Apartment owners whose properties require cladding remediation will get financial support from the NSW Government in the form of interest-free, 10-year loans.

The government confirmed last week it will assist affected property owners through the loans as part of its Project Remediate program to remove combustible cladding in an estimated 225 at-risk residential apartment buildings.

It will pay for the interest on loans taken out to pay for the repairs. Project Remediate was announced last November when the Berejiklian Government released its 2020/21 Budget, allocating up to $139 million for the three-year program.

Minister for Better Regulation Kevin Anderson gave an update on the program last week, announcing plans to tender in the next few months for financial partners and a managing contractor.

Owners corporations can expect to apply to take part in the project in March.

“Under the program design developed since the 2020/21 NSW Budget, I can confirm that by 2023 the Government expects to have helped safely remove high-risk combustible cladding on an estimated 225 buildings across the state,” Mr Anderson said.

“This is a significant, complex project. We will also help take pressure off owners corporations by appointing a managing contractor to oversee each individual project from design to final completion, to help get buildings remediated quickly and to the highest standards.”

Financial partners who win the tenders will facilitate the provision of interest-free loans to eligible owners corporations to fund remediation works.

Over the coming months information packs, guidance and training materials will be delivered to help owners corporations navigate Project Remediate.

The Office of the NSW Building Commissioner is already consulting with the strata sector as part of this work.