28 Jul 2011

Financial assistance for owners of leaky homes

3:49 pm on 28 July 2011

Owners of leaky homes will be able to obtain financial assistance for agreed repair costs from Friday.

After years of negotiation and court action, the Government settled on a package under which home owners will pay half the cost of repairs, and central and local government 25% each.

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

The Weathertight Homes Resolution Services (Financial Assistance Package) Amendment Bill passed through Parliament earlier in July and was signed into law on Thursday.

The package is voluntary and offers an additional option to the current Weathertight Homes Resolution Service.

Property owners who discover they have a leaky home must lodge a claim within 10 years of the completion of building work to be eligible for the financial assistance package.