsecured project finance. If the owners corporation cannot repay them, they are an unsecured creditor of a corporation of which they are also a member and for whose debts they remain personally liable. The hybrid structure may create two tiers of owners. It does not create two tiers of liability."
84      }
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87<div class="container mx-auto flex flex-col md:flex-row py-20 lg:py-24"><div class="w-full md:w-1/2 lg:pr-10"><div class="flex flex-col mb-8"><h2 class="text-h2 max-w-[16ch]">Frequently asked questions about hybrid strata loans</h2><div class="mt-6"><div><a class="z-0 group relative inline-flex items-center justify-center box-border appearance-none select-none whitespace-nowrap subpixel-antialiased overflow-hidden tap-highlight-transparent data-[pressed=true]:scale-[0.97] outline-none data-[focus-visible=true]:z-10 data-[focus-visible=true]:outline-2 data-[focus-visible=true]:outline-focus data-[focus-visible=true]:outline-offset-2 px-4 min-w-20 h-10 gap-2 [&amp;&gt;svg]:max-w-[theme(spacing.8)] transition-transform-colors-opacity motion-reduce:transition-none bg-primary text-primary-foreground data-[hover=true]:opacity-hover rounded-md uppercase text-xs font-bold" role="button" tabindex="0" href="/faqs">View all FAQs</a></div></div></div></div><div class="w-full md:w-1/2"></div></div></section><div class="w-full" style="background-color:#F3F8FE"><div class="container flex flex-col py-8"><div><div class="prose"><h3><strong>About Lannock Strata Finance</strong></h3><p>Lannock Strata Finance is Australia&#x27;s leading specialist strata lender, with more than 20 years of experience providing finance to thousands of owners corporations and strata communities. Lannock lends exclusively in the strata sector; it is not a bank, not a generalist commercial lender, and not a new market entrant.</p><p>Lannock does not offer hybrid strata loan products. This page is not marketing material for a competing product – it is an educational resource for strata communities, committees, managers and advisers navigating an increasingly complex strata finance market.</p><p>For independent information about conventional strata loans, visit <a href="https://lannockstratafinance.com/our-loans/strata-loan">lannockstratafinance.com/our-loans/strata-loan</a>, or call 1300 851 585.</p><h4>Sources and references</h4><p>Bugden Allen – &#x27;Hybrid Loan Agreements in Strata Schemes: Why the Current Structure Does Not Work&#x27;, Gerard Doyle, Partner (May 2026)</p><p>Strata Schemes Management Act 2015 (NSW) – ss.100 (borrowing power), 270 (void contract terms)</p><p>Owners Corporations Act 2006 (VIC) – ss.25 (borrowing power), 202 (void contract terms)</p><p>ATO Product Ruling PR2024/2 – treatment of interest credits as assessable income</p><p>This page is for educational purposes only and does not constitute legal, financial or tax advice. We recommend seeking independent advice from qualified strata legal and financial professionals.</p></div></div></div></div></main></main></div>
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Their conclusion was unambiguous: These hybrid structures do not comply with strata legislation in either New South Wales or Victoria. \",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"At Lannock, we’ve seen these types of loan structures enter the market, disappear and reappear over time with only minor changes. We evaluated hybrid loan structures carefully, chose not to offer them and stand by that decision. This article explains why and what the Bugden Allen analysis has now confirmed for the wider strata community.\",\"type\":\"text\"}]},{\"type\":\"heading\",\"attrs\":{\"level\":3,\"textAlign\":null},\"content\":[{\"text\":\"What is a hybrid strata loan?\",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"A hybrid strata loan is a financing structure where an owners corporation borrows simultaneously from two sources;\",\"type\":\"text\"}]},{\"type\":\"bullet_list\",\"content\":[{\"type\":\"list_item\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"an external commercial lender, and\",\"type\":\"text\"}]}]},{\"type\":\"list_item\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"individual lot owners (\",\"type\":\"text\"},{\"text\":\"Lending Owners\",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]},{\"text\":\") who choose to make an unsecured loan through a Trust to the owners corporation (the corporation of which they are also a member).\",\"type\":\"text\"}]}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"The Liability Risk:\",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]},{\"text\":\" Lending Owners often mistakenly believe that their unsecured loan to the owners corporation exempts them from the obligations of the owners corporation's external loan arrangement. \",\"type\":\"text\"},{\"text\":\"It does not\",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]},{\"text\":\". All lot owners have \",\"type\":\"text\"},{\"text\":\"unlimited liability\",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]},{\"text\":\" for their owners corporation’s obligations, which include all borrowings, both the external commercial debt and any amounts owed to Lending Owners.\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"The hybrid strata loan structure creates a financial paradox where the Lending Owner is an unsecured creditor to the owners corporation, yet also liable for its debts:\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"If the owners corporation defaults on its external loan, then the Lending Owner is liable (via levies) to contribute to repaying that external debt, even though the owners corporation already owes them money from their initial unsecured loan.\",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"A hybrid strata loan creates two tiers of members (owners) within the owners corporation. However, it does not create two tiers of liability.\",\"type\":\"text\"}]},{\"type\":\"heading\",\"attrs\":{\"level\":3,\"textAlign\":null},\"content\":[{\"text\":\"Understanding hybrid strata loans: The gap between market appeal and structural reality.\",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"A strata lender is responsible for ensuring its loan products comply with regulatory requirements\",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]},{\"text\":\" and \",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}},{\"type\":\"italic\"}]},{\"text\":\"strata legislation.\",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"The first of these two points is our problem – if a strata lender chooses to ignore their accountability under ASIC’s Design and Distribution Obligations or fails to register their trust as a Managed Investment Scheme under the Corporations Act, then there are major problems – but those failures will only affect the owner corporation when they bring about the early demise of the funder.\",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Compliance with strata legislation does, however, become the owner corporation’s problem.\",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Strata committees face genuine tension when owners are divided between borrowing and levying. A product that appears to resolve both preferences within a single structure has obvious, if superficial, appeal.  However, “appeal” is a very different matter to “merit”.\",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"That appeal is real. The lending owner option itself may be the factor that makes a borrowing motion politically viable at a general meeting - wealthier owners who would prefer a special levy are brought onside by the prospect of becoming lenders and receiving payments from the \",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]},{\"text\":\"owners corporation\",\"type\":\"text\"},{\"text\":\". The owner-lending mechanism may be the structural concession that allows the motion to pass.\",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Ironically, it is precisely that marketing appeal which marks the first point of product failure in the hybrid strata loan. The question of compliance with ASIC's Design and Distribution Obligations arises directly from it – particularly where choice architecture is concerned. In the strata context, where decision fatigue and the associated preference for apparent ease of adoption must be considered, those design obligations carry real weight (see \",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]},{\"text\":\"RG 274\",\"type\":\"text\",\"marks\":[{\"type\":\"link\",\"attrs\":{\"href\":\"https://www.asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-274-product-design-and-distribution-obligations/\",\"uuid\":null,\"anchor\":null,\"target\":null,\"linktype\":\"url\"}},{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]},{\"text\":\").  The “appeal” of a hybrid strata loan lacks “merit”.\",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Adopting a product because it serves the political purpose of breaking deadlocks amongst owners is fraught.\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Glossy marketing appeal is a very different thing to a well-structured loan product that is compatible with strata legislation. When we examined the current structure of hybrid strata loans and their repayment mechanism, we had concerns that went well beyond the sales pitch and product-market-fit. In their current form, these loans are cane toads: released as a solution into an ecosystem without a proper understanding of the environment and toxic to everything they touch.\",\"type\":\"text\"}]},{\"type\":\"heading\",\"attrs\":{\"level\":3,\"textAlign\":null},\"content\":[{\"text\":\"What did Lannock see in the hybrid strata loan structure that was concerning?\",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Owners Corporations are statutory bodies – entities created by legislation.\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Understanding this is essential to understanding strata finance – because the foundational doctrine of statutory bodies is that of \",\"type\":\"text\"},{\"text\":\"ultra vires\",\"type\":\"text\",\"marks\":[{\"type\":\"italic\"}]},{\"text\":\" – namely that any act by the statutory body which exceeds the powers conferred on it by its enabling legislation is \",\"type\":\"text\"},{\"text\":\"ultra vires\",\"type\":\"text\",\"marks\":[{\"type\":\"italic\"}]},{\"text\":\" (literally “beyond the powers”). And any act which is \",\"type\":\"text\"},{\"text\":\"ultra vires\",\"type\":\"text\",\"marks\":[{\"type\":\"italic\"}]}
87,{\"text\":\" is invalid.\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"This means that when considering what owners corporations can do, the approach is very different to considering what ordinary companies can do, which is mostly anything not prohibited by law. An owners corporation starts from the opposite position: It can only do what it is authorised to do by law (its enabling legislation). Even judicial review is guided by the logic of the \",\"type\":\"text\"},{\"text\":\"ultra vires\",\"type\":\"text\",\"marks\":[{\"type\":\"italic\"}]},{\"text\":\" doctrine.\",\"type\":\"text\"},{\"text\":\" \",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"In this light, the most obvious problem is the levy credit mechanism. Under strata legislation, levies must be raised across all owners according to their lot entitlement.\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"The hybrid arrangement purports to enable Lending Owners (those who might have preferred a special levy but in this structure have made a loan to the owners corporation) to not make levy payments in real monetary transfers between bank accounts to service the owners corporation’s borrowings. Instead, the owners corporation grants each Lending Owner a “credit” equal to the levy amount which is offset against what the owners corporation owes them in loan repayments.\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"On paper, hybrid strata loans might appear “clever”. In practice, they contain insoluble structural problems that someday will come home to roost.\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Specifically, we identified the following concerns when we modelled these structures:\",\"type\":\"text\"}]},{\"type\":\"bullet_list\",\"content\":[{\"type\":\"list_item\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"The levy credit is not allowed under strata legislation. \",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]},{\"text\":\"Strata legislation is prescriptive about how funds are raised and disbursed. Neither the NSW nor Victorian Acts authorise the offset mechanism. An owners corporation that cannot point to a statutory power for what it is doing is in a difficult position. Put simply, levy credits are beyond the powers of any owners corporation – this is how statutory interpretation works and there is no way around it.\",\"type\":\"text\"}]}]},{\"type\":\"list_item\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"The tax implications are adverse\",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]},{\"text\":\".\",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}},{\"type\":\"bold\"}]},{\"text\":\" \",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]},{\"text\":\"Lending Owners must pay tax on the interest they receive (\",\"type\":\"text\"},{\"text\":\"ATO product ruling PR 2024/2\",\"type\":\"text\",\"marks\":[{\"type\":\"link\",\"attrs\":{\"href\":\"https://www.ato.gov.au/law/view/document?docid=PR2024/2\",\"uuid\":null,\"anchor\":null,\"target\":\"_self\",\"linktype\":\"url\"}}]},{\"text\":\").\",\"type\":\"text\"}]}]},{\"type\":\"list_item\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Sale complications may be significant. \",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]},{\"text\":\"Assigning the Lending Owner's loan on the sale of their lot requires four parties – the seller, the purchaser, the strata lender and the owners corporation – to execute a deed and the owners corporation to convene a general meeting. In a standard property settlement window, this is very difficult to manage.\",\"type\":\"text\"}]}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Hybrid strata loans do not meet the standards we set for lending in strata, which as a minimum include legislative and regulatory compliance. We made a deliberate decision not to offer them.\",\"type\":\"text\"}]},{\"type\":\"heading\",\"attrs\":{\"level\":3,\"textAlign\":null},\"content\":[{\"text\":\"What has the Bugden Allen analysis confirmed?\",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"The Bugden Allen analysis\",\"type\":\"text\",\"marks\":[{\"type\":\"link\",\"attrs\":{\"href\":\"https://www.linkedin.com/pulse/hybrid-loan-agreements-strata-schemes-why-current-structure-9sddc/\",\"uuid\":null,\"anchor\":null,\"target\":\"_self\",\"linktype\":\"url\"}}]},{\"text\":\", published by partner and Fellow of the Australasian College of Strata Lawyers, Gerard Doyle, on 19 May 2026, confirmed our legal concerns with deep analysis of both the legislative framework that creates owners corporations and the powers they are granted.\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"The analysis observes that Section 100 of the \",\"type\":\"text\"},{\"text\":\"NSW Strata Schemes Management Act\",\"type\":\"text\",\"marks\":[{\"type\":\"italic\"}]},{\"text\":\" \",\"type\":\"text\"},{\"text\":\"2015\",\"type\":\"text\",\"marks\":[{\"type\":\"italic\"}]},{\"text\":\" and Section 25 of the \",\"type\":\"text\"},{\"text\":\"Victorian Owners Corporations Act\",\"type\":\"text\",\"marks\":[{\"type\":\"italic\"}]},{\"text\":\" 2006 both grant owners corporations the power to borrow money, but finds that neither Act grants any power to credit a levy obligation against a debt owed by the owners corporation. This means the levy credit is \",\"type\":\"text\"},{\"text\":\"ultra vires\",\"type\":\"text\",\"marks\":[{\"type\":\"italic\"}]},{\"text\":\" (Latin for 'beyond the powers', meaning the owners corporation has no legal authority to do it)\",\"type\":\"text\"},{\"text\":\".\",\"type\":\"text\",\"marks\":[{\"type\":\"italic\"}]},{\"text\":\" This means that part of the loan contract will be void, with serious consequences for the rest of the loan agreement (which may\",\"type\":\"text\"},{\"text\":\" \",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]},{\"text\":\"itself be held to be void \",\"type\":\"text\"},{\"text\":\"ab initio\",\"type\":\"text\",\"marks\":[{\"type\":\"italic\"}]},{\"text\":\" (from inception) due to this key term being invalid). It is not a minor drafting issue. This cannot be resolved by contract or by general meeting resolution, \",\"type\":\"text\"},{\"text\":\" \",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]},{\"text\":\"it is the way in which strata legislation works.\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"The consequences Doyle identifies are severe:\",\"type\":\"text\"}]},{\"type\":\"bullet_list\",\"content\":[{\"type\":\"list_item\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Lending Owners become unfinancial. \",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]},{\"text\":\"Because the credit has no legal effect, the levy remains unpaid. In both states, unfinancial owners lose their right to vote at general meetings. The owners who lent to the owners corporation lose their governance rights.\",\"type\":\"text\"}]}]},{\"type\":\"list_item\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Owners corporations are in default of their agreements with the Lending Owners. \",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]},{\"text\":\"As with the Lending Owners, the credit means that the owners corporation has not made the required repayments to the Lending Owners and so will be in default of the loan contract.\",\"type\":\"text\"}]}]},{\"type\":\"list_item\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Auditors cannot sign off. \",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]},{\"text\":\"An owners corporation is required to reconcile every transaction against its bank records. With a levy credit, nothing appears on the bank statement, there is no bank entry to reconcile. An auditor cannot certify bank accounts\",\"type\":\"text\"},{\"text\":\" \",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]},{\"text\":\"which do not reflect transaction flows.\",\"type\":\"text\"}]}]},{\"type\":\"list_item\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"The loan agreements may also be void for purporting to exclude legislative provisions. \",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]},{\"text\":\"Both the NSW and Victorian Acts void contractual terms that purport to exclude or restrict the operation of the legislation. If the levy credit is struck out, other key provisions of the loan agreements may fall with it, potentially leaving lenders with no enforceable repayment obligation.\",\"type\":\"text\"}]}]}]},{\"type\":\"blockquote\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"The irony is stark: the lot owners who agreed to fund the scheme's capital works – and who have in fact advanced their own money to the owners corporation – find themselves classified as non-paying owners, unable to participate in the democratic governance of their own scheme.\",\"type\":\"text\"}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Gerard Doyle, Partner, Bugden Allen (May 2026) \",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"},{\"type\":\"italic\"}]}]},{\"type\":\"heading\",\"attrs\":{\"level\":3,\"textAlign\":null},\"content\":[{\"text\":\"What is the answer?\",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"If these so-called hybrid strata loans are the wrong answer, what is the right answer?\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"The answer lies in simplicity. If a special levy is the best funding option for a particular owners corporation in a particular situation, then that’s what the owners corporation should do. Any owners who have problems in funding the levy should seek other forms of finance, such as refinancing their mortgage. If a proper strata loan is the right funding solution, then those few owners who want to have a special levy can easily find better investments than lending to the corporation of which they are a member – a bank term deposit (guaranteed by the Australian government up to $250,000) is a good first port of call.\",\"type\":\"text\"}]},{\"type\":\"heading\",\"attrs\":{\"level\":3,\"textAlign\":null},\"content\":[{\"text\":\"What should strata communities already in these arrangements do?\",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Many owners corporations entered hybrid strata loan arrangements in good faith, based on the information and advice available at the time. The Bugden Allen analysis is likely to prompt further discussion across the strata sector, and committees should seek independent legal and financial advice that takes the Bugden Allen analysis into account to better understand how the analysis applies to their particular circumstances. The instructions given to your advisers should clearly focus on statutory interpretation.\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"When it comes to strata, the gold standard for legal advice is from members of the Australasian College of Strata Lawyers. The Bugden Allen analysis is a significant piece of legal analysis that committees, advisers and owners corporations should now consider carefully when assessing how these products operate in practice. \",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"If you are evaluating your strata community's financing options and want to understand what a straightforward and legally sound strata loan looks like, we are happy to provide an information session with no obligation. A clean strata loan, one lender, one agreement, one repayment structure, is \",\"type\":\"text\"},{\"text\":\"available now\",\"type\":\"text\",\"marks\":[{\"type\":\"link\",\"attrs\":{\"href\":\"https://lannockstratafinance.com/our-loans/strata-loan\",\"uuid\":null,\"anchor\":null,\"target\":null,\"linktype\":\"url\"}}]}
87,{\"text\":\", and it does not carry any of the risks described above.\",\"type\":\"text\"}]},{\"type\":\"horizontal_rule\"},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Lannock Strata Finance \",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]},{\"text\":\"has been providing specialist strata loans to Australian communities for more than 20 years. We have seen products come and go. Our decision not to offer hybrid strata loans was not a competitive stance – it was a professional one. We are glad the analysis now available in the market supports that judgment.\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"To learn more about Lannock's approach: \",\"type\":\"text\"},{\"text\":\"lannockstratafinance.com/lp/hybrid-strata-loan\",\"type\":\"text\",\"marks\":[{\"type\":\"link\",\"attrs\":{\"href\":\"https://lannockstratafinance.com/lp/hybrid-strata-loan\",\"uuid\":null,\"anchor\":null,\"target\":null,\"linktype\":\"url\"}}]},{\"text\":\" · Call \",\"type\":\"text\"},{\"text\":\"1300 851 585\",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]}]}]},\"component\":\"article_text\"}],\"category\":[\"news\",\"insight\"],\"featured\":true,\"no_index\":false,\"component\":\"article\",\"no_follow\":false,\"thumbnail\":{\"id\":188702530430870,\"alt\":\"\",\"name\":\"\",\"focus\":\"\",\"title\":\"\",\"source\":\"\",\"filename\":\"https://a-ap.storyblok.com/f/3000737/2121x1414/3a212a6127/istock-2162509531.jpg\",\"copyright\":\"\",\"fieldtype\":\"asset\",\"meta_data\":{},\"is_external_url\":false,\"blurDataURL\":\"$20\"},\"hero_image\":{\"id\":188702530430870,\"alt\":\"\",\"name\":\"\",\"focus\":\"\",\"title\":\"\",\"source\":\"\",\"filename\":\"https://a-ap.storyblok.com/f/3000737/2121x1414/3a212a6127/istock-2162509531.jpg\",\"copyright\":\"\",\"fieldtype\":\"asset\",\"meta_data\":{},\"is_external_url\":false,\"blurDataURL\":\"$21\"},\"main_author\":\"\",\"postcontent\":[{\"_uid\":\"8b84bc6f-0c35-4592-b6ea-ef78baa96c37\",\"items\":[{\"name\":\"What is a hybrid strata loan?\",\"created_at\":\"2026-06-15T02:37:25.822Z\",\"published_at\":\"2026-06-15T02:41:10.132Z\",\"updated_at\":\"2026-06-15T02:41:10.145Z\",\"id\":187602722108560,\"uuid\":\"6b22f85d-f47e-4448-9889-25e419bf1cfa\",\"content\":{\"_uid\":\"2c9a2c7d-51ad-4580-bc1c-174b504d7f4d\",\"answer\":{\"type\":\"doc\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"A hybrid strata loan is a strata finance arrangement in which an owners corporation borrows capital from both a commercial lender and from individual lot owners within the scheme (called Lending Owners or Participating Lot Owners). Lending Owners fund their proportionate share directly to the OC under separate loan agreements, with repayments offset against their levy obligations via a 'levy credit' mechanism.\",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]}]}]},\"category\":[\"hybrid-strata-loan\"],\"question\":\"What is a hybrid strata loan?\",\"audiences\":[\"owners\"],\"component\":\"faq\",\"is_visible\":true},\"slug\":\"what-is-a-hybrid-strata-loan\",\"full_slug\":\"au/collections/faqs/what-is-a-hybrid-strata-loan\",\"sort_by_date\":null,\"position\":-1210,\"tag_list\":[],\"is_startpage\":false,\"parent_id\":67415,\"meta_data\":null,\"group_id\":\"13da93aa-05b8-47e3-9414-b52237db504e\",\"first_published_at\":\"2026-06-15T02:41:10.132Z\",\"release_id\":null,\"lang\":\"default\",\"path\":null,\"alternates\":[],\"default_full_slug\":null,\"translated_slugs\":null,\"_stopResolving\":true},{\"name\":\"Are hybrid strata loans legal in Australia?\",\"created_at\":\"2026-06-15T02:41:37.231Z\",\"published_at\":\"2026-06-15T02:41:55.689Z\",\"updated_at\":\"2026-06-15T02:41:55.703Z\",\"id\":187603751871634,\"uuid\":\"7ca41b66-1ce5-4310-bbcf-7d85f6d0edeb\",\"content\":{\"_uid\":\"2c9a2c7d-51ad-4580-bc1c-174b504d7f4d\",\"answer\":{\"type\":\"doc\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"In their current form, hybrid strata loans are not legally compliant with strata legislation in New South Wales or Victoria. The levy credit mechanism – where an OC offsets a Lending Owner's levy obligation against the OC's repayment obligation – is ultra vires (beyond the powers of an OC) under the Strata Schemes Management Act 2015 (NSW) and the Owners Corporations Act 2006 (VIC). This conclusion is supported by a legal analysis published by Bugden Allen in May 2026.\",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]}]}]},\"category\":[\"hybrid-strata-loan\"],\"question\":\"Are hybrid strata loans legal in Australia?\",\"audiences\":[\"owners\"],\"component\":\"faq\",\"is_visible\":true},\"slug\":\"are-hybrid-strata-loans-legal-in-australia\",\"full_slug\":\"au/collections/faqs/are-hybrid-strata-loans-legal-in-australia\",\"sort_by_date\":null,\"position\":-1200,\"tag_list\":[],\"is_startpage\"
87:false,\"parent_id\":67415,\"meta_data\":null,\"group_id\":\"c569c665-bbf6-4c2d-953b-ebc74cb7e679\",\"first_published_at\":\"2026-06-15T02:41:55.689Z\",\"release_id\":null,\"lang\":\"default\",\"path\":null,\"alternates\":[],\"default_full_slug\":null,\"translated_slugs\":null,\"_stopResolving\":true},{\"name\":\"What does 'ultra vires' mean for a hybrid strata loan?\",\"created_at\":\"2026-06-15T02:42:30.480Z\",\"published_at\":\"2026-06-15T02:42:53.055Z\",\"updated_at\":\"2026-06-15T02:42:53.068Z\",\"id\":187603969991828,\"uuid\":\"0f46798d-dd52-4478-887c-9125aaa37903\",\"content\":{\"_uid\":\"2c9a2c7d-51ad-4580-bc1c-174b504d7f4d\",\"answer\":{\"type\":\"doc\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Ultra vires means 'beyond the powers'. Neither the NSW SSMA nor the VIC OCA grants owners corporations the power to credit a levy obligation against a debt owed by the OC. Because the levy credit is outside the OC's legal powers, it is unlawful – regardless of what the loan contract says, and regardless of any resolution passed at a general meeting.\",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]}]}]},\"category\":[\"hybrid-strata-loan\"],\"question\":\"What does 'ultra vires' mean for a hybrid strata loan?\",\"audiences\":[\"owners\"],\"component\":\"faq\",\"is_visible\":true},\"slug\":\"what-does-ultra-vires-mean-for-a-hybrid-strata-loan\",\"full_slug\":\"au/collections/faqs/what-does-ultra-vires-mean-for-a-hybrid-strata-loan\",\"sort_by_date\":null,\"position\":-1190,\"tag_list\":[],\"is_startpage\":false,\"parent_id\":67415,\"meta_data\":null,\"group_id\":\"1bb90dc6-2d3a-4132-a19f-e29c2110c48e\",\"first_published_at\":\"2026-06-15T02:42:53.055Z\",\"release_id\":null,\"lang\":\"default\",\"path\":null,\"alternates\":[],\"default_full_slug\":null,\"translated_slugs\":null,\"_stopResolving\":true},{\"name\":\"Do Lending Owners lose their voting rights?\",\"created_at\":\"2026-06-15T02:43:12.071Z\",\"published_at\":\"2026-06-15T02:43:31.352Z\",\"updated_at\":\"2026-06-15T02:43:31.365Z\",\"id\":187604140446869,\"uuid\":\"2a9c63fa-b35f-455e-b2fa-fe5390e95957\",\"content\":{\"_uid\":\"2c9a2c7d-51ad-4580-bc1c-174b504d7f4d\",\"answer\":{\"type\":\"doc\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Yes, potentially. Because the levy credit has no legal effect, a Lending Owner's levy technically remains unpaid. In both NSW and Victoria, owners who fail to pay levies become 'unfinancial', which is a status that removes their right to vote at general meetings. This means lot owners who funded the capital works could lose their governance rights for the duration of the loan.\",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]}]}]},\"category\":[\"hybrid-strata-loan\"],\"question\":\"Do Lending Owners lose their voting rights?\",\"audiences\":[\"owners\"],\"component\":\"faq\",\"is_visible\":true},\"slug\":\"do-lending-owners-lose-their-voting-rights\",\"full_slug\":\"au/collections/faqs/do-lending-owners-lose-their-voting-rights\",\"sort_by_date\":null,\"position\":-1180,\"tag_list\":[],\"is_startpage\":false,\"parent_id\":67415,\"meta_data\":null,\"group_id\":\"dcde3495-b31d-466a-8440-396dbecc20d6\",\"first_published_at\":\"2026-06-15T02:43:31.352Z\",\"release_id\":null,\"lang\":\"default\",\"path\":null,\"alternates\":[],\"default_full_slug\":null,\"translated_slugs\":null,\"_stopResolving\":true},{\"name\":\"What are the tax implications of a hybrid strata loan?\",\"created_at\":\"2026-06-15T02:43:53.155Z\",\"published_at\":\"2026-06-15T02:44:06.249Z\",\"updated_at\":\"2026-06-15T02:44:06.263Z\",\"id\":187604308628630,\"uuid\":\"aaf63e57-c912-4848-b3a7-b5a5afdab385\",\"content\":{\"_uid\":\"2c9a2c7d-51ad-4580-bc1c-174b504d7f4d\",\"answer\":{\"type\":\"doc\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"ATO Product Ruling PR2024/2 confirms that interest received by a Lending Owner via a levy credit is assessable income in the year the credit is applied, even though no cash is received. Lending Owners must declare this as income in their tax returns. They also lose the tax deductibility available under a standard strata loan, where levy payments are 100% deductible for investors.\",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]}]}]},\"category\":[\"hybrid-strata-loan\"],\"question\":\"What are the tax implications of a hybrid strata loan?\",\"audiences\":[\"owners\"],\"component\":\"faq\",\"is_visible\":true},\"slug\":\"what-are-the-tax-implications-of-a-hybrid-strata-loan\",\"full_slug\":\"au/collections/faqs/wh
87at-are-the-tax-implications-of-a-hybrid-strata-loan\",\"sort_by_date\":null,\"position\":-1170,\"tag_list\":[],\"is_startpage\":false,\"parent_id\":67415,\"meta_data\":null,\"group_id\":\"f013e425-03ec-47df-b89c-f735a8bedc2e\",\"first_published_at\":\"2026-06-15T02:44:06.249Z\",\"release_id\":null,\"lang\":\"default\",\"path\":null,\"alternates\":[],\"default_full_slug\":null,\"translated_slugs\":null,\"_stopResolving\":true},{\"name\":\"Can a Lending Owner sell their property during a hybrid loan?\",\"created_at\":\"2026-06-15T02:44:22.991Z\",\"published_at\":\"2026-06-15T02:44:38.447Z\",\"updated_at\":\"2026-06-15T02:44:38.456Z\",\"id\":187604430828695,\"uuid\":\"ebfcbdcd-f322-4538-9e81-cd35343bbcdb\",\"content\":{\"_uid\":\"2c9a2c7d-51ad-4580-bc1c-174b504d7f4d\",\"answer\":{\"type\":\"doc\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Selling is complicated. The Lending Owner's loan agreement cannot be automatically transferred to a purchaser. A deed of assignment must be executed by four parties: the Lending Owner, the purchaser, the OC, and the commercial strata lender. The OC, must convene a general meeting to approve it. 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Lending Owners' joint and several liability for that loan, including but not limited to arrears, budget blowouts, cost overruns, shortfalls, fees and penalties, remains fully intact.\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Lending Owners carry the borrower's risk and the lender's risk simultaneously. By lending their share, Lending Owners have also taken on a 
87second exposure. Their loan to the owners corporation is unsecured project finance. If the owners corporation cannot repay them, they are an unsecured creditor of a corporation of which they are also a member and for whose debts they remain personally liable.\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"The hybrid structure may create two tiers of owners. It does not create two tiers of liability.\",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]}]}]},\"category\":[\"hybrid-strata-loan\"],\"question\":\"Do Lending Owners reduce their financial exposure to the external loan obligations of the OC by funding their share as a loan prior to works commencing?\",\"audiences\":[\"owners\"],\"component\":\"faq\",\"is_visible\":true},\"slug\":\"why-doesn-t-lannock-offer-hybrid-strata-loans\",\"full_slug\":\"au/collections/faqs/why-doesn-t-lannock-offer-hybrid-strata-loans\",\"sort_by_date\":null,\"position\":-1130,\"tag_list\":[],\"is_startpage\":false,\"parent_id\":67415,\"meta_data\":null,\"group_id\":\"ee51aaa1-ae54-49a8-99a2-e60c3cecdf57\",\"first_published_at\":\"2026-06-15T02:45:47.945Z\",\"release_id\":null,\"lang\":\"default\",\"path\":null,\"alternates\":[],\"default_full_slug\":null,\"translated_slugs\":null,\"_stopResolving\":true},{\"name\":\"Do Lending Owners reduce their financial exposure to the external loan obligations of the OC by funding their share as a loan prior to works commencing?\",\"created_at\":\"2026-06-15T02:46:07.110Z\",\"published_at\":\"2026-06-15T03:11:44.805Z\",\"updated_at\":\"2026-06-15T03:11:44.813Z\",\"id\":187604857304219,\"uuid\":\"b720f5e1-0f5c-49c0-abb1-bfd92fc08a06\",\"content\":{\"_uid\":\"2c9a2c7d-51ad-4580-bc1c-174b504d7f4d\",\"answer\":{\"type\":\"doc\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"No. Lending Owners remain members of the owners corporation, which still has a commercial loan from an external lender. Lending Owners' joint and several liability for that loan, including but not limited to arrears, budget blowouts, cost overruns, shortfalls, fees and penalties, remains fully intact.\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Lending Owners carry the borrower's risk and the lender's risk simultaneously. By lending their share, Lending Owners have also taken on a 
87second exposure. Their loan to the owners corporation is unsecured project finance. If the owners corporation cannot repay them, they are an unsecured creditor of a corporation of which they are also a member and for whose debts they remain personally liable.\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"The hybrid structure may create two tiers of owners. It does not create two tiers of liability.\",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]}]}]},\"category\":[\"hybrid-strata-loan\"],\"question\":\"Do Lending Owners reduce their financial exposure to the external loan obligations of the OC by funding their share as a loan prior to works commencing?\",\"audiences\":[\"owners\"],\"component\":\"faq\",\"is_visible\":true},\"slug\":\"do-lending-owners-reduce-their-financial-exposure-to-the-external-loan-obligations-of-the-oc-by-funding-their-share-as-a-loan-prior-to-works-commencing\",\"full_slug\":\"au/collections/faqs/do-lending-owners-reduce-their-financial-exposure-to-the-external-loan-obligations-of-the-oc-by-funding-their-share-as-a-loan-prior-to-works-commencing\",\"sort_by_date\":null,\"position\":-1130,\"tag_list\":[],\"is_startpage\":false,\"parent_id\":67415,\"meta_data\":null,\"group_id\":\"f18326cf-5cc6-4f5f-911d-cd8304641e70\",\"first_published_at\":\"2026-06-15T03:11:44.805Z\",\"release_id\":null,\"lang\":\"default\",\"path\":null,\"alternates\":[],\"default_full_slug\":null,\"translated_slugs\":null,\"_stopResolving\":true}],\"title\":\"Frequently asked questions about hybrid strata loans\",\"button\":[{\"_uid\":\"906b4406-ca87-473a-82ee-828421544a53\",\"icon\":{\"id\":null,\"alt\":null,\"name\":\"\",\"focus\":null,\"title\":null,\"source\":null,\"filename\":\"\",\"copyright\":null,\"fieldtype\":\"asset\",\"meta_data\":{}},\"link\":{\"id\":\"7cff490a-03ff-4794-b67e-253272574fbb\",\"url\":\"\",\"linktype\":\"story\",\"fieldtype\":\"multilink\",\"cached_url\":\"au/faqs\",\"story\":{\"name\":\"FAQs\",\"id\":67384,\"uuid\":\"7cff490a-03ff-4794-b67e-253272574fbb\",\"slug\":\"faqs\",\"url\":\"au/faqs\",\"full_slug\":\"au/faqs\",\"_stopResolving\":true}},\"label\":\"View all FAQs\",\"variant\":\"primary\",\"is_large\":false,\"component\":\"button\"}],\"subtitle\":\"\",\"component\":\"faq_section\",\"items_section\":[{\"_uid\":\"ffd6b864-ab9a-4e89-a37a-3b2c8f01491e\",\"answer\":{\"type\":\"doc\",\"content\":[{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"A hybrid strata loan is a strata finance arrangement in which an owners corporation borrows capital from both a commercial lender and from individual lot owners within the scheme (called Lending Owners or Participating Lot Owners). Lending Owners fund their proportionate share directly to the OC under separate loan agreements, with repayments offset against their levy obligations via a 'levy credit' mechanism.\",\"type\":\"text\",\"marks\":[{\"type\":\"textStyle\",\"attrs\":{\"color\":\"\"}}]}]}]},\"question\":\"What is a hybrid strata loan?\",\"audiences\":[],\"component\":\"faq_section_item\",\"is_visible\":true}]},{\"gap\":\"\",\"_uid\":\"908483d6-3381-4edd-aaa9-1b62ec899cca\",\"wrap\":\"\",\"width\":\"full\",\"lg_gap\":\"\",\"margin\":\"\",\"md_gap\":\"\",\"display\":\"\",\"padding\":\"\",\"block_id\":\"\",\"children\":[{\"_uid\":\"be2d0124-cf42-437e-af78-546f9dc690a7\",\"content\":{\"type\":\"doc\",\"content\":[{\"type\":\"heading\",\"attrs\":{\"level\":3,\"textAlign\":null},\"content\":[{\"text\":\"About Lannock Strata Finance\",\"type\":\"text\",\"marks\":[{\"type\":\"bold\"}]}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Lannock Strata Finance is Australia's leading specialist strata lender, with more than 20 years of experience providing finance to thousands of owners corporations and strata communities. Lannock lends exclusively in the strata sector; it is not a bank, not a generalist commercial lender, and not a new market entrant.\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Lannock does not offer hybrid strata loan products. This page is not marketing material for a competing product – it is an educational resource for strata communities, committees, managers and advisers navigating an increasingly complex strata finance market.\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"For independent information about conventional strata loans, visit \",\"type\":\"text\"},{\"text\":\"lannockstratafinance.com/our-loans/strata-loan\",\"type\":\"text\",\"marks\":[{\"type\":\"link\",\"attrs\":{\"href\":\"https://lannockstratafinance.com/our-loans/strata-loan\",\"uuid\":null,\"anchor\":null,\"target\":null,\"linktype\":\"url\"}}]},{\"text\":\", or call 1300 851 585.\",\"type\":\"text\"}]},{\"type\":\"heading\",\"attrs\":{\"level\":4,\"textAlign\":null},\"content\":[{\"text\":\"Sources and references\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Bugden Allen – 'Hybrid Loan Agreements in Strata Schemes: Why the Current Structure Does Not Work', Gerard Doyle, Partner (May 2026)\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Strata Schemes Management Act 2015 (NSW) – ss.100 (borrowing power), 270 (void contract terms)\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"Owners Corporations Act 2006 (VIC) – ss.25 (borrowing power), 202 (void contract terms)\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"ATO Product Ruling PR2024/2 – treatment of interest credits as assessable income\",\"type\":\"text\"}]},{\"type\":\"paragraph\",\"attrs\":{\"textAlign\":null},\"content\":[{\"text\":\"This page is for educational purposes only and does not constitute legal, financial or tax advice. 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