The WA Government has extended its Builders' Support Facility to help builders complete unfinished properties and get more new home buyers out of building limbo.
The initiative, initially launched in January with a $10 million loan facility, has already seen $5.7 million allocated to help complete 97 homes.
It offers interest-free loans of up to $300,000, with a maximum of $60,000 per property, to support eligible residential builders to finish uncompleted homes that have been under construction for more than two years.
Originally it applied to properties that started construction before 1 January 2022. This has been extended to 1 July 2022.
REIWA welcomes the government announcement, having advocated consistently that supply is the biggest issue facing the current property market.
"WA needs a strong and consistent pipeline of new dwellings to meet the needs of our growing population so any measure that gets homes out of the ground is greatly appreciated," REIWA CEO Cath Hart previously said.
"Financial assistance that provides cash flow for builders, allows them to complete homes and remain solvent is welcome support to the building industry, and by extension, the established homes market."
Applications for the second round of the facility will open shortly for a six-week period, with funds allocated on a first-come, first-served basis.
