Help for owners of earthquake prone buildings
Wellingtonians of earthquake-prone units can now apply for cheap Government loans to fix their home, but some are already slamming it as “coercive debt”.
From today, owner-occupiers of units and apartments in earthquake-prone buildings can apply for up to $250,000 in low-interest loans.
There are still 561 buildings overall, including units and apartments, registered as earthquake prone in Wellington City.
The average cost of earthquake repairs for apartments has been estimated at $500,000.
Minister for Building and Construction Jenny Salesa said the scheme aimed to help owners avoid being forced to sell their home or face “huge financial hardship”.
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