8 ноя 1953 г. - State Advances Corporation provides funding for Group Building Scheme

Описание:

After builders obatined land from Housing Division, SAC then approved the proposal for lending. The builder developed each section and leased it to a prospective buyer, who had an option to buy, before building a house. The govt set a maximum selling price, initially 750 pounds, with the purchaser paying 10% deposit. Once a builder found a buyer he would sell the section to an insurance company. The certificate of title was then subject to the lease held by the house purchaser. That way the builder could quickly recoup the cost of the land, while the insurance companies were responsible for the long term financing. SAC allowed up to 75% of sections in a subdivision to be financed in this way. It kept the amount held over by the insurance companies at £675 so that as house prices rose the buyer had to find a larger deposit. This and the withdrawal of some insurance companies meant numbers declined by the 70s. SAC loans only available to buy simple and government-approved designs under GBS. Designs were checked and approved by SAC, which also supervises work.
Consequently, houses were small (80-100sq m) and cheap to build.


Source; Ferguson, G. (1994). Building the New Zealand Dream. Dunmore Press with the assistance of the Historical Branch, Department of Internal Affairs.

https://www3.stats.govt.nz/New_Zealand_Official_Yearbooks/1954/NZOYB_1954.html

https://www3.stats.govt.nz/New_Zealand_Official_Yearbooks/1955/NZOYB_1955.html

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