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Press statement by the Minister for the Capital Territory Mr. Gordon Bryant



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STATEMENT FOR PRESS

THE MINISTER FOR THE

CAPITAL TERRITORY

■- PRESS STATEMENT BY

THE MINISTER FOR THE CAPITAL TERRITORY

MR. GORDON BRYANT.

The Minister for the Capital Territory, Mr. Gordon Bryant, today announced that in certain circumstances he would in future be prepared to agree to the transfer of residential leases from builders to the eventual purchaser prior to the completion of house construction.

He said that his decision arose from concern at the very high interest charges sometimes involved which the builder had to pass on to the purchaser as part of the sale,price of the home.

Some purchasers could obtain cheaper finance and it was unfair to expect them to pay the additional loading arising; out of finaice company interest charges, if they were in a position to finance the builders operations themselves.

• Mr. Bryant said approval would be given to such transfers provided the following conditions were observed: .

. construction of the house would need to have progressed past the floor level stage:

. a copy of the building contract would need to be provided to the Land Administration Branch of the Department;

. the nominated sale price for the completed residence would need to be acceptable to the Department having regard to current arrangements;

. the contract would need to specify a date for completion of the residence that complies with the time covenant specified in the lease. ·

Canberra 27 March, 1974