NEW HOUSING BILL

Southland Times, Issue 19770, 19 February 1923, Page 5

NEW HOUSING BILL

THREE IMPORTANT CHANGES. MORE MONEY AND EASIER PAYMENTS. (Per United Press Association). WELLINGTON, February 17. Replying to Mr Fraser in the House, Mr Massey said the new Housing Bill was in the hands of the law draughtsman. The measure contained three important changes on the existing system. In the first place it was proposed to increase the amount to be lent from 75 per cent up to 95 per cent, of the value, while the maximum amount to be lent was to be increased from £750 to £1250. Then the term of the loan at present was too short aud consequently weekly payments were too high. It was proposed to extend the period from twenty to thirty-six and a-half years and the weekly payments to be reduced from £1 8/8 to £1 1/2. He believed the cost of buildings was coming down and he was confident the new proposals would make the Government Housing Department more popular than ever it had been. They, however, could do nothing without legislation, but he would undertake that the Bill would be ready for next session.