To alleviate the housing crisis in Western Australia, companies engaged in construction will now have the opportunity to secure interest-free loans, with a maximum limit of $300,000, to assist in the completion of homes that have been left unfinished. This initiative, designed to address the construction delays exacerbating the state's housing challenges, comes in response to the difficulties faced by many builders in meeting project deadlines.

The Treasurer of Western Australia, announced that a total of $10 million will be allocated for these interest-free loans, specifically targeting hundreds of home builds that commenced more than two years ago. The aim is to break the deadlock caused by cash flow issues hindering builders from completing homes and leaving homeowners in a state of limbo.

Acknowledging the stagnation in the completion of homes and the resultant challenges faced by homeowners, the Treasurer emphasised the need for a strategic intervention. The loans will be administered through a program overseen by the Small Business Development Commission, focusing on supporting small to medium-sized builders. The government anticipates that this financial assistance, distributed in instalments with a maximum cap of $60,000 per property, will facilitate the completion of the so-called "stranded homes" within the next eight months.

To be eligible for the interest-free loans, builders must have been in business for over four years. The government is now accepting expressions of interest from qualified builders, marking the beginning of a new initiative aimed at expediting the housing construction process and providing relief to both builders and homeowners affected by the prolonged delays.

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