LIMIT ON FREE HOUSING LOAN RAISED

Greymouth Evening Star, 29 September 1950, Page 4

LIMIT ON FREE HOUSING LOAN RAISED

WELLINGTON, This Day (P.A.). —Speaking in the debate in the House of Representatives this morning, Mr J. R. Marshall, Minister in charge of State Advances, announced that the scope of the suspensory loan scheme for subsidising house building had now been widened to apply to homes costing more than £2OOO. Mr Marshall said that under the new scheme the maximum suspensory loan of £2OO would now be reduced by £1 for every £2 that the approved cost of construction exceeded £2OOO. This meant that if a house cost £2lOO it could now, under the new policy qualify for a suspensory loan of £l5O. No suspensory loan would be paid where the amount computed was less than £5O.

Mi’ Marshall said that under the old scheme a person building a home for his personal occupation and costing not more than £2OOO would qualify for a 10 per cent suspensory loan to the extent of £2OO. There had been legitimate criticism that the loan stopped dead when the house cost £2OOO. •This meant that a person who built a place costing even just a few pounds more than the limit was unable to qualify. This had led to many problems, he said. Attempts were made to bring down the cost by cutting things out and, by and large, the scheme had tended to operate less fairly than it might have. It was for this reason that the new scheme had been adopted.

An easing tendency persisted, and was particularly pronounced on top lines and broader quality Merino wools at the Sydney wool sale today. Competition was good, the Continent predominating. The offering totalled 13,079 bales, of which 13,000 were sold. Top price was 1791-d. for greasy Merino. —Sydney, Sept. 28.