Loans are now available for earthquake prone buildings

A government loan scheme for owner-occupiers of earthquake-prone units doesn't go far enough and could still leave people in financial difficulty. That's from the chair of Macalister Heights body corporate in Wellington - where unit owners are each facing a 240-thousand dollar bill to bring the building up to standard. The government yesterday announced the eligibility criteria for the Residential Earthquake-Prone Building Financial Assistance Scheme - with people only able to access the up to 250-thousand dollar loan if they're a unit owner-occupier, unable to get other finance and being a New Zealand citizen or permanent resident. But Mel Johnson, who also an owner-occupier in Macalister Heights, told Jordan Bond the government needs to consider compensation.