To own one’s own home — which most people want

Press, 11 October 1979, Page 23

To own one’s own home — which most people want

To own one’s own home is an aim that most New Zealanders either aspire to or fulfil. But it is not quite as simple as it sounds — buying your first home is likely to be the largest single investment you will ever make. Very few people are fortunate enough to be able to buy a home, particularly their first one, without the assistance of

mortgage finance, and furthermore all lending institutions expect prospective home purchasers to provide a reasonable proportion of the price from their own savings. Banks and building societies are common sources of mortgage finance but naturally they expect prospective borrowers to have had a history of savings with them before entertaining an ap-

plication for mortgage finance. Outside the Housing Corporation, the Canterbury Savings Bank is the largest lender of home loan finance in the Christchurch area and in the bank’s experience the people most successful in saving for a first home have their pay banked into an account by their employer. The bank will transfer

automatically the amount nominated by the depositor into a home ownership savings account from which the depositor gains additional benefits which can be in excess of $6OOO for building or buying their first home. Owning their own home is within the reach of most New Zealanders if they put their mind to it and save wisely.