Builders' Support Facility to Expedite Unfinished Homes in Western Australia

The Cook Government of Western Australia has introduced the Builders' Support Facility, offering a $10 million interest-free loan initiative aimed at aiding residential builders. This scheme intends to assist builders who have pending projects exceeding a two-year construction timeframe.

Eligible builders can access up to $300,000 ($60,000 per property) to complete their stalled projects. The initiative addresses cash flow constraints, prevents further delays, and ensures incomplete homes are finished, a result of collaborative efforts with stakeholders in the housing and construction industry.

To qualify, builders must meet specific criteria, including operating in Western Australia for over four years and starting construction before January 2022.

This initiative supplements the Cook Government's ongoing efforts to tackle housing needs in the region, joining allocations for social housing, infrastructure development, and strategic investments.

Builders can register interest until January 31, 2024, at www.smallbusiness.wa.gov.au/builders, with applications processed on a first-come, first-served basis.

Government officials highlighted the initiative's role in supporting the construction sector, addressing housing challenges, and securing housing for Western Australians. Michael McGowan, Executive Director of Housing Industry Association WA, commended the program for its targeted assistance to builders with short-term cash flow issues.

The Builders' Support Facility stands as a key measure to aid builders, homeowners, and renters while strengthening Western Australia's housing inventory and construction industry.

PAULETTE'S NOTES:  With so many building companies collapsing in the last four years, this newest State Government offering is a drop in the ocean, supplying relief to only 166 homes. Tighter regulation and a watchdog overseeing the industry would prove a better investment.

Paulette Contessi

Licensee / Director

CONTESSIPROPERTIES