Looking outside the box
As part of creating prosperity, Bank Australia is actively involved in programs that are looking at different ways of helping people to realise their financial goals.
We are currently involved in the Australian Capital Territory (ACT) Land Rent Scheme and the South Australian Government’s initiative, HomeStart Finance.
The ACT Land Rent Scheme helps lower income households to build new homes by allowing them to rent rather than buy land, which is very expensive. By building on rented land, people can take out smaller loans to cover construction, making it more affordable.
Bank Australia has partnered with the South Australian Government’s initiative HomeStart Finance and Adelaide City Council to provide finance under a shared equity arrangement. Under the scheme, Adelaide City Council provides customers with a shared equity loan to purchase an apartment, which is only repaid when the apartment is sold. Eligibility is restricted to borrowers with limited income, with the balance of the purchase price financed by HomeStart or Bank Australia.