New Zealand has released eligibility criteria for financial assistance to help apartment and unit owners meet earthquake-prone building remediation costs.

Last year’s Government Budget provided $NZ23.3 million ($22.3 million) over four years to help property owners complete building improvements required by laws introduced in 2017.

Eligibility criteria for low interest loans up to $NZ250,000 ($239,309) include that a person is the owner-occupier of a unit bought before July 1 2017 and is otherwise unable to obtain suitable finance.

Building and Construction Minister Jenny Salesa says fixing buildings where there are many unit owners can be complex, and getting finance for the work can be difficult “if not impossible” for some people.

“Without the support of low-interest loans like these, some unit owners may be forced to sell if they’re not able to earthquake-strengthen their home,” she said.

Finance Minister Grant Robertson says changes to the insurance market and significant premium increases following the Canterbury and Kaikoura earthquakes have pushed up costs for unit owners.

Eligible residents have been invited to register their interest in applying for assistance, with the program expected to start from the middle of this year.