Deposits cut to 10p.c.
PA Wellington New incentives for Housing Corporation tenants to buy their rental houses have been announced by Mr Quigley- . j The minimum deposit needed to buy a corporation rental house had been reduced from 20 per cent to 10 per cent, with provision for further .reductions in special cases, he said. Some houses would be offered for sale to firsthouse buyers on the same
terms and conditions as applied to corporation ten' ants.
Government policy had been to encourage tenants tc buy their properties by offering incentives under the tenancy saving scheme. Under this tenants accrued notional savings of up to a maximum of $3OOO, which was advanced as an interestfree suspensory loan towards the deposit for a house.
The notional savings were calculated by taking the dif-
ference between the "base’* rent (one-sixth of the social welfare benefit paid to. amarried couple- with one child) and the actual-'rent ■ paid by a tenant'..In. many ' cases .the max-/ imum savings of $3OOO had ■ already accrued and tenants could now find that they.i! had sufficient to meet the-, new deposit requirement. “This is a continuation ~of the National Government’s philosophy aimed at encour- • aging home ownership,” sat'd Mr Quigley. r ■'
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Press, 16 August 1980, Page 12
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202Deposits cut to 10p.c. Press, 16 August 1980, Page 12
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