Victorian government killing choices

As usual rather than put in place a set of sensible and clear guidelines for proper use of instalment contracts and lease options, the government has decided to just remove citizen choices. There is currently changes happening in Victoria to The Sale of Land Act. There are many amendments in this piece of legislation that is before Parliament at the moment and they really impact citizens rights and ability to create their own future.
Politics aside, obviously some of these changes are for based on good intentions and obviously most of them are not.
The changes that are most pertinent to the members, both past and present of the Vendor Finance Association is that in Victoria they are basically nailing shut the use of Instalment Contract’s and Lease Options for the sale of residential land.
There are many other changes that are involved in the Sale of Land Act Amendment that are to do with things like land banking and options on land. There are also changes concerning sunset clauses used by developers on buy off the plan properties. As more information comes to light, These changes will take away the choice of vendors and their representatives to advertise and sell houses on vendor finance – that is both instalment contract and lease options.
There is no mention of using these fabulous tools for commercial purposes, but as we know legislation changes always bring about unforeseen and unexpected negative consequences.

RIP Choice