ME Bank establishes support package for Mr Fluffy home owners

ME Bank has released a support package for ACT home owners affected by Mr Fluffy asbestos that sign on to the government’s buy back scheme.

The package allows home owners to borrow against their dwelling to accelerate the purchase of an alternative home.

Up to 80% of an agreed value on an existing property will be available through ME Bank, with standard lending criteria still to apply. The standard hardship policy will also be available to these property owners.

The hardship policy allows deferred or reduced home loan repayments if they are facing financial hardship.

Around 1,000 residences in Canberra had loose amosite asbestos installed by Mr Fluffy from the late-60s to the 70s.

Between 1988 to 1993, the federal government attempted to remove the asbestos, but did not manage to clear the properties.

Jamie McPhee, CEO of ME Bank, said that home owners understandably want the certainty and ability to move on with their lives.

It is important people know the banks are here to help people through this difficult time, said McPhee.

“To help them ME Bank has agreed to lend on their existing Mr Fluffy-affected homes using standard lending criteria, and as soon as they join the buy back. That means they can start looking for and potentially buy a new home as soon as possible,” he said.