Quake loans

PHOTO: ROSA WOODS/STUFF Carol Brown, 75, is not relishing taking on what may be a $200,000 government loan for quake-strengthening, though she says she may have to look at the option.

​Some apartment owners living in quake-prone buildings will be able to cheaply borrow up to $250,000 from the Government to pay their share of earthquake strengthening work.

Ten million dollars in loans will be made available to residents living in apartment blocks that need by law to be upgraded over the next 10 years.

To qualify, borrowers will first need to prove they can’t get a bank loan or would otherwise be in “significant financial hardship”, Building Minister Jenny Salesa has told Stuff.

“Without the support of low-interest loans like these, some unit holders may be forced to sell if they’re not able to earthquake-strengthen their home,” she said.

Wellington Inner-city Residents Association spokeswoman Geraldine Murphy said she was pleased that “finally at least this one small step has been taken to make some money available to what will probably be a small proportion of owners that are affected”.