- Applications for the $10 million Builders’ Support Facility are set to open March 18 to assist residential builders complete unfinished new homes
- Program guidelines released today to allow companies to begin preparing necessary documentation
- Interest-free loans of up to $300,000 will be available for successful applicants
- Scheme will assist Western Australians most affected by delayed construction timeframes to move into their new homes
Applications for the Cook Labor Government’s $10 million Builders’ Support Facility will open next week, helping to assist with the completion of homes that have been under construction for more than two years.
The scheme, announced in January, will provide interest-free loans to support eligible residential builders to complete new homes that have been under construction for more than two years, and at the same time, assist Western Australians into their new homes.
Program guidelines have today been released on the Small Business Development Corporation’s website to allow builders to begin preparing necessary documentation:Builders’ Support Facility | Small Business Development Corporation.
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 completions.
Applications close on April 30, 2024.
As stated by Treasurer Rita Saffioti:
“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.
“This targeted support will help eligible builders expedite the completion of new homes under construction for more than two years.
“At the same time, it will assist in preventing builder insolvencies, with a strong and sustainable construction industry required to meet the housing needs of our growing State.”
As stated by Housing Minister John Carey:
“Our Government is acutely aware of the current housing market across the country, and its impacts on many Western Australians.
“We continue to think outside the box with innovative policy – like the Builders’ Support Facility – to further bolster our housing stock and importantly, get families into their completed homes.”
