Apartment owners in Sydney's cracked Mascot Towers have asked for the NSW government to help fund remediation works because a third of them can't afford to pay a special levy.
Apartment owners in Sydney’s cracked Mascot Towers have asked for the NSW government to help fund remediation works because a third of them can’t afford to pay a special levy.
Residents of the 132 apartments were evacuated in mid-June due to cracking in the primary support structure and facade masonry.
Then in late August owners passed a motion to raise a special levy worth $7 million plus GST for stage one rectification works.
But now the strata committee has written to the state’s better regulation minister arguing a survey of owners suggested 35 per cent wouldn’t be able to pay their $60,000 share.
Applications to extend mortgages have been declined and the owners said they couldn’t obtain a personal loan, borrow the money from friends, refinance using another property or rely on savings.
Stage one works are due to begin on September 30 but the strata committee says the contract can’t be signed due to the shortfall in funds.
“Our engineers’ advice is that the building in its current condition is less capable of sustaining further overloading due to thermal load cycles that are likely to be imposed onto the building structure during the coming summer,” the letter to Kevin Anderson states.
“Should these thermal load cycles be applied to the structure in its current state, further structural degradation may result, and the rectification cost to the building as a whole would become commercially unviable. Time is of the essence.”
The committee implored Mr Andrews “to find a solution where the government can assist the owners’ corporation with its current cash flow problem”.
The letter included comments from owners including one who wrote: “I don’t know how to source 60K in the next 6 months and I am currently under a lot of stress.”
Another wrote: “Please help us repair our building. I have been a hard-working taxpayer for many years and I have not done anything wrong. It is not fair that I am in financial ruin because I bought an apartment in NSW. Anything you can do for us will be much appreciated!”
Image source: Australian Property Institute