AN ACT scheme to help building owners pay for the removal of combustible cladding has approved 62 applications out of the 74 that had been made.

Six applications were deemed ineligible, two were withdrawn, while four applications are still being assessed, the ACT government said.

The ACT government’s Private Building Cladding Scheme – announced a year ago – offers a 50 per cent rebate to cover cost of the removal and replacement of potentially flammable cladding.

The government said $50 million had been allocated for the loans.

Eligible owners corporation can borrow up to $15 million for 10 years at a fixed interest rate of 4.2 per cent.

The cladding issue was highlighted some years ago after the Grenfell Tower disaster in London, which killed 72 people.

“The ACT Government takes the safety of Canberra residents seriously and we are committed to reducing the risk of potentially combustible cladding on residential apartment buildings in the ACT,” Minister for Sustainable Building and Construction Rebecca Vassarotti said.

“We recognise the challenges faced by apartment building owners to address combustible cladding without assistance, which is why we have provided financial support firstly with our testing and assessment rebate scheme and now with a concessional loan scheme to assist with rectification work.”

The government is also working through remediating 19 public buildings at a cost of $17 million.