Page 2898 - Week 09 - Thursday, 26 August 1993
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The administrative expenses (including salary, administrative, legal and operational) in 1992-93 were:
(a) HPA - $2,004,568; and (b) HLT - $202,000.
The administrative expenses charged to the HPA include the cost of administering the existing portfolio of Commissioner for Housing mortgages, issuing new HomeBuyer and HomeBuyer Plus loans from this Trust Account and supporting home purchase assistance programs.
The administrative expenses charged to the HLT is the management fee for managing the loans issued under this Trust Account.
(4) In 1992-93, mortgagors were able to borrow 180 times their weekly income
under the HomeBuyer program and 150 times their weekly income under the
HomeBuyer Plus program. The ACT Housing Trust uses a computer loan
calculator to assist applicants in determining their maximum borrowing
capacity.
At 30 June 1993, the maximum loan under the HomeBuyer program was $120,000 and under the HomeBuyer Plus program was $140,000. The actual loan amount depends on the maximum borrowing capacity of the applicant.
At 30 June 1993, the limits under the HomeBuyer and HomeBuyer Plus programs were:
HomeBuyer HomeBuyer Plus
Maximum income $790 per week $980 per week
Maximum property
purchase price $140,000 $160,000
Minimum deposit 5% of purchase price 5% of purchase price
Mortgagors are provided assistance by having their loan repayments income geared. The current maximum repayment is limited to 27% of gross household income.
(5) Tenants joining the normal wait list for a home loan are interviewed in order with all applicants. However, tenants seeking loan finance to assist with the purchase of their government home, are granted an interview when they apply.
(6) Mortgagors assisted under the HomeBuyer and HomeBuyer Plus programs are unlikely to be able to secure sufficient loan funds through private sector sources to enable them to purchase a home. They are usually disadvantaged because of low income, low deposit or are not able to satisfy the strict lending criteria of financial institutions.
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