A state government-backed loan scheme to help Victorian apartment owners fund the replacement of combustible cladding is due to take effect next month. Under these Cladding Rectification Agreements (CRA), commercial lenders will be required to assess the finances of owner in an apartment complex prior to advancing a loan that owners will repay through their council rates.
However, several experts attending a Strata Community Association conference in Melbourne on Friday slammed the CRAs, claiming the loan scheme is unworkable and won’t assist apartment owners. From The AFR: