Support for low-cost loans idea grows

Support for low-cost loans idea grows

Posted on Wednesday, February 20 2013 at 3:59 PM

A proposal for a program that’d provide $100 million in low-cost loans and grants for local councils in high growth areas is gaining support in the planning and development sectors.

Councils in Victoria joined forces to call
for the idea to be considered as part of the Commonwealth’s Budget this year.

The Urban Development Institute of
Australia backed the calls, saying lower interest rates present a good
opportunity to lock in funding to facilitate growth.

The group’s Victorian executive director
Tony De Domenico says such a policy would also tie in to the Federal
Government’s job creation strategy.

“While the development industry contributes
to infrastructure, the extra loan funds for councils would provide added flexibility
for councils to bring facilities forward, helping to stimulate the housing
market and create more employment and investment,” he says.

The implementation of a low-cost loan
program for identified growth area councils would be a “unique opportunity” to
create instant economic activity.

With the Federal Election just four months
after the next budget, more housing and construction sector lobby groups are
expected to begin rolling out their policy wish lists.

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