In January this year, the Western Australian Government established a $10 million loan facility to assist residential builders to complete homes and get homeowners into their new dwellings.
In the first two rounds, more than $8.7 million was allocated to eligible residential builders, aiding the completion of nearly 150 homes. A third round, with an additional $5 million allocation, has been launched to provide further industry support as builders’ work to meet contractual obligations and address the housing needs of Western Australians.
The expanded $15 million Builders’ Support Facility aims to provide financial assistance to residential building businesses to complete homes that have been under construction for more than two years. The loans are intended to help promote the completion of long-standing residential builds, thereby facilitating the transition of Western Australians into their new homes.
Under Round 3 of the Builders’ Support Facility, eligible residential builders who are successful in their applications can receive an interest-free loan of up to $60,000 per home, capped at a cumulative maximum of $1 million per eligible builder across all three rounds.
The interest-free loan will be disbursed in instalments: one-third of the loan upfront and the remaining two-thirds upon completion of each home to promote timely completions. Homes must be completed within 12 months from the execution of the Deed of Loan.
Successful builders are required to enter into a Deed of Loan with the Department of Jobs, Tourism, Science and Innovation (JTSI) and adhere to a specified repayment schedule. Repayment of the loan must begin 12 months after entering into a Deed of Loan and be completed within a five-year period.
Application information now available
Applications are now open and close at 5pm, Monday 16 December 2024 or at the discretion of the State. Applications will be assessed on a first-come basis to eligible businesses.
A limited amount of funding is available for the Facility and applications will be assessed on a “first come” basis. Eligibility criteria will apply.
The application process is being managed by the Small Business Development Corporation (SBDC), with the loan payments and repayments to be facilitated by the Department of Jobs, Tourism, Science and Innovation (JTSI).
Tip: Funding is limited under the Facility and the interest-free loans under the Builders’ Support Facility are being offered on a “first come” basis to successful applicants.
Round 3 Eligibility Criteria
To be considered for financial assistance, the applicant must meet all the following eligibility criteria:
- Have at least one unfinished Class 1a residential building in WA, that commenced construction prior to 1 November 2022, and has not reached practical completion by 18 November 2024.
- Is solvent and retains the capacity to complete the residential buildings subject to the application.
- Is a WA-based residential building business that has been in continuous operation in WA since 1 November 2020.
- Holds a WA Building Contractor registration without interruption since 1 November 2020.
- Holds a valid ABN and GST registration without interruption since 1 November 2020.
- All residential building sites subject to this application must be located in WA.
- Agree to the application Terms and Conditions.
Frequently asked questions
For more information about the Facility, please read the frequently asked questions.
Program guidelines
Download the Builders’ Support Facility Program Guidelines to assist in preparing your Builders’ Support Facility application. These guidelines will contain the information you need for your application. Download the document checklist to assist you in preparing this documentation.
Evidence required
To be considered for the loan facility, the applicant must provide all the documents listed in the Builders’ Support Facility Program Guidelines, in an unredacted PDF format.
How do I apply?
Applicants can access the application portal (SmartyGrants) here: Start your application now in SmartyGrants
Free support
More help for your business
If you are facing financial or other challenges in your business, you can turn to the SBDC for help.
