Work, and save, says Minister

Press, 31 May 1977, Page 2

Work, and save, says Minister

P\ Wellington A young couple on the average wage — both working — who were prepared to put off having children for a few years, and save one of their incomes, could easily have $12,000 for a bouse after three years, the Minister of Housing (Mr Holland) [said yesterday. ’ He was answering criticism about the Government’s (housing record by the Oppo-

| sition spokesman on housing, and former Minister of : Housing (Mr Fraser). ‘‘The Government knows, 1 as does the community that the economic situation is still difficult and that finance is tight,’’ said Mr Holland. i “I can only repeat that the situation is being closely I watched.” But to say home ownership was a fading dream was political exaggeration at its worst, he said. “People seem to be forgetting the very substantial measure of assistance which the Government is offering by way of home ownership savings accounts. “Add to this the other benefits of supplemented mortgage finance and eligibility for Housing Corporation loans, and the results of forward planning look very attractive indeed.” He said too many young couples were entering into home ownership commitments with little or no thought. “Particularly during the 1972-74 boom period, many took out expensive shortterm mortgages and didn’t seem to consider the consequences at all, or look ahead to the time wheni their mortgages would need! refinancing. “This- has contributed; significantly to the situation in which we find ourselves today.” Mr Holland said the Government had promised to help people who helped themselves, and this was a promise it intended keeping. It had been able to keep house and section prices well within the general rise in the Consumers’ Price Index and home ownership was a “very realisable goal for those who are prepared to work towards it.”