The land rent scheme lets a person lease the land rent block of land on an ongoing basis by paying a percentage of the value of the land. This reduces the entry costs and mortgage payments for homeowners.
A person can also choose to purchase the land outright from the Government at a later date.
The benefit of the scheme is to enable people to buy a home sooner by reducing borrowing costs from banks, allowing people to save to buy the land outright in the future while paying land rent.
Changes to scheme
As of 1 October 2013, entry to the Land Rent Scheme will only be available to those who meet eligibility requirements for the discount rate.
All lessees who are already in the scheme prior to 1 October 2013 will be unaffected by the changes. The existing rights and privileges that these lessees have under their Crown Lease will continue. These lessees will be able to transfer their Crown Lease and be able to move between the discount and standard rates as their circumstances change
- Land Rent: Am I eligible?
- Land rent availability
- Applying for land rent
- Purchasing a land rent block
- Paying your land rent
- Land rent security payment
- Available finance
- CIT information sessions