7 Jul 2011

Minister says banks support leaky homes deal

9:15 pm on 7 July 2011

The Minister for Building and Construction is assuring owners of leaky houses that banks are backing a $1 billion deal to help pay for repairs.

On Thursday night Parliament debated the committee stages of a bill that makes the deal law.

The Weathertight Homes Resolution Services (Financial Assistance Package) Amendment Bill would see home owners pay for half the repairs, the Government 25% and local councils 25%.

Maurice Williamson says the major banks have agreed to guarantee loans underwritten by the Government to help home owners pay their share.

The number of houses affected ranges between 42,000 and 89,000 and the repair bill is estimated anywhere between $11 billion and $23 billion.

Mr Williamson hopes the bill will have its third and final reading next week.