Cladding assessment rebate closing soon
Applications for a 50% rebate to help cover costs of testing and assessment of possible combustible cladding (up to $20,000 ex GST) are closing on 21 July 2022.
This process will result in a testing and assessment report, which is required for owners corporations wanting to apply for a low-interest Concessional Loan, details of which will be announced later this year.
Neil Le Quesne, Chair of the Owner’s Corporation at the Space2 apartments in Turner, said insurance changes and safety risks motivated their Executive Committee to act quickly.
Now almost halfway through remediation, the Owner’s Corporation for Space2 took out an unsecured loan for those owners who were not able to fund their portion of the costs before work commenced.
“It’s a lot of money for owners to come up with in a short period,” said Mr Le Quesne.
“The unsecured loan is quite expensive, so if we qualify for the Concessional Loan, owners will welcome that.”
Mr Le Quesne said being proactive and starting the process early allowed them to avoid rising material costs and delays.
He urged Owner’s Corporations to begin planning as soon as they could and to source the right professionals to lead the project.
“It’s complex, labour intensive work but we went to the effort to source a good contractor and that’s really paying off,” he said.
“A good architect or a good project manager is critical.”
“You need to keep on top of details, work with your contractor, expect challenges, and include a small budget for extras.”
Mr Le Quesne said doing this has meant that after remediation, Space2 will be a better building overall.
To apply for the testing and assessment rebate before it’s too late, visit the How to get financial assistance page.