The man who is on the way to be the biggest Over 55s land lease community operator in Australia, with 12,000 homes by the end of 2024, has another innovative idea.
It was a curveball for CBA CEO Matt Comyn: Tarun wanted the bank’s help building land lease communities for younger generations struggling to buy their homes.
“I’m not talking (for) the over-50s because they are selling their homes and buying with equity, but for our key workers in our communities, particularly young key workers,” he told CommBank's third annual Momentum sustainability conference in Sydney.
“(Stockland) can produce homes at an affordable price point. But the younger families, they don’t have equity ready to buy,” Tarun said.
“In Australia there is really no mortgage product available, and I know there’s some capital constraints and regulatory constraints, but I think it would be great if you could consider that,” he told Matt during a panel at the conference.
Home loans existed in the US and UK for communal housing models where the developer retained ownership of the land, Tarun said. Residents in these communities enter into long-term lease agreements for the land, allowing them to purchase the dwelling itself.
“Yes – you’ve heard it here first. I think it’s a very clever idea and consistent with some of our other conversations,” Matt said.
If anything happens The SOURCE will report on it.
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