Replace flammable cladding through Project Remediate

• Your authorised representative registers interest for Project Remediate on behalf of your owners corporation. 
• We will check if your building is eligible. 
• If it is, we will ask you for documents that tell us about the building and the cladding. 
• If it isn’t, you will be notified by the Office of Project Remediate.
• There is no obligation to join the program by registering your interest.

Registrations closed on 31 March 2022.

• The Managing Contractor will review your documents and arrange a time to inspect the cladding on your building.

• A design team will work with your owners corporation and local council (or other authority) to prepare two remediation designs. 
• The design chosen will be fully documented, quotes for the remediation work will be prepared, and you will be offered a fully priced remediation contract.
• A Lannock Strata Finance relationship manager will present the loan agreement and explain the loan and repayments, terms and conditions, and how the funds are administered. 
• The interest-free loan contract and loan payments will be administered by Lannock Strata Finance. 

• If your owners corporation decides to continue, you will be asked to approve the remediation design and be presented with contracts for the interest-free loan, program management, remediation designs and other services involved in the work. 
• We will ensure that you have all the necessary information and documentation required so that your owners corporation can make decisions.

• The Owners Corporation decides if they want to proceed with the agreed design and join the program, or exit at no cost.
• The Owners Corporation is required to table the Project Remediate loan contract at a general meeting and pass the relevant motions to resolve to borrow. 
• The Owners Corporation returns the loan and construction contracts.
• Lannock Strata Finance will review your loan contract and relevant documentation and provide a response within two business days on the status of your loan approval. 

• Owners corporation sign contracts.

• Once contracts are signed, the Project Remediate Managing Contractor will schedule the building works.

• Work will begin to replace cladding. 
• Residents will be kept updated about the work at all times and will have access to the building and amenities as much as possible. 
• The Managing Contractor will respond and act quickly to fix any issues that may arise. 
• The building work may take around 180 days (6 months) to complete, depending on the size of the job. 

• Once work is complete, a Remediation Assurance Certificate will be provided to the owners corporation. A defects liability period of 6 months will apply.
• Your Owners Corporation will make monthly repayments to repay the interest-free loan via direct debit on the Owners Corporation’s bank account. GST does not apply to the loan repayments.
• The Owners Corporation will levy owners for repayments - although the Owners Corporation can choose the levy cycle, most Owners Corporations issue quarterly levy invoices.
• A Lannock dedicated loan relationship manager will be assigned to you for the lifecycle of the loan. They will be on hand every step of the way to provide advice, support and arrange the servicing and management of the loan.

Help is available to individual owners who are unable to make the extra levy repayments associated with the repayment of the loan

• Residential owner occupiers who have difficulty in making their levy payments for their portion of the loan can apply for hardship relief.
• Lannock Strata Finance will review applications for hardship relief.  
• If it is approved, a hardship certificate will be issued to the owner within 14 business days of receiving an application with all required documentation, and monthly loan repayments from the Owners Corporation will be adjusted accordingly.
• The Owners Corporation will be provided with the Project Remediate Hardship Policy after your Loan presentation session.