INCREASED INTEREST
Servicemen Not Exempt (N.Z. Press Association) AUCKLAND. October 18. Members of the armed services were not exempt from the State Advances Corporation policy of increasing interest rates on house loans when the house was let and the borrower went overseas, the manager of the corporation in Auckland (Mr W. M. Mackay) said today. Mr Mackay said one of the conditions of a 3 per cent loan was the occupation of the house by the borrower. If a serviceman was sent overseas on duty and his house was let to somebody else the interest rate was increased from 3 per cent to 5 per cent when the corporation consented to the letting of the house. The increased rate remained in force until the borrower once more occupied th» house.
This applied not only to servicemen but to anyone obtaining a 3 per cent loan, he said.
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Bibliographic details
Press, Volume CIII, Issue 30575, 19 October 1964, Page 14
Word Count
147INCREASED INTEREST Press, Volume CIII, Issue 30575, 19 October 1964, Page 14
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