Loans scheme extended

Press, 4 July 1978, Page 19

Loans scheme extended

Parliamentary reporter i The Housing Corporation ! had extended and simplified it 3 home-improvement loans I scheme to provide a wider and better service, said Mr J. D. Ward, Assistant Direct-or-General (Lending) yesterday. . in future all loans, wheth- ! er to provide accommodation for elderly relatives, to enlarge living space for a family, or to improve older pro- ' perties, would be dealt with on the same basis. The corporation would lend on both owner-occupied and tenanted properties. The principal change was that it would now lend behind mortgages other than its own for home improvements. Loans would be advanced!'

lon first, second, or subsequent mortgages within 90 per cent of the value of a property. Interest would be charged at 8.5 per cent on a first mortgage and at 10 per cent, reviewable every three years, on all tenanted properties or second or subsequent mortgages. The standard loan would remain at $7500 but could be increased in cases of need. Application and inspection fees for all improvement; loans would be reduced to $4O. The changes were designed to meet increasing public demand to improve properties and to assist urban-renewal by encouraging better use of existing i houses.