16 jun 1964 año - Department of Māori Affairs - loan conditions amended

Descripción:

revision of the lending terms in June 1964. In line with S.A.C policy, the Department's applicants wanting to buy an existing house could now obtain a loan up to two-thirds of the value of the property and a maximum of £2,650, and at the 3 1/8 % interest rate, subject to income lim its. These terms were more favourable than previous ones, but they only benefited those who were intending to buy a relatively cheap house, and were able to capitalise the family benefit. This was because the t~o-thi rd s loan lim it required the applicant to provide a 33% cash equity, which was an amount very few applicants had saved. The loan limit for building houses was increased from £2,700 to £2,850, but this only applied to applicants with an unencumbered freehold section. This condition culled out a good many urban residents who did not have a section, but it did benefit rural applicants who had land.

Source: https://mro.massey.ac.nz/handle/10179/6503

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