Seek not-for-profit providers to participate in a shared equity scheme or schemes for low-income earners and eligible first homebuyers.

CHC Affordable Housing has undertaken, through its financing agreement with the ACT Government, to establish a shared equity scheme.

Continue to work through Housing Ministers’ Council to explore a national approach to addressing housing affordability, particularly in relation to shared equity.

The Policy and Research Working Group had established an Affordable Home Ownership Sub-Committee to progress a nationally collaborative approach to shared equity. This work has now been subsumed into the work being undertaken by a Housing Working Group established by COAG to develop a new National Affordable Housing Agreement, which is to commence in January 2009.

Introduce a land rent scheme

On 1 July 2008, the ACT Goverment introduced a new land rent scheme for eligible lessees at a discount land rent rate. This scheme is the first of its kind in Australia and is attracting considerable interest.

A mandatory educational program has been developed with the Canberra Institute of Technology to inform consumers interested in the land rent scheme. Five courses have been held to date, with full attendance. Six more are scheduled over the coming two months, with interest remaining high.

It is intended to review the scheme after six months, with a view to opening the scheme to other lessees at the general land rent rate.

Increase the Home Buyer Concession Scheme property valuation criteria to include median priced properties.

From 1 July 2007, property value thresholds were increased, with the upper threshold extended to median price for both established dwellings and blocks of land.

The income threshld has also been extended to $120,000 per annum.

Duty concessions for people on aged or disability pensions and Veteran Gold Card holders have also been introduced to assist them in moving to more appropriate accommodation.

Provide conveyance duty deferral for first home buyers for up to five years.

Deferral of duty for first home buyers for up to five years is now available through the Revenue Legislation (Housing Affordability Initiative) Amendment Act 2007 which provides for amendments to the Duties Act 1999, the Taxation Administration Act 199, the Rates Act 2004 and the Land Tax Act 2004.

Work with industry to consider whether there is an efficient and effective mechanism for charging stamp duty once during the initial development process.

Deferral of duty payments until a Certificate of Occupancy has been issued is now available for eligible purchasers.

The LDA is now also offering ‘call’ options for detached OwnPlace blocks, where final payment on the land is not due until construction is complete and a Certificate of Occupancy has been issued.

Defer land payment (except for deposit) on affordable government house and land packages until a certificate of occupancy is issued.

The Revenue Legislation (Housing Affordability Initiative) Amendment Act 2007 allows conveyance duty deferral for up to five years for first home buyers, and also allows for deferral of payment of conveyance duty for affordable house and land packages until the Certificate of Occupancy has been issued.

The LDA ‘call’ option arrangements provide the option of land payment deferral.

Work, including through the Housing Minister’s Council, to seek a review of the taxation regime to ensure equitable treatment of home mortgages.

The ACT, together with other States and Territories, is seeking to have taxation issues considered in the context of new National Affordable Housing Agreement.