Lannock to manage NSW cladding loans

The NSW Government has appointed long-time Flat Chat supporter Lannock Strata Finance to manage the state’s Project Remediate interest-free loans, intended to help owners corporations with the cost of rectifying flammable cladding.

According to a NSW Government Customer Services statement released last week, Lannock will “provide the drawdown services for these loans over the next three years.”

The appointment is a major step forward in the government’s Project Remediate which will see 219 apartment blocks remove and replace dangerous flammable cladding of the kind that caused the horrendous Grenfell Tower fire in London in 2017.

Flammable or combustible cladding also exacerbated the Lacrosse apartment block fire in 2014 and the  Neo200 fire in 2019, both in Melbourne.

In NSW the government set out to identify buildings at risk and then offer 10-year interest-free loans to allow them to remove and replace the cladding with safer materials.

Last week Project Remediate Project Director, Tanya O’Brien announced Lannock as the successful tenderer from a field of “specialist finance companies with established expertise in the strata lending market.”

Lannock is recognised as having the appropriate industry capabilities to provide the loan services for Project Remediate, Ms O’Brien says.  

 “A key element of this program is the ten-year, interest-free loan to help fund the cost of the remediation work. The program also offers a hardship support framework for those owners who may need help. 

“Lannock will provide the customer service interface for these loans and ensure that owners corporations receive the highest possible standard of customer service.” 

Lannock CEO Paul Morton said the company looks forward to working with government to support apartment owners to access the funds they need to undertake this important remediation work: 

“Lannock will provide a dedicated team to work with strata managers and owners corporations to navigate the loan process, making it as simple, seamless and as stress-free as possible.”  

Tenders are currently being called for a capital provider for Project Remediate.

You can learn more about Project Remediate, including how to register your interest, at the above link.