The loan will be accessible to builders who meet its criteria. Credit: Tong_stocker via Shutterstock.

The Western Australian (WA) Government has set up an interest-free loan facility aimed at assisting builders in the state in completing unfinished residential properties.  

This initiative is designed to address the delays in construction timeframes and help Western Australians move into their new homes sooner. 

The Builders’ Support Facility will help eligible residential builders in the completion of new homes that have been under construction for more than two years.  

Each eligible builder can access approximately A$300,000 ($201,300) from the facility, with a cap of A$60,000 per property, and the funds will be disbursed in instalments to encourage more completions. 

The latest decision to establish this loan facility comes after a roundtable between the WA Government, Housing Industry Association WA, and industry leaders, which focused on boosting housing supply and affordability in the region. 

Eligibility criteria for builders to receive the interest-free loans include being a solvent, WA-based residential builder with a business history exceeding four years, and having one or more under-construction homes in WA, whose construction started before January 2022.  

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The A$10m interest-free loan scheme is part of a broader effort by the WA Government to address housing needs, which includes A$2.6bn in social housing and homelessness measures. 

WA Deputy Premier and Treasurer Rita Saffioti said: “We know that the construction industry has experienced significant labour and material price hikes over the last few years. This has delayed some residential builders from completing homes as the cost has increased significantly. 

“We have also seen many families building new homes left stranded with incomplete projects and no timeline for delivery. 

“The innovative loan facility will enable builders who have been unable to complete homes under construction for two or more years due to cashflow constraints, to complete these projects.”