BUILDING SOCIETIES
LARGER ADVANCES AVAILABLE Bv - Press Association WELLINGTON, October 29. Arrangements by which building societies will in future be able to extend from 65 per cent, to 80 per cent, of their financial advances to approved clients for the purpose of building new dwellings were announced to-night by the deputy chairman of the Unemployment Board. Mr W. Bromley. Mr Bromley said that although the plan had been made possible only by the Unemployment Board agreeing to share with building societies the potential liability on account of any losses which might occur due to more liberal building loans being made available, such assistance from the unemployment fund would not prevent the home seeker from obtaining the advantage of some assistance under the No. 12 subsidy scheme, although the maximum subsidy under that scheme in such cases would be reduced from 8 per cent, to 6 per cent. Home owning would thus be brought within the reach of a larger number of citizens.
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Bibliographic details
Timaru Herald, Volume CXXXVIII, Issue 19943, 30 October 1934, Page 5
Word Count
162BUILDING SOCIETIES Timaru Herald, Volume CXXXVIII, Issue 19943, 30 October 1934, Page 5
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