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Home Loan Variable: 5.20% (5.24%*) • Home Loan Fixed: 5.48% (6.24%*) • Fixed: 5.48% (6.24%*) • Variable: 5.20% (5.24%*) • Investment IO: 5.63% (6.88%*) • Investment PI: 5.58% (6.62%*)

What compliance do I need to be aware of in my investment property

When you make the choice to invest in property, it is important to recognise and be aware of the areas of compliance that you are responsible for as an investor and property owner.

There are certain safety areas in the property that need to be made safe to comply with regulations and legislation including areas relating to pools, safety switches, smoke alarms, blinds and windows, balconies, and decks as well as electricity and gas.

Pool compliance

If your property has a pool, you will need to ensure that any fencing complies with legislation and is inspected and signed off in line with relevant local council requirements. Compliance companies will issue a certificate to show compliance or advise of work that does not meet regulations and needs addressing.

Smoke alarms

There is a requirement for smoke alarms to be tested and checked annually and to ensure that they are in working order to protect the lives of the property occupants and the property. 

Smoke alarm companies can be employed to carry out these checks and repair faulty alarms, change batteries and ensure that they are working in line with legislation.

Blind cords and window locks

Open windows can pose a hazard, especially at certain heights and there are requirements to have limiters and safety devices installed in windows to protect property occupants, especially small children. 

Blind cords are another area that can be hazardous with loose cords causing choking hazards and they must be secured correctly. These should be checked prior to a tenancy and at regular routine inspections or annually by a service professional.

Electricity and gas devices

A safety switch should be installed on the main switchboard to protect the property from any electrical faults and the risk of electrical fires. 

Gas outlets and devices should also be checked regularly to monitor for potential leaks and efficiencies and carry out repairs to these as soon as possible to prevent hazards and protect the property occupants.

Balconies and decks

Over time timber decking and balconies exposed to the elements can weather and wear. If not maintained, they can fall into a state of disrepair, and they must be maintained to the regulations set by the Building Code of Australia and the associated safety standards.

Any maintenance should be completed to keep balconies and decks up to code and install new measures like railings to comply with the relevant safety standards, protecting the property occupants and any guests.

Each state is different, and the thought of compliance may seem like a lot of work, however, employing a qualified and experienced property manager who has industry contacts and works with compliance trades can remove this stress from your property investment. 

Talk with our property managers about how they can help minimise your risks as a property investor and ensure that your property meets compliance requirements.

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