The owner of Wellington’s earthquake-prone apartment says the government loan scheme is not enough

Before you can sell it, it will cost hundreds of thousands of dollars to bring it into the code – although it qualifies for the program, it will not accept it.

“I don’t want to take out a loan. I’m debt free, and I’m nearing the end of my life.”

Applicants can apply for a loan of up to $ 250,000 for earthquake booster costs, but they need to demonstrate that they cannot obtain a loan from a bank and must be resident owners.

Brown believes there should be an element of compensation like the millions paid during the Gun Buyback scheme.

“Not a single cent of compensation was given to us for our homes, while the others received compensation for their weapons.”

Construction Minister Jenny Salsa disagrees. She says the planners have different circumstances.

“The possession of gun owners has been confiscated as part of the weapon buyback, while this loan scheme will improve the asset value of the homeowner.”

Mel Johnstone owns an apartment in MacAlister Heights but is ineligible for the scheme because she has moved.

“The consolidation will only get us back to square one. There is no increase in value, we are not creating wealth.”

Applications for the loan plan will close in June 2027, but two weeks after the application opens, no one has applied for the loan plan yet.

However, Kainga Ora says she has a number of expressions of interest.

Even if applicants get the loan, some say the $ 250,000 cap will not be enough.

Inner-City Wellington spokeswoman Geraldine Murphy says many apartment owners will face much higher costs.

“In our survey earlier this year of 76 owners who provided us with information on cost enhancements, the average was $ 302,000.”

The cost of the commitment and not the increase for apartment owners.

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