The NSW Government will provide financial support to eligible owner-investors of apartment units in Mascot Towers following consultation with impacted stakeholders.
Minister for Fair Trading Eleni Petinos said eligible owner-investors who are Australian citizens and have a mortgaged property at Mascot Towers will receive financial support backdated to 1 July 2021.
“The last three years have been an incredibly challenging time for the residents and landlords of Mascot Towers, and the NSW Government will continue to support those who face ongoing challenges,” Ms Petinos said.
“This package will assist eligible owner-investors, many of whom are hard-working mums and dads, while court proceedings are ongoing to terminate the strata scheme and will begin from 1 July 2022, backdated 12 months to 1 July 2021.
“We continue to work with everyone impacted in Mascot Towers to ensure they have the support they need to get through this difficult time.”
NSW Fair Trading staff will be available to assist owner-investors understand their eligibility and assess individual circumstances, including insurance payouts and mortgage waivers.
The guidelines of the assistance package for eligible owner-investors will provide up to $600 per week for a one-bedroom apartment, up to $750 a week for a two-bedroom apartment and up to $1,000 per week for a three-bedroom apartment. Investors will need to provide relevant documentation, such as prior rental contracts with tenants, to ensure the appropriate level of support is paid.
This latest package is on top of the NSW Government’s $12 million accommodation assistance package for tenants and owner-occupiers of Mascot Towers. This scheme was extended for a seventh time in May 2022 for a further 12 months to 30 June 2023.
The NSW Government is also conducting an investigation into the issuance of the occupation certificate for Mascot Towers by the former City of Botany Bay in July 2008.
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