F.H.A. lending rate falls
Figures just released by the Reserve Bank indicate that members of the New Zealand Finance Houses Association are complying with directions issued by the bank to reduce their rate of lending while at the same time giving priority to areas such as exports, industry, and housing, says the chairman of the association (Mr R. E. Baker). The total value of loans and advances have increased by only 17.8 per cent in the first six months of the year, with the rate of increase for the June quarter being only 7.2 per cent. Despite this significant slowdown support is still being given to essential sectors of the economy. “Total advances outstanding at June 30, were $546M, of which more than SIOOM was invested in manufacturing and heavy construction, S46M in agriculture and exports, SS4M in transport and distribution, and SI34M in housing, residential construction and property development. “Less than 10 per cent of total advances were for personal loans,” Mr Baker says.
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Press, 19 October 1977, Page 27
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165F.H.A. lending rate falls Press, 19 October 1977, Page 27
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