We welcome the $139 million commitment from the NSW government in the State Budget to support the removal of high-risk combustible cladding in residential apartment buildings in NSW.
Minister for Better Regulation and Innovation, Kevin Anderson, said the Government will establish Project Remediate, a three-year program to help remove combustible cladding on hundreds of the most at-risk buildings.
The centrepiece of Project Remediate is a commitment to pay the interest on amounts borrowed by Owners Corporations, fast-tracking the removal of unsafe cladding.
How Lannock can help
Many owners will face difficulties in obtaining personal finance or re-mortgaging to fund a special levy to meet the high costs associated with cladding rectification.
The solution proposed by the NSW Government helps owner corporations to fund the work using a strata loan. This will allow rectification to start immediately and resolve occupational health and safety issues as quickly as possible.
Just as we did in Victoria, Lannock commits to funding 100% of the cost of the remediation work of every strata building affected by combustible cladding in NSW.
If you have a client in NSW who has been putting off cladding rectification in the hope of Government assistance, now is the time to reach out and let them know of this timely announcement. And, of course, to contact us for a Loan Proposal that dove-tails with the Government’s plan.