Loans to be at 7 p.c.
(N.Z. Prett Association) /ELLINGTON, June 15.
The interest rate to be charged on State guaranteed loans for the new farm mortgage guarantee scheme announced in the Budget would be 7 per cent, the Minister of Finance (Mr Muldoon) said in Parliament tonight. He was replying to a claim by the Leader of the Opposition (Mr Kirk) that interest on the loans would be 2) to 3 per cent higher than on existing finance. Mr Kirk said the Budget stated that interest would be at “market rates” and that such rates were 2} to 3 per cent above the State Advances Corporation’s present interest rate of 5J per cent. The corporation had said current market rates were from 8 to 9 per cent. Mr Muldoon interjected that the rate to be paid would be 7 pej cent.
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Bibliographic details
Press, Volume CXI, Issue 32634, 16 June 1971, Page 1
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142Loans to be at 7 p.c. Press, Volume CXI, Issue 32634, 16 June 1971, Page 1
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