GUARANTEED MORTGAGES
508 Given By S.A.C. (From Our Own Reporter) WELLINGTON, Sept. 10. Since the extended mortgage guarantee scheme came into operation in October, 1961, 508 guarantees had been completed by the State Advances Corporation for loans to purchase older and larger houses, the Minister in charge of the corporation (Mr Rae) told Mr S. A. Whitehead (Opp., Nelson) in Parliament today. Legislation in 1961 extended the mortgage guarantee scheme, which previously applied only to new homes, to cover loans of up to 85 per cent, with a maximum of £3OOO, for the purchase of older houses. Under this scheme the corporation assisted approved lending institutions to grant loans in excess of established margins by guaranteeing the difference between the normal limit of advance (two-thirds or £2500) and the maximums mentioned (85 per cent or £3000).
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Bibliographic details
Press, Volume CII, Issue 30233, 11 September 1963, Page 16
Word Count
136GUARANTEED MORTGAGES Press, Volume CII, Issue 30233, 11 September 1963, Page 16
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