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Community CPS to offer finance for Land Rent

Released 23/06/2009
Section: Jon Stanhope, MLA | Media Releases

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.

"It is heartening that a financial institution which is dedicated first and foremost to serving the needs of the community from which its members are drawn has become the first institution to formally offer finance under the Land Rent Scheme."

Land Rent is one of 62 separate initiatives being pursued by the ACT Government as part of its Affordable Housing Action Plan. Other initiatives include:

  • accelerated land release (with 4200 dwelling blocks released this financial year - a record since self-government);
  • requiring developers to devote at least 15% of new estates to house-and-land packages valued at under $300,000;
  • the OwnPlace Scheme, a partnership between the Land Development Agency and five local builders, which is delivering affordable house-and-land packages to Canberra families; and
  • a massive boost to community housing, with the creation of a $50 million revolving line of credit for CHC Community Housing.

As of 9 June 2009, there were 119 blocks either on hold by Canberrans wanting to participate in Land Rent, or with contracts exchanged.

Mr Stanhope said the Government looked forward to working with Community CPS Australia to make the dream of home ownership a reality for more Canberrans.



Media Contact:

Ian De Landelles  6205 2775   0438 289 714   ian.delandelles@act.gov.au