1 abr 1985 año - Housing Corporation – Income-related interest rates - starts

Descripción:

Income-related interest rates were introduced by the Housing Corporation to direct government funds to those most in need and to provide subsidies only for as long as people needed them. If a borrower’s circumstances improved they paid a higher rate of interest, although still related to their income. In practical terms this meant that interest rates of between five percent and 15 percent were applied to all new loans approved on or after 1 April 1985, with the interest rate of existing loans adjusted on review. From October 1986, the Corporation’s procedure was to adjust all loans to the prime interest rate (at that time 17 percent ) when they came up for review, but to allow rebates if housing outgoings were above 25 percent of gross household income.

Source: https://www.msd.govt.nz/about-msd-and-our-work/about-msd/history/social-assistance-chronology-programme-history.html

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