jan 2, 1963 - Department of Maori Affairs - new loan option

Description:

To help young married couples who did not have enough money for a deposit and who did not qualify for the family benefit, the Department introduced a new loan policy. This policy took some time to push through Treasury's resistance, an in its final form bore only scant resemblance to what the Department originally had in mind. The policy which Cabinet approved in November 1963 allowed young married couples, who did not qualify for the family benefit, to obtain second mortgage finance from the Maori Trustee. These loans bridged the gap between the available loan limit and the cost of the house, and were only available for properties in urban areas which were likely to retain their value. To qualify for such a loan an applicant had to provide a minimum deposit of 10% of the value of the section.

Source: https://researchspace.auckland.ac.nz/handle/2292/6752

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