Apartment owners in the 435 NSW buildings identified to have been built with potentially high-risk combustible cladding may have to take out new mortgages to raise the money to make them safe. The longer they delay action, the higher the risk of a devastating fire with loss of life and a potentially ruinous damages bill, and the more likely their insurance could be cancelled.
“There’s no comfort for anyone in this situation,” warns Stephen Goddard, the chair of the peak apartment-owners body Owners Corporation Network.