Government earthquake promotion loans are useless for many owners | 1 news

Officials acknowledge the staggering costs that many owners of earthquake-prone buildings face.

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A report from MBIE today says the costs may not be economically viable for many owners, but it doesn’t offer any solutions. Source: 1 NEWS

A report released today by the Ministry of Business, Innovation and Employment (MBIE) said it “may not be economically viable for many owners”.

After the Kaikoura earthquake, a national system was established to manage the 10,000 buildings at risk.

Although the government has put a $23 million loan scheme in the 2019 budget to help the owners, so far not a single person has done it.

“It’s a loan scheme and the interest rates are higher than the bank. It’s not perfect,” Leslie Hamilton, the apartment owner, told 1 NEWS.

She is among 14 owners of a heritage apartment building in Wellington facing a $10 million bill due to the earthquake strengthening the building.

“It’s so annoying and about to retire, you know a lot of the choices I have for my future have been shattered because of this.

“We can’t do it with the banks, we can’t do it ourselves, we can’t do that, so someone needs our help instead of running away from the problem, because it’s a civil problem for Wellington.”

Finance Minister Grant Robertson said the government is now looking to review the loan scheme.

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