What progress has been made in getting leaky homes fixed faster?
More good news. Since the Government passed the weathertight homes resolution service financial assistance package just a couple of months ago, several thousand homeowners have made applications to sign up to the assistance package where the Government will pay 25 percent of the repairs, the local authority 25 percent, and the remaining 50 percent will be paid by a loan from the banks with an underpinned loss-sharing agreement. Many homeowners have waited a long time to get this sort of assistance to get them out of the trap they have been stuck in, where they have had zero or negative equity and could not move forward. What the Government has put in place gives them a fantastic future.
What has been the uptake by owners of leaky homes to the financial assistance package so far?
The uptake has been spectacular—more than 200 homeowners have already put their applications in and qualified. That represents about $23 million of subsidy paid out already—$18 million from the Government and $5 million from local authorities. In addition, a remaining 684 claims are currently under process. They represent 626 stand-alone homes and 58 multi-unit buildings. For members’ interest, here are some demographics: 70 percent of all the eligible claims come from Auckland, 20 percent from Tauranga and Wellington, and the remaining 10 percent are from—and I know that Mr Power will be interested in this long list—Christchurch, Whangarei, Hurunui, Taupō, Kapiti, and Rodney.