Important news about more people being eligible for the earthquake-prone loan scheme
From The Herald
More apartment owners will be eligible for earthquake-prone loan scheme
Cabinet has agreed to widen the eligibility criteria for a loan scheme to help apartment owners pay for earthquake-strengthening costs.
Applications opened for the Residential Earthquake-Prone Building Financial Assistance Scheme in September 2020, offering low interest deferred repayment loans of up to $250,000.
As of December last year no one had applied for a single cent of the $23 million fund.
Ministers have been considering a review of the scheme undertaken by the Ministry of Business Innovation and Employment (MBIE), which has now been made public.
The review found there were some situations where people who did not meet the criteria were actually facing genuine hardship as a result of having to meet their remediation obligations.
