- Builders' Support Facility assists in the completion of almost 100 stranded houses
- Updated eligibility criteria for Round 2 to give residential builders further access to Government's $10 million loan facility
- Australian-first initiative will continue to assist in the completion of more homes that have been under construction for more than two years
The Cook Government has today announced an extension of its Builders' Support Facility to further assist residential builders in completing unfinished properties and get Western Australians most affected by delayed construction timeframes into their new homes.
In January this year, the Government announced its Australian-first $10 million loan facility, to provide interest-free loans of up to $300,000 (up to $60,000 per property), to support eligible residential builders to complete homes that have been under construction for more than two years.
The first round resulted in $5.7 million being allocated to eligible residential builders to assist in the completion of 97 homes. A second round of the facility, which will look to fully utilise the remaining funds available, comprises updated criteria, including:
- being a WA-based residential builder that has been in continuous business in Western Australia since 1 July 2020 (rolled forward from 1 January 2020 under Round 1); and
- have one or more uncompleted homes in Western Australia that commenced construction two years prior to the date of the announcement of Round2 (rolled forward from 1 January 2022 for Round 1).
The extended timeframes for property commencement and completions will provide an opportunity for more builders that may have not been eligible for the first round to access the loan facility.
Successful applicants from round one of the scheme are eligible to apply in the second round, meaning some individual builders could receive up to $600,000 in support from the State Government.
Applications for Round 2 will open shortly for a six-week period. Builders are encouraged to apply early for the facility, which will be available on a 'first come, first served' basis to eligible applicants, with applications that did not meet the eligibility criteria in the first round to be automatically reassessed. Applications will be subject to probity and credit assessment.
For more information https://www.smallbusiness.wa.gov.au/builders
As stated by Premier Roger Cook:
"More Western Australian families will have the opportunity to move into their completed homes sooner with this expanded and extended program, providing much needed relief to residential home builders and homeowners.
"This program demonstrates how my Government is helping ease pressure on our housing market and get more Western Australians, in building limbo, into their homes. I thank everyone involved in delivering this priority program, which supports jobs and does what's right for WA."
As stated by Treasurer Rita Saffioti:
"We know that some residential builders have experienced significant disruptions and delays in completing homes already under construction, particularly as the cost of fixed term building contracts has increased significantly.
"This innovative Australian-first initiative is assisting in the completion of almost 100 homes and this extension will enable even more families to move into their homes sooner than they otherwise would have."
As stated by Commerce Minister Sue Ellery:
"This is about helping residential builders complete outstanding builds and get people who have been patiently waiting into their dream home.
"This expanded initiative will benefit homeowners, building businesses and the residential building industry."
As stated by Housing Minister John Carey:
"We're doing everything we can to boost housing supply across Western Australia through our record $3.2 billion investment in housing and homelessness measures.
"We've delivered important policy reforms like the Builders' Support Facility, which we have now expanded and extended to further support our home building and construction industry to ultimately get more Western Australians into new homes."
As stated by Housing Industry Association WA Executive Director Michael McGowan:
"Delays, disruptions, a deficit of trades and cost escalations while operating within the terms of a fixed price contract have created turbulent operating conditions for the building industry over the last three years.
"The building industry is focused on finishing homes and seeing owners moving into their new homes. This targeted loan support for builders navigating challenging cash flow conditions supports this aspiration as the State works towards delivering more housing.
"A healthy and sustainable building industry is critical to support our State's growing population and economic growth."
