Page 1103 - Week 04 - Wednesday, 20 March 1991
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Trust and ensure that it becomes more efficient in the way that it delivers assistance and the manner in which it controls and manages its resources.
Further, the Commonwealth-State Housing Agreement and recent Federal budgets point to a trend in national housing policy that encourages innovation in the use of public and private housing finance to reduce the incidence of housing related poverty. The Alliance Government's objective is to provide affordable and secure housing through a mix of housing programs which matches the tenure choice and financial capacities of families and to maximise the cost-effectiveness of all ACT housing assistance programs.
We see home purchase assistance arrangements as an essential part of this mix. For this reason we believe it is critical that we put in place the best housing purchase assistance mechanisms that are available to us. This Government has reviewed the ACT home purchase assistance arrangements and has approved the Commissioner for Housing introducing a package that will immediately put into place new assistance arrangements for low and moderate income families.
The new arrangements do not compete with existing private sector lending arrangements, but fill a niche not satisfied by others. This package will benefit those people presently not able to gain access to home ownership. The package includes new administrative arrangements for managing existing and future Commissioner for Housing loans; revised eligibility criteria for Commissioner for Housing loans so that more people qualify for mortgage finance and a new maximum loan amount; a new form of deposit assistance to help home buyers enter home ownership; and revised criteria for stamp duty concessions for home buyers.
I will also be announcing a staged program of sales of government housing to existing public tenants. The new arrangements establish the first part of a major reform of ACT home purchase assistance, and constitute the framework for expanding home ownership opportunities and, importantly, the number of households able to be assisted with housing. These arrangements can be delivered now.
For the second part of the reform, we have directed the Housing Trust and Treasury to explore off-budget funding options, similar to those now existing in the larger States, that will support the ACT's housing programs. I expect that the off-budget funding mechanisms will be available at the commencement of the 1991-92 fiscal year. The move towards the use of private sector finance and financing techniques has advantages in terms of equity and efficiency: Equity by ensuring an adequate provision of housing for those unable to secure assistance from the private sector; and additional efficiencies by making the best use of all available resources, with subsidies clearly targeted to those in need.
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