Yes. The Owners Corporations Act allows for termination at any time. However, if you terminate without a valid reason before the contract end date, you may be liable to pay out the remaining fees. If you have grounds — such as demonstrated failure to perform — termination for cause is a stronger position. Get independent advice if you're unsure. 

 Management fees vary widely depending on building size, complexity, and the services included. As a rough guide, annual management fees for a residential apartment building in Melbourne typically range from $300–$800 per lot, though this varies significantly. A tender will quickly establish what the current market rate is for a building like yours.

Yes. Once the owners corporation committee is elected, it has the authority to review and replace the management arrangement. Many committees do this in the first year after settlement once they have a clearer picture of the building's needs and the manager's performance. 

Running a tender yourself is possible, but it requires significant committee time and a good understanding of the OC industry and contracts. An independent tender service like The OC Hub manages the entire process on your behalf — drafting the RFP, inviting managers, evaluating proposals, and presenting a clear recommendation — with no financial interest in the outcome. This is particularly valuable when committees are time-poor or when the stakes are high (large buildings, complex situations, or contentious management transitions). 

 Industry best practice is every three to five years, even if you're satisfied with your current manager. Regular tendering keeps fees competitive, demonstrates due diligence, and gives your committee confidence that your arrangement represents good value. 

The committee has the authority to run a tender and appoint a new manager. Under the Owners Corporations Act 2006 (Victoria), this is within the committee's delegated powers unless lot owners have passed a resolution at a general meeting specifically removing this authority.

That said, good governance suggests keeping all lot owners informed throughout the process — particularly at the point of final decision. A brief written update to all owners before the new appointment is confirmed builds trust and avoids surprises.