Homeowners around the Hunter could rack up a bill equaling millions of dollars if their building has combustible cladding.
The New South Wales Government has identified four hundred and twelve buildings in need of repairs as a preventative measure.
Shadow Minister for Innovation Yasmin Catley says innocent homeowners are now facing the consequences.
"The cladding debacle overseen by this government stands to have a massive financial impact on property owners," she says.
"Properties that have cladding on them are finding it very difficult to get house insurance, it's imperative that the government provides assistance to these people so they can get the rectification work done."
Ms Catley says these owners may be forced to pay for repairs, even if they did not build the property.
She says it is essential that homeowners contact the government to ensure the original developer covers the costs, as repairs do not come cheap.
"What we've seen in Melbourne at the Lacrosse Building is an estimated 15 million dollars worth of repairs, so it is quite a costly exercise," she says.
"There is no doubt that the owner of the building will definitely be out of pocket."
As well as the repair costs, owners are also faced with the risk of their property decreasing in value by up to 90 percent as a result of the illegal cladding.
 |
| Grenfell Tower in London in flames as a result of combustible cladding. |
