Applications for the Western Australian government’s $10 million Builders’ Support Facility will be open next week, assisting in the completion of homes that have been under construction for over two years.
Unveiled in January, the scheme was introduced to help Western Australians move into their new homes while supporting eligible residential builders with the completion of projects that have been under construction for over two years.
WA Treasurer Rita Saffioti said: “We know that the construction industry has experienced significant labour and material price hikes over the past few years, delaying some residential builders from completing homes and leaving families stranded.”
Saffioti stated that it will also assist in preventing builder insolvencies, with a strong and sustainable construction industry required to meet the housing needs of WA’s growth.
Program guidelines have been released on the Small Business Development Corporation’s website so builders can prepare all necessary documentation.
Under the Builders’ Support Facility, successful applicants will be eligible for interest-free loans of up to $60,000 per home and a maximum of $300,000 per applicant.
Financial assistance will be offered on a ‘first come’ basis, with loans to be repaid within five years.
Homes are required to reach practical completion 12 months from the execution of the loan document, with the loan disbursed in instalments to encourage timely completion.
Applications close on 30 April 2024.
