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Legislative Assembly for the ACT: 1996 Week 3 Hansard (28 March) . . Page.. 799 ..

MR STEFANIAK (continuing):

it could be in excess of a year. The waiting process was frustrating, for both prospective home buyers and the various stakeholders that made up the housing and construction industry here in Canberra. This Government has introduced a zero wait list concept, under the HomeBuyer program - - -

Ms McRae: Why did you not invite Mr Kaine to the launch? Then we would not have to put up with this.

MR SPEAKER: Order!

MR STEFANIAK: Thank you, Mr Speaker. This Government has introduced a zero wait list concept, under the HomeBuyer program, to align home loan application processes to private sector best practices and to give effect to our commitment; that is, this Government's customer service commitment. To complement this Government initiative, ACT Housing has developed a home loan information kit to take prospective home buyers, step by step, through the loan eligibility and assessment processes. This new arrangement encourages prospective clients to discuss with ACT Housing client service officers home purchase options and prevailing terms and conditions under the program, and to receive a home loan information kit to assist them in their deliberations prior to the lodgment of a formal loan application. The information kit includes a number of useful guides, such as a self-assessment pro forma and a budget planner, and these things are to assist in confirming the affordability of a home loan for that particular client. It also includes a check list, outlining the minimum information required in support of a loan application.

The combination of the zero wait list initiative and the availability of the home loan information kit will enable the client to undertake a self-assessment of the application and, when ready to proceed, contact ACT Housing and book the next available interview session. This strategy eliminates the need for a formal waiting list and is similar to the private sector lending institutions' commercial practices. The new arrangements cut down on processing time by enabling clients to examine their best financing options before preparing themselves for the assessment interview. In the past, it often took several weeks to determine the outcome of an interview. Now, a client may expect to proceed with an application when ready, and obtain a response some five working days or thereabouts after the interview. Client feedback indicates that the self-assessment guide, the budget planner and the checklist are easy to use and provide a level of consumer comfort in the overall process. Demand for the information kits has certainly been high, with approximately 900 kits distributed to date and a further 2,000 on order.

The HomeBuyer housing assistance program does help low and moderate income families to buy or build a home in the ACT. In 1994-95 over 480 families received their home loans through this program. In this financial year this Government has provided around $66m in affordable home loans to some 600 Canberra families, and that is good news for a lot of low- and medium-income families in Canberra.

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