We need land-less mortgages, Mirvac CEO Campbell Hanan says

Mirvac chief executive Campbell Hanan has thrown his weight behind the push to develop lower-value mortgages, allowing more first home buyers to step on the housing ladder by acquiring a home without land in a housing estate or master-planned community.

The growing popularity of land lease communities – which allow buyers to purchase a new home on land for which they pay rent – suited downsizers with equity from the sale of their family homes, and a loan product that would also allow first-time buyers into that market would be good, he said.