Apartment owners affected by combustible cladding are experiencing financial stress
Some apartments have been deemed almost uninsurable or the owners have seen massive increases in premiums
There are concerns some affected owners may be suicidal
Owners of apartments affected by the cladding crisis in Victoria have told researchers of the emotional toll it has taken on them.
To cope with the financial stress, some owners have delayed their retirement, while others have borrowed money to cover massive increases in insurance premiums. Others have told of their concerns for neighbours who may be at risk of suicide because of the impact of the issue.
The information comes from research undertaken by the RMIT's School of Property, Construction and Project Management, conducted by Dr Trivess Moore and Dr David Oswald.
"There is information emerging about the scale of the potential financial costs of combustible cladding," Dr Moore told 7.30. "But what we haven't yet heard is the social impact.
"It's not just the financial effect we need to address — we need to bring the voices of the people impacted and their lived experience into this discussion.