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HomeFund
HomeFund was a scheme set up by the New South Wales state government and operated through co-operative housing societies〔(Australian Trade Practices News 472 1999 )〕 that allowed people who would not otherwise be able to afford a home to take out loans that would allow them to purchase a home. The scheme was especially targeted at public housing tenants.〔(HomeFund Mortgage Relief Bill - 04/03/1993 - 1R 2R - NSW Parliament Hansard )〕
The scheme was originally set up by the Australian Labor Party government of Neville Wran in the mid-1980s. Problems started to emerge when the then-new Coalition government of Nick Greiner raised public housing rents〔(ABC Radio National - The Law Report - Tuesday 27 April 1999 )〕 and started to market more aggressively toward public housing tenants, with some people receiving 30-year loans even though they were already aged into their 70s and 80s.〔(Homefund Borrowers - 15/10/1992 - PRIV - NSW Parliament )〕 Interest rates for the scheme rose to around 15.9%, which was somewhat consistent with what other home loan lenders were charging at the time but out of reach of most HomeFund borrowers,〔(HomeFund - 01/04/1998 - QWN - NSW Parliament )〕 with in many cases repayments not even covering interest.〔
As a result of this, the scheme was restructured in 1993 with the appointment of a HomeFund commissioner to deal with complaints〔(HOMEFUND COMMISSIONER ACT 1993 )〕 and a program to either move loans to commercial lenders or cap interest rates.〔(HOMEFUND RESTRUCTURING ACT 1993 - SCHEDULE 1 )〕
==References==
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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