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Project Remediate – is a 10-year interest-free loan really worth it?

Posted 20 May 2024

Category: Building Defects, eBooks

Key Takeaway: Large schemes are required to obtain 2 quotes for expenditure over $30,000. Obtain alternative quotes in advance.

Project Remediate might be right for you, but unless you’ve obtained your own alternative quote, you may not know.

  • Project Remediate provide a limited choice of designers and
  • Project Remediate designs could be more expensive than obtaining your own
  • Project Remediate does offer an exemption from home owners warranty insurance for the repairs, which is approximately 10% of the value of the job.
  • If you want to use the design obtained by Project Remediate you have to pay for it first and it could cost a lot more than obtaining your own design.

If you have rights against the builder, developer or relevant party, those could be worth pursuing, as the loan amount will still need to be repaid.

Bear in mind, if you are a large scheme (100 or more lots, excluding utility lots), you are required to obtain an alternative quote for expenditure over $30,000.

There are many other aspects strata schemes should obtain advice on.

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This is an extract from our Bannermans Building Defects 2023 Guide.

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Bannermans Lawyers

Published 20 May 2024