Building Upgrade Finance legislation is largely the same in New South Wales, Victoria and South Australia. There are, however, some key differences. Information provided here relates to South Australia.
Building Upgrade Finance in South Australia
In the state of Victoria Building Upgrade Finance is referred to as Environmental Upgrade Finance (EUF). This legislation is largely the same in New South Wales and South Australia. There are, however, some key differences. Information provided here relates to Victoria.
Environmental Upgrade Finance is the type of finance, and an Environmental Upgrade Agreement (EUA) is the contract that facilitates the repayment of finance through the local council. A template EUA contract is available on Sustainability Victoria’s EUF page.
In 2015, the Victorian Government enabled the finance product – previously only offered by the City of Melbourne through the City of Melbourne Act 2001 – to be available as an offering by all Victorian based local councils through the Local Government Act (1989).
To find out more about the participating Councils please see the Victorian EUF Market Summary page.
Is your building located in a council area not listed above? Please contact us and we will help you to engage with the local council OR if you are a council wanting to participate in Environmental Upgrade Finance.
Eligible works are those that improve the energy, water or environmental efficiency or sustainability of a building. The building must be an existing, non-residential building, located in a participating council area. Learn more
In South Australia, heritage upgrades are also eligible (see Heritage upgrades below).
Eligible works are those that improve the energy, water or environmental efficiency or sustainability of a building. Currently, the Victoria EUF legislation does not extend to the heritage related works, however, upgrades to heritage buildings might be eligible as long as they result in environmental benefits.
In Victoria, the legislation allows for tenants to contribute to an EUF where the tenant benefits from the funded works through reduced utility bills. Tenant consent must be sought before this can occur.
Environmental Upgrade Finance is available for strata (>20 lots) building upgrades under the legislation in Victoria. The current template EUA contract is for single title/ownership property EUAs, and is not designed to facilitate strata EUAs. Hence, the EUA contract will need to include each owner of the building rather than a single entity (such as an Owners Corporation).
Contact us if you want to discuss Environmental Upgrade Finance
For further Victorian specific information, including the template EUA contract and guidance, click the button below: