ADVANCES TO WORKERS.

Waikato Times, Volume LVII, Issue 8076, 11 December 1906, Page 2

ADVANCES TO WORKERS.

Till- Advances to Workers' Act, which a niesaige appearing in another column states is to be brought into operation at once, is a measure passed ];.• si session with the object of enabling vancing money ;*i ]i; ,v ''ales ot interest, to assist \\<>r'u;r> iu establishing homes For themselves. A worker is a person employed in manual or clerical work who is not in receipt of more than i'liUH per annum, and he is l ot, at the time of his application. (.(/ 4j.. .ill" owner of any laud other than dial on ylii'l. he proposes to build. A worker may appiy toy a loan up to £'.'>">ll, and 110 ad vane • should be granted which exceeds the value of the dwelling to be erected. ,)r three-fourths of the value ot the aecitrcty in lie case of freehold land, or three-fourths of tlie lossee's interest in the lease in the case oj leasehold land. The loan may be advanced by instalments to meet progress payments to the contractor. Loans ut'e to have a currency of years at per cent, with a rebate of the half per cent, if the instalment is paid within fourteen days of due date, three per cent, being for interest

and the remainder as sinking fund, so thai at the end of the period of '■W, years the loan will lie extinguished. The borrower is entitled to pay off any sum not less than £•"> in the reduction of the mortgage debt. The Art will prove a boon to the very large class who arc entirely depe dent upon their earnings, and have ilillii'ii'ty in finding funds, except at ruinous interest, to provide themselves w itli homes.