He says he’s found a bank, a secret bank, willing to lend people money to build a house on rented land.
- Mr Stanhope defended the scheme as a ”fantastic, successful, still-breathing” project.
He said negotiations with an unidentified bank had led to an agreement ”in principle” to provide home loans for land renters.
The bank was now waiting for approval from the Australian Prudential Regulation Authority before it came out with the new loan deal.
So assuming the secret bank comes out with a loan product than anyone will want to touch… That just leaves the pernicious matter of suckering in low income earners with a scheme that leaves them mortgaged on a depreciating asset while the Government holds onto the appreciating one.
If anyone who does take up the offer would be well advised to make sure they can move the part of the asset they actually own, is this really an expensive and complicated way to build a caravan park?