Owners of any residential property that contains loose-fill asbestos are eligible to participate in the NSW Government’s Voluntary Purchase and Demolition Program. Under the program, there are two options available:
Option 1 – sell the property
The NSW Government will purchase the premises and land at market value as if the property was free of loose-fill asbestos. The property will be demolished and the land remediated. If the remediated land goes to sale on the open market in the future it will be under regular market conditions.
Option 2 – retain the land
The NSW Government will purchase the premises only and the property owner will retain ownership of the land. The premises will be valued as if it was free of loose-fill asbestos. If your property is larger than two hectares, only option two is available. The property will be demolished and the land remediated. After remediation, the owner can rebuild on the same block of land.
Eligible owners and tenants of affected properties are eligible to receive financial assistance. This may include:
- Relocation assistance: Owner-occupiers: $10,000, plus an additional $2,000 per dependent child living in an affected property (to a maximum of two children).
- Tenants: $1,000 per tenant named on the residential lease.
- Soft furnishings assistance: $5,000 for the replacement of soft furnishings.
- Independent legal advice: Owners will receive $1,000 in financial assistance.
- Counselling: owners and tenants will receive $850 in financial assistance for counselling. Both owners and tenants are eligible to receive this assistance, but where there are multiple owners or tenants, only one payment will be made to owners and only one payment will be made to tenants.
- Assistance for investors: Owners who have not tenanted their property can receive a financial assistance payment of $10,000.
- Assistance for rural property owners: Owners of properties larger than two hectares will be provided with a financial assistance payment of $15,000.
- Stamp duty concession: Owners who sell an affected property to the NSW Government under the Program are entitled to a stamp duty concession on the future purchase of a residential property in NSW.
- Utility providers and financial institutions: NSW Fair Trading has approached utility providers and financial institutions seeking their assistance for affected owners. Assistance will vary depending on the individual situation.
Finding out that your home is affected by loose-fill asbestos can impact people in different ways. We have dedicated case managers to work directly with homeowners. The case managers will provide ongoing support and information through the Voluntary Purchase and Demolition Program. They can also facilitate conversations with other government agencies, such as NSW Health.
Owners or tenants of affected properties have the option to appeal a decision or provide feedback on the Program. Visit the appeals, feedback and complaints page to find out more.