ContractSnapAdd up every owners corporation
Some apartments belong to more than one owners corporation—for example, one for the building and another for shared facilities. Read every certificate and add the fees that apply to the lot. If one certificate lists $2,113 a year and another lists $1,873, the combined figure is $3,986 a year before any special levies. Check that both figures cover comparable periods. See Consumer Affairs Victoria’s guide to multiple owners corporations.
Separate routine fees from special levies
Annual fees usually cover administration, maintenance, insurance and other ongoing costs. Special fees can be raised for particular spending. Ask whether a levy has already been approved, merely proposed or not yet costed. A one-off levy may materially change the first year’s ownership cost. Read the Victorian fee guidance.
Compare what the fee actually pays for
Look through the budget and financial statements. A building with lifts, a pool, concierge services or extensive common areas will have a different cost base from a small walk-up. Ask which utilities and services are included and which are billed separately. The number on the certificate matters, but so does the scope of the shared property.
Check the maintenance fund and future work
Look for planned works, defects, insurance premium changes and the balance of any maintenance fund. Read recent meeting minutes alongside the budget. Low current fees can be misleading if major repairs are approaching or if a building has postponed maintenance. Treat a proposed project as a question to investigate, not a certain future bill.
Understand your lot liability
Annual fees are generally charged according to lot liability. Two apartments in the same building may therefore pay different amounts. Confirm the liability shown for the lot you are considering rather than relying on another owner’s invoice. Consumer Affairs Victoria explains how annual fees are set.
Compare the full ownership cost
Put owners corporation fees beside council rates, water charges, insurance you may need personally and any known special levy. Use the same annual period for each apartment and mark uncertain amounts clearly. If a certificate is old, ask for current figures before making a decision.
A worked comparison
Illustrative amounts only—not figures from an actual contract. Compare the same 12-month period for each apartment.
| Cost over 12 months | Apartment A | Apartment B |
|---|---|---|
| Annual owners corporation fees | $3,986 across two owners corporations | $3,200 |
| Council rates | $1,600 | $1,500 |
| Approved special levy due | $1,200 | $0 |
| Known total for this period | $6,786 | $4,700 |
| Other item in meeting minutes | Levy approved for repairs | Lift works being investigated; cost unknown |
Apartment A’s two owners corporation certificates show $3,986 in annual fees. Its meeting minutes confirm a $1,200 levy payable during this period. Apartment B’s certificate shows $3,200 in fees, but its minutes mention possible lift works without an approved cost. The known totals differ by $2,086; that does not establish what either apartment will cost in later years.
For Apartment A, ask for the levy notice and confirm when it is payable. For Apartment B, ask for more recent minutes and any quotes or levy decisions. For both, check the budget and maintenance fund, and confirm which services the fees cover. The table also leaves out water charges, your own insurance, repairs and other costs.
ContractSnap can pull fees and other outgoings from a contract of sale PDF into one snapshot, helping you prepare questions. Always check the original certificates, budgets and minutes with your conveyancer or solicitor.
General information for Victorian apartment buyers. This guide is not legal, financial or insurance advice. Documents and circumstances differ; ask your own conveyancer, solicitor or other qualified adviser to check the contract before you sign.