MORTGAGE INSURANCE
EX-SERVICEMEN’S RESIDENTIAL LOANS
Ex-servicemen who are granted a rehabilitation housing loan up to the loan limit of £ISOO may, in suitable cases, receive further assistance to meet the single premium payable should they take out mortgage repayment insurance, says a statement from the Rehabilitation Board. Normally the Board assists in this way where the loan plus the premium together do not exceed £1500; it-has now been decided that where £ISOO has been reached for loan purposes, then an advance up to £SO should also be made, where desired, for mortgage repayment insurance.
The advance would be made at the rate of 3 per cent, and would be repayable over a relatively short term appropriate to the amount advanced and to the circumstances of the borrower. Similar extra loans have previously been provided to assist ex-servicemen meet stamp duty and legal costs on their housing transaction.
The Board’s latest decision is in furtherance of its policy of encouraging ex-servicemen to take out mortgage insurance on properties bought or .erected with rehabilitation finance.
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https://paperspast.natlib.govt.nz/newspapers/BPB19470825.2.18
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Bay of Plenty Beacon, Volume 11, Issue 71, 25 August 1947, Page 5
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173MORTGAGE INSURANCE Bay of Plenty Beacon, Volume 11, Issue 71, 25 August 1947, Page 5
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