❓ Mr. Love questions the timeline, rationale for instalment payments, and eligibility criteria for the Builders' Support Facility announced on January 4, 2024. The response clarifies application dates, payment structure, and completion timelines.
AnsweredQoN 993Legislative Assembly
Asked
12 March 2024
Member
Portfolio
Deputy Premier; Treasurer; Minister for Transport; Tourism
QuestionView source ↗
I refer to the Builders' Support Facility announcement on 4 January 2024, and I ask: (a) What date will applications for this loan facility open; (b) Please outline a timeline (including opening of applications and payment dates) of this program; (c) What is the rationale for paying the interest-free loan in instalments as opposed to a lump sum; and (d) Will buildings that have been finished since builders lodged their interest be considered for funding?
AnswerView source ↗
Answered
16 April 2024
Response time
6 days
(a)-(d) The Builders’ Support Facility will support eligible residential builders to complete new homes that have been under construction for more than two years.
Applications opened on 18 March 2024 and close 30 April 2024.
Successful applicants will receive one third of their total loan within three months of executing the loan agreement, with remaining disbursements to be paid upon the practical completion of each home subject to the Deed of Loan agreement.
Homes must be completed within twelve months from the execution of the Deed of Loan, with the loan disbursed in instalments to encourage timely completions.
Applications opened on 18 March 2024 and close 30 April 2024.
Successful applicants will receive one third of their total loan within three months of executing the loan agreement, with remaining disbursements to be paid upon the practical completion of each home subject to the Deed of Loan agreement.
Homes must be completed within twelve months from the execution of the Deed of Loan, with the loan disbursed in instalments to encourage timely completions.
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