Stockland agrees to forgo the 8 year clause in VIC deferred payment contracts

Under Victorian law residents who bought in to a village before August 2006 and had a deferred payment contract could have to wait up to 8 years for a payout of the sale vale value of their ILU. The result is some residents and their families having to wait that time for $100,000 and more. Stockland has announced that people who leave their villages after 1 May this year will no longer have to endure the 8 year clause, which it inherited when it bought the ARC group. Those people who are already caught in the system however appear to have to continue the wait.