oct 1, 1972 - Family Benefit: Capitalisation for housing - changes

Description:

Asset limits for capitalisation of the Family Benefit (cash assets plus value of section) were set at $10,000 for a one child family and increased by $500 for each additional child. The maximum level of capitalisation was $2,000.
The earnings of the wife were not taken into account in determining eligibility, unless she was the breadwinner. But the earnings of the spouse were taken into account when considering the applicant’s ability to repay loan finance.
Eligibility to capitalise benefits was determined by the Department which was required to take into account the income and assets of the applicant as well as their need for housing.
In conjunction with capitalisation of the Family Benefit, many homeowners obtained mortgages through the Housing Corporation.

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