The NSW government has announced a three-year program, called Project Remediate, to help remove combustible cladding on hundreds of the most at-risk buildings.
According to Minister for Better Regulation and Innovation Kevin Anderson, the centrepiece of the $139 million project is a commitment to pay the interest on loans by commercial lenders to building owners and owners corporations, fast-tracking the removal of unsafe cladding.
Lannock Strata Finance CEO Paul Morton said they welcome this commitment from the NSW government in the state budget to support the removal of high-risk cladding in residential apartment buildings statewide.
“It’s important that the government has recognised combustible cladding as a critical risk issue for the community,” Mr Morton said.
“The establishment of Project Remediate acknowledges this problem and is a welcome commitment from the Government to help owners fund the rectification of their affected buildings.
“This is definitely a step in the right direction, with many buildings now ready to commence removing combustible cladding.”
Further, Mr Morton said that rectifying combustible cladding will ultimately resolve occupational health and safety issues immediately.
“Many strata owners in the current COVID-19 affected economic climate would face difficulties in obtaining personal finance or increases to their mortgages to fund a special cladding levy.”