Apartment EQ 'remediation' scheme hands out zero dollars

Cabinet has loosened the lending requirements. (Image: Depositphotos)

Fri, 08 Apr 2022

A scheme set up two years ago to provide financial help to the owners of earthquake-prone apartments and multi-storey units hasn’t accepted one application to date.It has, however, racked up $4 million in administrative and legal costs.The Residential Earthquake-Prone Building Financial Assistance Scheme, granted $23.3m under the 2019 budget, was set up to provide interest-deferred loans of up to $250,000 for earthquake strengthening of multi-unit properties. The loans were aimed at owner-occupiers as opposed to property investors.To...

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