Since 2014, when fire damaged the Lacrosse Tower in Docklands, the Victorian Government has been wrestling with how to ensure that buildings with unsafe flammable cladding were rectified quickly.
The new loan scheme, described as a ‘world first’ by the Victorian Government, will allow owners of buildings with dangerous combustible façade cladding to have it removed via loans paid off through their council rates.
There are a number of eligibility requirements to determine whether land owners may participate in the scheme. Applicants must be either a land owner or an owners corporation, which has acquired the approval of at least 75% of its members.
To read more about the new legislation and eligibility requirements, click here.