Scheme to help home buyers

I wish to refer to the Equity Sharing Scheme issued by the government before the election, which was withdrawn shortly after on the ground that it was to be eventually reissued differently.

This scheme has now been reissued, as announced in the budget speech, and it has been altered with a view to helping first-time buyers save a third of their home loan repayment.

This is very commendable but also very shortlived for some applicants.

Having enquired with the Housing Authority as to when the applications are to start being accepted, I was told it would be December 1 and that it would only apply to contracts drawn up after October 1.

I asked the Housing Authority what happens to those whose application for the Equity Sharing Scheme was originally turned down but who had to proceed with the purchase of the property in the meantime, and who had to sign the contract before October 1.

Also what happens to others in the same boat during the same period who did not apply in the first place, but still purchased before October 1.

Their reply to both questions was a curt "not eligible"!

This means that now we face a dilemma - applicants who originally had their application rejected are not being given the chance to apply for the new scheme as their contract was concluded before October 1, and those who managed to purchase when the scheme was temporarily unavailable are also being rejected.

I ask the Housing Authority to extend the new scheme to these unfortunate applicants who bravely managed to conclude their contracts in this period despite all the problems they faced.

It is very discriminatory with regard to some applicants (especially those who were prevented from applying in the first place) who, on the understanding that they could avail themselves of such a scheme (or a similar one) decided to buy the property. I hope that this letter will raise awareness of the present situation among all those who are interested in applying for the new scheme and cannot do so.