More details on new GAIC proposal
Tuesday, 23 March 2010 18:05

Government's GAIC media release

 

Synopsis of Government's agreed approach with the development industry regarding the GAIC

A few things to note:

- GAIC will still remain as a charge on the title.
- All deferrals will be indexed.
- Once the land is covered by a PSP any deferred amounts will accrue interest at the 10 year bond rate (currently 6.072%) - little wonder the Government want to speed up the PSP process!

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