New reforms to reduce the cost of removing dangerous combustible cladding have been announced by the Andrews Labor government in Victoria.
The new scheme will allow apartments across Victoria covered in combustible cladding to be able to get their buildings repaired.
It comes after a 2014 fire at LaCrosse tower in Docklands and London’s Grenfell fire that killed 72 people last year.
The proposed new laws stipulate that owners would be charged via their council rates over a minimum period of ten years, with costs transferred with the property if sold.
Victoria's minister for planning Richard Wynne said the "cladding rectification agreements" between owners or owners corporations, lenders and councils will help fast-track safety and compliance.
“This scheme is the first of its kind anywhere in the world and offers owners the cheapest and most efficient way of removing dangerous cladding from their buildings,” Victoria's minister for planning Richard Wynne said.
“As well as making properties safe and compliant with building laws, these financing agreements allow cladding to be removed quickly, without affecting property prices.”
The Victorian Building Authority has almost completed its audit of 1,369 planning and building permits and has issued more than 100 building orders to residents.
A task force assembled in Queensland has found that approximately 880 buildings will need further investigation with at least 70 requiring rectification work.
An additional 12,000 privately-owned buildings, including about 1,200 residential structures are also currently being assessed.