Capital provider appointed for Project Remediate
The NSW Government has appointed Westpac Banking Corporation (Westpac) as capital provider for Project Remediate.
As capital provider, Westpac will provide the funding for the interest-free loans that are provided to eligible owners corporations that join the program.
Project Remediate offers owners corporations ten-year, interest-free loans to help fund the cost of the remediation work, with repayments commencing upon completion of the work.
Project Remediate Project Director, Tanya O’Brien said: “Westpac has a significant role in providing the funding to owners corporations under this program.
“Remediation work can be a complex and challenging experience for owners corporations, and this funding, along with the services provided by the Managing Contractor and Lannock Strata Finance will support unit owners involved in this program.”
Westpac was the successful tenderer from a competitive field of financial institutions to fund the interest-free loans.
Sofie Sullivan, Managing Director, Head of FIPSH, Westpac Institutional Bank, said, “Westpac welcomes our appointment as the capital provider for Project Remediate, continuing our deep relationship with the NSW Government. We’re proud to support this initiative to make it easier for eligible owners corporations in NSW to remediate their buildings.”
All buildings that have registered for the program have been scheduled into tranches for remediation, with the first buildings on track to commence remediation works this month.
Learn more about Project Remediate.