A new interest free loan facility has been announced, designed to help eligible residential builders complete new homes that have been under construction for more than two years.
The program will aid Western Australians who have been most effected by delayed building times, helping them move into their new home sooner.
Builders' Support Facility
The Builders' Support Facility will provide interest-free loans to support eligible residential builders to complete unfinished homes that were commenced prior to 1 January 2022. The program will help builders complete projects, as well as prevent more insolvencies.
A maximum of $300,000 will be available to each eligible builder, up to $60,000 per property. Payments will be made in instalments and repayable within a five-year term.
Who is eligible?
Preliminary eligibility criteria include:
Being a solvent WA-based residential builder, who has been in ongoing business for four or more years.
Have one or more unfinished homes in Western Australia that commenced construction before January 2022.
Registration of interest
A registration of interest is now available at: www.smallbusiness.wa.gov.au/builders
The registration of interest is open until Wednesday, 31 January 2024.
Builders are encouraged to register early for the facility, which will be available on a "first come, first served" basis to eligible applicants. Applications will be subject to financial probity and credit assessment.
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