Vic: Housing industry proposes HIH rescue plan for home owners

AAP General News (Australia)
04-10-2001
Vic: Housing industry proposes HIH rescue plan for home owners

Australia's main housing body is proposing an industry-led rescue plan to complete
the new homes of people in Victoria left stranded by the failure of the HIH insurance
group.

The Housing Industry Association has suggested a levy could be raised from the replacement
home warranty insurance taken out by former HIH clients.

However, the scheme would require the co-operation of HIH's liquidator and the Victorian
government as it proposes that any shortfall would be made up from the government's Housing
Guarantee Fund.

HIA's Victorian director SHANE MCCARTIN says the collapse of HIH has affected people
whose homes were in the process of being completed under an HIH warranty insurance policy.

He says it could be years before their claims are determined by the liquidator.

AAP RTV clr/wz/mjm

KEYWORD: HIH INDUSTRY (MELBOURNE)

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