Page 2010 - Week 06 - Wednesday, 6 May 2009
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lending institutions, it has been strong.” Well, it has been strong. It has been strong in opposition to this scheme—strong opposition.
Let me get back to the ordinary folk, as the Chief Minister called them. These are the punters out there in Canberra that want to get into the property market. I am afraid that there is a lot of evidence to say that they are hurting as a result of this scheme—a lot of evidence. It is a great shame. It is a tremendous shame that the Chief Minister is ignoring these people and is not willing to give them a look into the property market.
One person said, “I am one of the applicants for the ACT government’s land rent scheme. Ironically, the Commonwealth Bank declined to lend me $250,000 under the land rent scheme, but would be prepared to lend me $400,000 for a traditional home loan.” That is $400,000 for a traditional home loan. They said, “The problem is not my capacity to repay. The financial institutions are rejecting the entire scheme based on the perceived security of the loan.” These are all real people. These are all real people that are probably still renting when they could be in the property market. They could be building up an asset for their kids and their grandchildren. Instead they are still renting.
One person says: “I work as a mortgage broker and have been discussing the finance of a building with a potential customer of yours and mine. I am wondering with the land rent scheme whose name is the land in whilst the customer is renting it from the ACT government. If it remains in the name of the ACT government, do you have any arrangements in place with any lenders in order to finance the building? The reason being I cannot locate any lenders who would use the property as security if the name is in the ACT government.” These are real people. The Chief Minister fails to remember that these people are, in fact, real and that these people are suffering—all because of the Chief Minister’s vanity.
Another person said: “I visited a mortgage broker and he advised me no banks are participating in this scheme at the moment.” Another person asked: “Is there going to be finance available from the banks, as everyone we have spoken to does not sound very hopeful?” Another person asked: “I was wondering if there is an available list of lenders offering loans for properties on rented land?” Someone said: “Obviously lenders are reluctant to lend against security over which they have limited control.” It goes on and on and on. These are real people who are all genuine about getting into the property market, yet the Chief Minister’s vanity is getting in the way.
The Chief Minister’s vanity usually only gets in the way of his colleagues. You see quite a few of his colleagues rolling their eyes at his speeches and what goes on during one of his rants. They suffer a little bit because of the Chief Minister’s vanity. I am sure that the staff here at the Assembly would suffer as a result of the vanity. I am sure many people in Canberra generally suffer because of the vanity of the Chief Minister. But we have very specific cases of Canberra families trying to get into the property market who are suffering because of his vanity.
Why don’t you release more land? Why don’t you create a structured program for releasing land? Why don’t you actually do something positive for home affordability? Why don’t you reduce stamp duty for first homebuyers? Why don’t you do that?
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