bankmecu joins ACT affordable housing initiative
An ACT Government program that allows Canberrans to build a home at a fraction of the normal cost is now supported by bankmecu.
The Deputy Chief Minister and Minister for Economic Development, Andrew Barr, announced today that bankmecu would be the new lender under the Land Rent program, which allows people to rent land from the Government rather than purchase it and just pay for the construction of their new home.
bankmecu’s ACT Service Centre Manager, Ms Natasha Gunther said bankmecu would be offering construction finance to borrowers to build a home via the ACT Government’s Land Rent Scheme.
“What this means is that for a nominal rent, purchasers can choose to rent land from the Government rather than purchase it and will therefore only fund the construction of their home on that land,
“This benefits community members looking to purchase property as they will receive lower upfront costs given they do not have to outlay for the purchase of the land.
“This initiative is in line with bankmecu’s commitment to responsible banking and assisting with the housing affordability issue currently facing Australia.
The scheme will be open to first home buyers, investors and owner builders*
“We expect the majority of these loans to be processed at the local level and we invite ACT community members to visit their local Service Centre today and discuss their options.
bankmecu invests up to 4 per cent of its after tax profits into community projects through its Community Investment Program. Through this program, bankmecu has:
- supported the capacity building of peak housing sector organisations;
- invested in a major Return on Social Investment study into the community housing sector inAustralia;
- invested in a research and ideas generation project to address issues of affordable housing for older people in regional Victoria; and
- supported the LivingIn project in Queensland which is helping families who have adult children with disabilities who are looking for affordable, independent accommodation.
“bankmecu is committed to working with government and community organisations to deliver affordable housing solutions,” Ms Gunther said.
* Subject to Terms & Conditions
bankmecu’s ACT Service Centre Manager, Ms Natasha Gunther is available for comment.
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