Big banks bash battlers

National Shelter media release — 13 September 2011

National Shelter is horrified that National Rental Affordability Scheme (NRAS) properties may have been ‘blacklisted’ by the big banks (Sydney Morning Herald, 12 September 2011).

A federal–state program designed to boost housing for low-income earners, NRAS properties are reportedly barred from finance approval according to a list circulated to mortgage brokers in late 2010.

National Shelter Chairperson, Adrian Pisarski, said this treatment of investors in affordable housing is unacceptable.

‘It is truly frightening to think a federal initiative that government and the community sector have worked so hard to create can be trampled by banks’ shortsightedness.’

National Shelter believes the big banks have not yet fully realised NRAS is a sustainable and successful business model adding choice for housing consumers.

‘We have an affordability crisis in Australia and the major financial institutions are making matters worse in an act of laziness which will affect generations to come.’

‘NRAS is an innovative and sustainable business model which has created, and will work to create more, affordable housing options for low-income households.’

‘NRAS is an opportunity, not a risk – it is time the big banks saw that’, Mr Pisarski said.

Adrian Pisarski, Chairperson: tel: (07) 3831 5900, 0417 975 270; email: [email protected]

Joanna Carson, Communications Officer: 0418 718 584: email: [email protected]