8 Jul 2011

4300 claims for leaky home repairs outstanding

10:43 pm on 8 July 2011

The Department of Building and Housing says 4313 properties have outstanding claims for repairs to leaky homes.

The Government has estimated the cost of repairs to be $11 billion and a law enacting a multibillion-dollar compensation package is due to be passed by Parliament next week.

Homeowners will have to find the money for half the repair bill, and central and local government will cover the rest.

The major banks will provide loans to homeowners with a government guarantee.

Building and Housing Minister Maurice Williamson says banks will be willing to lend to apartment owners if the majority of their body corporate agrees to the package.