Landlords
Sir,—Your report headed “Landlords may syndicate” on Page 6 today, gives a mistaken impression of a point being discussed at a meeting of landlords. The system described
was as follows. If mortgages could be arranged on commercial property at a low rate (say 2 per cent p.a.) and the property sold within 10 years, the borrower would be liable for a lower repayment of the previously allowable tax deduction against interest paid on the mortgage. With this type of mortgage an adjustment against inflation is a condition of the mortgage agreement. When the mortgage loan is repaid, it is valued at the current market rate. The effect is similar to that of inflationproof bonds. I understand this system operates in some overseas countries and has recently been suggested in Australia. This mortgage system does not operate in New Zealand, as your report may have suggested.—Yours, etc., MORGAN LONG. August 27, 1982.
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Press, 28 August 1982, Page 14
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152Landlords Press, 28 August 1982, Page 14
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