Aiming to Address Housing Shortages

The Western Australian Government has announced an extension of its Builders’ Support Facility, aiming to assist builders in completing unfinished properties and alleviate the housing shortage.

Initial Success and Expanded Eligibility

The facility, initially launched in January with a $10 million loan facility, has already proven effective in supporting builders. To date, $5.7 million has been allocated, enabling the completion of 97 homes.

The government has now expanded the eligibility criteria for the loans, allowing properties that started construction before 1 July 2022 to qualify. This extension is expected to benefit a larger number of builders and home buyers.

REIWA Endorses the Initiative

The Real Estate Institute of Western Australia (REIWA) has welcomed the government’s announcement, emphasizing the critical role of increased housing supply in addressing the current market challenges.

REIWA CEO Cath Hart previously stated, “Financial assistance that provides cash flow for builders is crucial in helping them complete homes and remain solvent. This support to the building industry will ultimately benefit the established homes market.”

Second Round Applications Open Soon

The second round of the Builders’ Support Facility will open shortly, offering interest-free loans of up to $300,000 per builder, with a maximum of $60,000 per property. Funds will be allocated on a first-come, first-served basis.

By providing this financial assistance, the WA Government aims to address the housing shortage and ensure a steady supply of new dwellings to meet the growing needs of the population.