Exclusive: Residents of the evacuated Mascot Towers are being forced to consider two 'very bad' options to fund urgent remediation works, but fear they won't be able to afford either
Residents of the evacuated Mascot Towers are being forced to consider two options to fund urgent remediation works at the 132-unit complex, but fear they won't be able to afford either.
Remediation works have started on the building, with concerns the warmer weather could place more stress on the building.One loan proposal would offer up to $20 million at a 7.7 per cent variable interest rate per annum over 15 years, with funds to be put towards stages one and three of the remediation works which have already started.
"We don’t know whether the $20 million is the end or just the beginning. We have not yet received the final costing," the owner said. "The strata committee can liquidate me if they push through the motion in the AGM."found more than a third of owners cannot pay their portion of the levy because banks and other lenders are refusing to assist.
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