REPATRIATION PLAN

Nelson Evening Mail, Volume 76, 22 October 1941, Page 4

REPATRIATION PLAN

DISCHARGED SERVICEMEN EXTENSIONS AND MODIFICATIONS OF LOANS \NNOUNC’EMENT BY MR NASH Auckland. Oct. 21. Important extensions and modifications of loans for the repatriation of discharged servicemen were announced by the Minister of Finance, Mr Nash, to-day. The changes relate to loans for farms, stock and chattels, businesses, and houses, and the statement indicates the maximum advances and concessions in interest rates which the Govern ment Is prepared to grant to returned men. | To finance men on to forms, tlwiso' suitable for immediate establishment | will be enabled to borrow up to £3OOO. I Loans may be granted up to 100 per cent, of the value where nece. . ary. I To purchase stock and implements loans j may lie made tip to £1250 through the j Rural Intermediate Credit Board. Interest on loans on farm security will ;heat 4 1-8 per cent., and on stock eeurj ity at 5 per cent > Men requiring farming experience will be provided for under a training I scheme, proposals for which will be | announced in the near future. In financing homes for ex-service-men and families, the Government will encourage the erection of new houses and has approved of loans being granted by the State Advances Corporation for this purpose up to 100 per cent, of the approved and ing. Borrowers will have the benefit *»f the corporation’s special building loan .scheme and the assistance of its trained staff. The maximum loan for this purpose will be £ISOO. Business loans will be at the same rate. The instalment system of epayment will apply on business and house Joans, all sharing in a rebate of 2 per cent, for the fiiv.t year. Table mortgages for farm and stock loans will be arranged and interest will be rebated to 2 per cent, for the first year and 3 per cent, for the next two years, while stock loans will be reduced from ! ; "> to 2i per cent, for one year.—P.A.