Second batch under equity share scheme

Press, 19 February 1986, Page 9

Second batch under equity share scheme

Twenty-eight applications have been received by the Housing Corporation for the second lot of houses available under the experimental lending scheme, equity sharing. As only 18 houses are available, a ballot will be held on Friday morning to decide who the lucky applicants will be. The houses range in price from $57,800 to $66,200. Equity sharing is a scheme to enable modestincome families, who do not qualify for corporation loans, to buy their own houses. Under the scheme, the borrower pays a 10 per

cent deposit and the loan advanced is a single mortgage. The interest rate is 3 per cent plus the inflation rate at the time with repayments not exceeding 25 per cent of the household’s gross weekly income. In December, 46 applicants vied for the first 30 houses to be offered The loans manager of the Housing Corporation in Christchurch, Mr Brian Atkins, said some of those who had missed in the first lot had applied again. He did not know whether more houses would be available in.the