BANK OF N.S.W.

Press, Volume XCVII, Issue 28543, 24 March 1958, Page 15

BANK OF N.S.W.

Loan For Housing

To Total £l7m

The Bank of New South Wales Savings Bank has increased its lending for housing in Australia, and is now allocating £700,000 a month for this purpose. Announcing details of the bank’s lending policy, Mr H. C. C. Marshall, general manager, said that this increased lending rate became effective a month ago. Mr Marshall said that the Savings Bank’s allocation for housing for the year ending June 30 would reach an estimated £8 million. In addition the Savings Bank was lending heavily to local government bodies for development projects many of which were related to housing. “Our capacity to lend is limited by the amount of public support received by the bank,” said Mr Marshall. “The present gratifying rate of lending for housing is an indication of that support and you may be sure that the bank will continue to channel as much money into housing as possible. It is significant that such a high lending rate has been achieved since the Savings Bank first announced its lending policy less than two years ago.

“Apart from this, advances for housing in Australia from the Bank of New South Wales trading bank have been at the rate of £750,000 a month. This will achieve a total of £9 million for the year ending June. Between them the trading bank and savings bank will have allocated £l7 million for housing purposes during this period. This figure is of national significance and indicates the bank’s desire to assist as far as possible in this sphere,” said Mr Marshall.