The entire city of Canberra is buzzing with the upcoming 2020 summit. Delegates from a number of countries are flying in and speakers are preparing to present their views and those of the organizations they represent on a number of issues. One of the issues to be taken up in the summit is the housing problem in Australia and in other parts of the world. The developed country that Australia is, it is suffering from an acute problem of shortage of affordable housing opportunities. Mortgages and property tax have become a pain and housing rental sector is reeling under pressure.

Tim Costello, the head of World Vision has decided to take up the matter himself. He has noticed that the housing sector of Australia is under a lot of pressure due to a number of unplanned and under-planned policies which were implemented by the Federal government, the various state governments and different local government bodies in various parts of the country. The taxation is so high in the property sector that the people feel as if they are virtually denied by the state of their basic human right to have a place they can call a home.

Mr. Costello has taken up the mantle to promote the up and coming rent to buy schemes. The country’s policies have driven mortgage rates too high. An increase in the overall cost of living has had its own role to play in the game and a noxious scenario has arisen out of the entire thing. Costello pleads that the governance bodies of the country make such policies as are favorable to the rent-to-buy schemes. The demand is to bring such legislation that encourages banking organizations across the continent to take this new business model seriously. It is a must to harness its potential for solving the affordable housing problem that Australia is facing.

There are number of recommendations that Costello would like to make. He proposes that these measures would improve the housing equity. Such policies are to be very helpful for the young people who are paying dead money in the form of rent. With these rent-to-buy business model thoroughly entrenched in the Australian real estate sector, owning a home would become a realizable dream for most of the people in Australia. Costello is very hopeful about the success of such a policy and feels that it shall be a great step in developing overall potential of the country.

Tim Costello also warns that as of now there is wide chasm in the housing sector. There are the renters who are paying money in the form of rent and then there are people who own the titles of said property. Costello urges that this chasm needs to be bridged. He says that a number of people want to buy their homes which is difficult in the present scenario. Costello assures that if the governance bodies take appropriate measures, it would not be difficult for the young generation to actually own their homes.