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The secret land rent lender un-veiled!

By johnboy 23 June 2009 25

The Chief Minister is jumping for joy and announcing that he can finally name a lender willing to be involved in his land rent scheme.

    The ACT Government has welcomed the announcement by Community CPS Australia that it will embrace the ACT Government’s nation-leading Land Rent Scheme.

    The scheme, which allows those on modest incomes to get a foot in the door of home ownership by renting the land component of a house-and-land package, will make the dream of home ownership a reality for more young Canberra families.

    “It is fantastic news that Community CPS Australia, after a rigorous examination of this new lending product, has today formally announced that it will partner with the ACT Government in extending the dream of home ownership to Canberrans on modest incomes,” Chief Minister Jon Stanhope said today.

    With operations in the ACT, South Australia, Western Australia and New South Wales, Community CPS Australia is one of the country’s largest and most influential credit unions, with 175,000 members, 37 branches and 530 employees.

So there we go.

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The secret land rent lender un-veiled!
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sepi 8:44 pm 24 Jun 09

Bendigo bank is good and has low fees – and they are a proper alternative to the big banks.
But they have minimal ATMs.

miz 8:34 pm 24 Jun 09

Cheers for info, Ant.

ant 3:08 pm 24 Jun 09

miz said :

None of these half-arsed schemes are much chop IMO – neither this one nor the shared equity one. They just don’t get it.

I am pretty annoyed with Community CPS since the mergers started too – my end of month fees are now over $20.

If anyone has experienced IMB I would be interested in their perspective in changing over.

Housing priced closer to the average income? Yeah, I’d sure like to see that too, rather than these weird stunts.

CPS have been creeping up their fees, it’s certainly nothing like waht it used to be. That said, they gave me a loan when the banks shuffled their feet and found excuses not to lend to me, and sadly IMB was one of them. CPS said no problem and did I want to borrow more? (my case for borrowing was excellent and I still don’t know what the problem was with the others, other than it didn’t fit into a neat little box).

miz 1:42 pm 24 Jun 09

I can’t see who would be interested in this scheme – I certainly am not, though I would LOVE to have the opportunity to buy my govie house. None of these half-arsed schemes are much chop IMO – neither this one nor the shared equity one. They just don’t get it.

I am pretty annoyed with Community CPS since the mergers started too – my end of month fees are now over $20. They just keep saying ‘get money out at the supermarket when tou eftpos’. conveniently forgetting that supermarkets often run out of cash and don’t always like to give large cash outs.

If anyone has experienced IMB I would be interested in their perspective in changing over.

ant 11:05 am 24 Jun 09

Sepi has put it more comprehensively than I ever could. rural leases have been a nightmare for decades… mainly for the rural lesees themselves.

IN 1970, the Australian Government abolished land rent in the ACT, but retained the leasehold system. However, rural leases were not covered by the abolition, and so they continued to pay land rent. I recall our rent increased 10-fold in one year, and this continued to happen on the caprices of the federal valuer. It was on unimproved value, but, when the district occupants developed businesses and amenity in our area, the unimproved value was deemed to have exploded and so did the rent.

Many battles were fought in the AAT, with lawyers of course. at one point the government seemed set on ignoring the findings of the tribunal.

Rural leases can be resumed at any time, and owners (lessees, I should say) are compensated only for “improvements” ie house, fence etc. Not environmental work, pasture work, weed work etc.

Sepi’s explanations of land use clauses etc are very comprehensive, it’s a really complex area and the c’wealth and later local gov’t do not have good track records in this.

And this situation makes me wonder about how it will work for this new urban scheme, as I’ve seen first-hand how the government re-interpreted things in order to control the land, and extract ever more money from occupants for being on it.

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