STATE ADVANCES
LOAN LIMITS EXTENDED.
The Acting Minister for Financef stated yesterday that at. a recent meet ing of tho State Advances Board it was decided to extend the limits for lend ing to local authorities and to settlers who desire to procure homes. The board proposes that the limit to local authorities should be extended! to £IO,OOO instead of £SOOO in any i year; and that the limit to settlers who desire to procure homes should be extended to £IOOO instead of £4oo aa hitherto. This extension would not include loans for repayment .of . mortgages, unless especially authorised by the board. The object of the board, said the Minister, is to assist people to prpoufe homes, but it does not desire to' take over a large number of mortgages which would undoubtedly be the result if it did not make the restriction mentioned. The existing condition with regard to taking over ortjgages not in excess of £450 will still continue to hold good. The following limits will, .therefore, in the future, be observed:—
Local Authorities.—£lo,ooo in . any, ytar. Settlers. —£1000 for obtaining homes or for improvements; £450 for repayment of mortgages.
Workers.—The full statutory limit oj £450.
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https://paperspast.natlib.govt.nz/newspapers/NZTIM19190520.2.52
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New Zealand Times, Volume XLIV, Issue 10284, 20 May 1919, Page 5
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198STATE ADVANCES New Zealand Times, Volume XLIV, Issue 10284, 20 May 1919, Page 5
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