Land Rent Scheme eases Canberra’s housing affordability
In partnership with the ACT Government, we developed and implemented the Australian Capital Territory’s Land Rent Scheme two years ago now. The aim of the scheme is to offer the local community home loans for houses built on land rented from the ACT Government.
The Scheme is becoming increasingly popular, particularly with first home buyers and young families. Because buyers only need to borrow the money for the house and not the land, it reduces the deposit required substantially. Without the Scheme the dream of owning a home would remain elusive for many.
As a mutually owned organisation housing affordability is an issue very close to our hearts, and we are pleased that, together with the ACT Government, we can help more people to break out of the rent-cycle and get into their own home sooner.
So far we have approved land rent loans to the value of $40 million, with loans advanced approaching $10million.
^Wayne – Chief Financial Officer