BUILDING FINANCE

Press, Volume LXXIV, Issue 22512, 21 September 1938, Page 6

BUILDING FINANCE

TO THB BDItO* Of TH* PBBBB. Sir,—l wish to bring to the notice of the public the unsatisfactory position which at present applies to the Government's financing intending purchasers into homes of their own, We hear a lot about the Government advnnning lip to 90 per cent., but as usual there Is a "fly in the ointment." Apparently this only applies in c&ses where the house has not been built—and so results in delay which makes its utility useless from the point of view of anybody whq desires a home within a few weeks. First of all an option has to be secured over a section, plans and specifications prepared, application made to the Government, the eventual wait for the latter's approval before the job can even be started. This delay is oi course impossible and impracticable from the point of view of most people, and renders the much boomed "easy finance" a white elephant. Why does not the Government allow private builders to erect dwellings and then advance to prospective approved purchasers up to 90 per cent., thus allowing anyone to buy a property as inspected (which, in any case, means more to most persons than plans), and to take possession within a reasonable time.

•' Nd* doubt the Government's answer would be that the houses might be "Jerry built," but this would be utter nonsense, because if builders knew they could sell to this type of buyer, they no doubt would be prepared to submit to a Government department their plans and specifications and pay a reasonable fee for the dwelling to be inspected by the officers of such department during erection—Yours, etn. FINANCE. September 20, 1938-