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1.Market Observations, 8.Was Sticky

8 Oct 2018 (AFR) – Tighter credit: Cladding secrecy creates information gap for banks, lenders

(8 October 2018, AFR, p33, by Michael Bleby)

‘Secrecy around the cladding on hundreds of apartment towers nationally is making it harder for banks to lend on apartments at a time when lending is already tight. The lack of disclosure around cladding risks of apartments has already prompted one Victorian investor to seek access to the state’s list of residential buildings with cladding that it has not made public. It’s also a problem for banks, which are hamstrung when making decisions about lending on apartments that could face a recladding burden costing tens of thousands of dollars. NSW and Queensland have also not made their audit lists public.’

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