Saturday, September 19, 2020

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Home Issue 15 Rubbish house lenders have 71 loans in Alice

Rubbish house lenders have 71 loans in Alice

p2291-rubbish-in-house-signBy ERWIN CHLANDA
 
Indigenous Business Australia, which financed the purchase of the house in Sadadeen from which mountains of rubbish were removed this week, says it has 71 loans in Alice Springs.
 
IBA is now the owner of the house, as signs fixed to the building suggest (see photo). Quoting the Commonwealth Crimes Act, the signs say “These premises are in the possession of Indigenous Business Australia” and warn trespassers.
 
Asked about the budget of the IBA and its sources, a spokesman said: “82% of IBA’s $190million operating expenses are self-funded with $34 million is received as revenue from the Australian Government.”
 
The spokesman said “IBA will not be providing any further comment” and did not respond to these questions: How much did IBA lend the buyer? (We don’t give the address.) Are there any problems with any other properties?
 
Meanwhile the police have given us the following information about the occupants of the house: “There have been no reported incidents of any type for this address since June 2015.
 
“Previous to that there have been numerous incidents reported at this location, many of which relate to noise and domestic violence.
 
“Police have responded on most occasions and have made arrests for a variety of reasons including domestic violence, breach of domestic violence orders and breaches of alcohol protection orders.”
 
 

8 COMMENTS

  1. I’m struggling to understand what is newsworthy here. Is it the responsibility of a mortgage lender when the property owner doesn’t take care of their property?
    Would this still be news if the lender was ANZ, Bendigo Bank or Westpac? Somehow I think not. What is the implication here and what do IBAs funding sources have to do with anything? Seems like Erwin is on a witch hunt to me.

  2. Hi Neil Rilatt, thanks for your comment.
    You may like to point out which commercial bank receives $34 million a year “as revenue from the Australian Government”.
    Kind regards, Erwin Chlanda, Editor.

  3. I freely admit to being in no position to comment on the funding sources of other commercial banks in Australia.
    Maybe you can investigate those too and get back to us?
    I’m simply asking some questions which you have made no attempt to answer.
    I do know the big 4 get the benefit of taxpayer-guaranteed loans at stupidly low interest rates from the RBA, to be drawn on at their discretion, which is probably worth several orders of magnitude more than $34m a year.
    Maybe you can tell us how many loans each of them have issued in Alice Springs and whether there have been any tangentially connected domestic disturbances in those properties?
    Or simply tell us what point you are trying to make by conflating these things.
    It’s funny, I don’t remember you reporting on which mortgage lender financed the purchase of the houses being used as meth labs in recent years.
    Again, what are your implications and why is this in any way newsworthy?

  4. Hi Neil Rilatt and “Joe”, thank you for your comments.
    Surely, it’s not all that hard to comprehend what makes these issues newsworthy (which means the public has a wish and right to know).
    Unlike the privately (shareholder) owned banks, IBA received, in one financial year, $34m from the taxpayer. These subsidies are clearly ongoing.
    Government guarantees for banks are a world-wide phenomenon and subject to vigorous debate at the moment, but these issues are outside our patch.
    Unlike the private banks IBA is a Commonwealth Statutory Body responsible – via politicians – to the public.
    Publicly owned property we reported about was significantly damaged by tenants whose use of the house was facilitated by IBA.
    These tenants inflicted sustained inconvenience and anxiety on their neighbours, and made repeated police attention necessary.
    While there are more questions to be answered, IBA announced it would provide no further comment.
    You are welcome to browse our seven million word archive, dating back almost 20 years, and you will find several reports about damage to public property.
    We covered ice manufacture in Alice Springs. Are you suggesting these houses were also financed with IBA loans?
    If not than for any loss banks incurred, they will have their shareholders to answer to, not the public.
    Erwin Chlanda, Editor.

  5. Well said Erwin. The big 4 are always getting slammed in the newspapers, whether its for interest rate rises, or someone is being evicted etc. Fees charged etc.
    It’s about time people start learning the truth on what goes on with the IBA, instead of the Indigenous always crying how hard done by they are, and hide behind culture.
    They have the same opportunity of buying, repaying and looking after their homes as anyone else.
    Perhaps instead of buying motor vehicles when royalties come in, is to buy a house or repay their mortgage or do something useful with their funds. After all IBA is funded by the government which, of course, is the taxpayer.

  6. (a) What does it cost to buy a house at Areyonga, Docker River, Kintore, Papunya, Utopia, or Yuendumu?
    (b) How many loans provided to buy houses at Areyonga, Docker River, Kintore, Papunya, Utopia, or Yuendumu?
    (c) Assumption that no loans provided for housing at Areyonga, Docker River, Kintore, Papunya, Utopia, or Yuendumu. Why?

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