NSW announces support for Mascot Tower owner-investors

18 July 2022

The NSW Government will extend financial aid to eligible apartment owner-investors of the turbulent Mascot Towers building.

The investment follows discussions between the State Government and stakeholders impacted by the three-year evacuation of the apartment complex due to safety concerns.

“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,” NSW Fair Trading Minister Eleni Petinos said.

Australian citizens who have a mortgaged property at Mascot Towers will be eligible to receive financial support retrospectively from July 1 last year.

Eligible parties will receive access to upfront financial support that is liable to be repaid if they later receive insurance payments or other forms of compensation.

The assistance package will provide qualified owner-investors with maximum funds of $600 per week for a one-bedroom apartment, $750 a week for a two-bedroom apartment, and $1000 per week for a three-bedroom apartment.

Investors will be required to provide relevant documentation, including established rental contracts with tenants, to receive appropriate payment structures.

Tenants who continue to pay rent will also be eligible to receive financial assistance for alternative accommodation.

The assistance package comes amidst an ongoing investigation by the NSW Government into the certification for Mascot Towers by the now abolished City of Botany Bay in 2008.

Click here for more details on the assistance package.