Page 247 - Week 03 - Tuesday, 30 May 1989
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MR MOORE (4.07): Let me first reconfirm what Mr Wood has so ably put about the homeless youth. During the period after the election, before the Assembly finally met and while the vote count was going on, I went back to teaching. I was approached by a number of students at Dickson College who were themselves, or had been themselves at some time, victims as homeless youth. I had long discussions with them about that and also I am very keen to see what sort of provisions we can make, and what we as an Assembly can achieve, for those people. Let us also ensure that it goes further to other forms of crisis housing as well, because they are very important.
To take Mr Kaine's point about new home buyers in particular and refinancing home buyers, we believe that the ACT Housing Trust has a legitimate role to rescue home buyers who, through family breakdowns or sickness, unemployment or other factors, are unable to meet their commitments. However, the Rally views with deep concern the inequitable impact of refinancing approvals derived purely from situations of overborrowing; for example, the easy start home loans which are offered by some banks and building societies and which encourage young people to borrow more than they can afford. A rise in interest rates, which we have witnessed recently, or a drop in family income can threaten their ability to meet rising mortgage repayments. Refinancing such problem cases reduces the funding available to Commissioner for Housing loan applicants who meet normal criteria. It has also enabled these banks and building societies to increase their own interest take without increasing their risk of bad debts.
Recognising that all elements of the real estate industry share the common goal of fulfilling home buyers' dreams, this Government should perhaps seek early talks with the Housing Trust, the Real Estate Institute, the Master Builders Association, the Housing Industry Association and such bodies to investigate means of reducing the burden of interest rates on builders and buyers. The Rally also believes that intending home buyers should be offered independent financial advice, and that perhaps the Housing Trust has a role to organise regular information sessions.
MR SPEAKER: The time for discussion has expired. The discussion is now concluded. I accept Mr Collaery's criticism that timely advice of MPIs must be given to all party leaders, and to this end a method of achieving such timely advice will be implemented immediately.
EXECUTIVE'S OBJECTIVES AND PROGRAM
Ministerial Statement
Debate resumed from 24 May on motion by Mr Whalan:
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