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Legislative Assembly for the ACT: 1997 Week 3 Hansard (10 April) . . Page.. 944 ..

MR STEFANIAK - The answer to the Member's question is as follows -

(1)(a) Extended eligibility criteria under KickStart was introduced on 30 January 1997 and not on 23 January 1997. Fourteen (14) deposit grants were issued to eligible tenants under stage 1. Grant deposit cheques were not and are not issued directly to the banks.

(1)(b) At that time, 29 applications were approved, under stage 1. Of the original 29 and as at 27 March 1997, 5 have withdrawn/ been cancelled and all but 2 of the remaining 24 have received their deposit cheques. The 2 outstanding approved applications continue to proceed to settlement.

(1)(c) Not relevant. The bank's assessment/approval processes include a requirement for the bank's mortgage insurer/underwriter to sign-off against an application where the borrower's equity is minimal and/or where there are concerns about the credit worthiness of the applicant. This is a standard commercial practice undertaken by all lenders and is consistent with the provisions of the Credit Code. Outcomes of credit worthiness checks are confidential and remain private between the applicant and bank.

(2)(a) One (1).

(2)(b)&(c) Not relevant. See comments at (1)(c) above. Under the revised retailing arrangements, ACT Housing does not assess/approve applications.

The provisions of the Privacy Act 1988 prevent the banks from disclosing, to Housing, confidential client information provided in respect of home loan applications.

QON - M. Reilly MLA - KickStart (extended)

4/7/97

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