Page 2817 - Week 09 - Thursday, 26 August 1993
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MINISTER FOR HOUSING AND COMMUNITY SERVICES
LEGISLATIVE ASSEMBLY QUESTION
QUESTION NO 845
HomeBuyer and HomeBuyer Plus Programs
MR CORNWELL: To ask the Minister for Housing and Community Services - In relation to the HomeBuyer and HomeBuyer Plus programs of the ACT Housing Trust-
(1) What are the amounts, rates and terms of any loans from ACT Borrowing and Investment Trust to these two programs in 1992-93.
(2) What guarantee is there that clients will not have escalating debts in the event of (a) dwelling appreciation being less than CPI; (b) clients finding themselves unemployed and (c) forced sale by either of the programs.
(3) What income figures are used, subsequent to granting of loans, to ensure higher income earners are not subsidised by either program.
(4) What remedies are available if successful applicants are found to have materially misrepresented their circumstances to obtain a loan under either program.
MR CONNOLLY: The answer to the Members question is as follows -
(1) The amounts and rates of loans to the Commissioner for Housing from the ACT Borrowing and Investment Trust Accounts in 1992-93 were:
Date Amount Rate
2 February 1993 $1,079,343.73 6.36%
1 April 1993 $3,353,306.36 5.83%
4 May 1993 $3,060,324.78 5.67%
1 June 1993 $5,527,895.05 5.74%
28 June 1993 $6,313,078.42 5.83%
The Commissioner for Housing has a 5 year contract which commenced on 21 January 1993 with the ACT Borrowing and Investment Trust Account to borrow funds for home lending programs at the rate of the 90 day bank bill rate plus 50 basis points on the day funds are drawn. The contract provides the funds for the period these are required by the Commissioner for Housing for onlending to mortgagors.
The Commissioner for Housing will usually seek funds for the first working day of each month. The ACT Borrowing and Investment Trust Account will also roll over previous borrowings as their terms expire
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