dec 10, 1985 - Equity Sharing Scheme - starts

Description:

Enabled people with lower incomes who were not eligible for other housing loans to be assisted into home ownership. This included previous homeowners and single people aged over 35. Principal features of the Equity Sharing Scheme were:
o 17 percent market interest rate charged;
o deposit of at least 10 percent of the purchase price required;
o repayments set at 25 percent of gross income; and
o borrower’s equity as a proportion of the cost of the house was protected, even when interest was capitalised.
From the scheme’s inception in December 1985 to 31 March 1987, 517 Equity Share Loans were issued by the Housing Corporation.

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

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