Page 1105 - Week 04 - Wednesday, 20 March 1991
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addition, mortgagors still have the comfort of knowing that arrangements will be put into place to temporarily defer a portion of the loan payments until they can afford to repay it.
Loans issued under the HomeBuyer program will be underpinned by a new central mortgage which secures a range of collateral agreements covering the principal loan amount, deferred payments, and any other debts accrued by the mortgagor. Bringing all mortgagors under the provisions of the one scheme means that the Commissioner for Housing will provide the same benefits to all mortgagors. I now table in this Assembly the HomeBuyer housing assistance program and an explanatory statement for this program. I table:
HomeBuyer -
Explanatory statement.
Housing Assistance Program.
Memorandum of Mortgage.
Loan Agreement.
Deferral Agreement.
Miscellaneous Amount Agreement.
Revocation of 1930 Scheme.
1986 scheme for providing or assisting in providing dwelling houses.
1983 scheme for providing concessional home loans.
1930 scheme for providing and assisting in providing dwelling houses.
Commonwealth State Housing Agreement.
I turn to the revised criteria for eligibility for Commissioner for Housing loans. The underlying philosophy behind the revised criteria is to extend home purchase assistance to those families who cannot afford home loans through the private sector and who do not qualify for public rental accommodation. The new criteria for Commissioner for Housing loans increase the maximum income from $630 per week to $750; they increase the maximum property value from $90,000 to $117,000; and they raise the loan limit from $70,000 to $95,000. The limits will now be revised at least every six months. The new limits bring the Commissioner for Housing loans back into line with market conditions. The new loan limit of $95,000 will allow families with a minimum deposit of 5 per cent to purchase a home valued at up to $100,000. The maximum loan in each case will be 95 per cent of the purchase price of the property.
The property value limit of $117,000 is the median price for residential properties in Canberra at the end of 1990 and is a reasonable cut-off point for home buyers needing loan assistance under the Commissioner for Housing loans scheme. However, where the Commissioner for Housing assists families to remain in their existing homes by refinancing an existing private loan or paying out a spouse, the property limit will not apply. In these cases,
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