The property surrender deadline for the voluntary buyback programs has been extended. Find out more.
How it works
Homeowners with a property that contains, or has contained, loose fill asbestos insulation are invited to be a part of the Loose Fill Asbestos Insulation Eradication Scheme buyback program shortly after the property is added to the Register. Homeowners need to read:
- the Voluntary Buyback Program Guide (591.9 KB) or the Voluntary Buyback Program for Properties Identified after Scheme Announcement Guide (580.2 KB) for houses on blocks of land with their own individual Crown Lease or
- the Voluntary Unit Buyback Program Policy (597.8 KB) for properties that are part of a units plan
Then complete and sign the Buyback Program Application Form (2.0 MB) provided in the invitation and send:
- via email to email@example.com or
- via post to the Asbestos Response Taskforce, Buyback Program, GPO Box 158, Canberra City ACT 2601
Once your application is processed by the Taskforce, independent valuers will be appointed through the Australian Property Institute ACT (API).
What you get
Under the Loose Fill Asbestos Insulation Eradication Scheme buyback program, on surrender of the Crown Lease for the affected block, the owner will receive:
- the value of the affected block (house and land), as though it was not contaminated by loose fill asbestos:
- as at 28 October 2014 or
- for properties identified after this, as of the date the property was added to the Register
- an additional $1,000 (GST incl) to cover or contribute to legal fees incurred in attending to the surrender
- a stamp duty concession on the purchase of a residential dwelling in the ACT
- a First Right of Refusal to purchase the affected block, at market value, after it is remediated (available only on blocks with a separate Crown Lease)
- access to other financial concessions
Getting your home valued
Valuations are coordinated by the API. Two independent valuers will contact homeowners to arrange suitable times for conducting the valuation inspections.
When the valuations take place, the valuer ignores the presence of loose fill asbestos insulation and minor maintenance or presentation issues. The property is valued at market price as at 28 October 2014 or, for properties identified after this, as at the date the property was added to the Register.
The API will send the two valuation reports to the homeowner and the Taskforce at the same time.
Receiving your offer
The ACT Government will make a written offer to buy back your affected property based on the average of the two valuations.
From the date of the offer letter, you will have 60 working days to decide whether to accept.
If you decide to proceed with the buyback, you will be provided with a surrender deed/contract of sale for the property.
Note: If the homeowner is not satisfied with the government's offer, they may request a 'Presidential Determination' by the API. The resulting figure will then become the final offer from the ACT Government. If the original two valuations vary by over 10%, then the Taskforce may also request a Presidential Determination. Regardless of who requests the Presidential Determination, this will become the formal offer from the ACT Government.
Deciding to participate
Before signing a deed or contract you need to seek independent legal advice – just like in a normal sale process. You will receive $1,000 toward seeking that advice if the surrender of the Crown Lease or sale of unit process is completed.
We can provide a 'letter of comfort' to assist in your conversations with banks and other providers, such as insurance and/or utilities about support they may be able to provide.
Income and asset test exemptions are in place for affected homeowners in the ACT who receive an income support payment from the Australian Government. Read the Social Security Income Support Exemptions (301.8 KB).
Homeowners, landlords and tenants may be eligible for a relocation assistance grant and other financial concessions to assist with moving to new accommodation.
Transition assistance provides support to those homeowners participating in the buyback program who are facing difficulties moving from their affected property into new living arrangements due to complex health and/or financial circumstances.
Transition assistance provides access to a portion of the equity currently held in your home to pay for expenses associated with moving to new living arrangements. This might include:
- paying the deposit on a new property
- payment to secure a place in a retirement village
- installing disability modifications in your new home
Surrender and settlement
Before surrendering your property, read about:
- Fixtures and Fittings (546.1 KB) – which explains what fixtures and fittings may be removed prior to surrender
- The Settlement Process (508.2 KB) – which explains the arrangements for pre-settlement inspections and payments
Conveyance (stamp) duty concessions
Homeowners who participate in the buyback program (for an eligible affected or impacted property) are entitled to a concession of stamp duty on the purchase of a residential dwelling in the ACT.
Find out more on the ACT Revenue Office website.
First Right of Refusal
For properties with their own Crown Lease (i.e. those that are not in a units plan), the First Right of Refusal (FROR) option will apply. The FROR process allows eligible former owners of Mr Fluffy houses the first option to purchase back their remediated blocks in an off-market transaction.
- Voluntary Buyback Program Guide (591.9 KB)
- Voluntary Unit Buyback Program Policy (597.8 KB)
- Buyback Program Application Form (2.0 MB)
- Social Security Income Support Exemptions (301.8 KB)
- Fixtures and fittings (546.1 KB)
- The Settlement Process (508.2 KB)
- Determination/surrender of a Crown Lease form
- Deed of Surrender of Crown Lease
Find out more about:
Contact us for more information.