SOLDIERS’ MORTGAGES

Sun (Auckland), Volume II, Issue 364, 26 May 1928, Page 16

SOLDIERS’ MORTGAGES

> DIFFICULTY IN SELLING HOUSES Press Association BLENHEIM, Friday. The curious disability under which returned soldiers are placed if it should become necesasry for them to dispose of houses subject to soldiers’ mortgages, f was referred to at the annual meeting a of the Marlborough Patriotic Associal tion by Mr. W. J. Girling, M.P. He said that if a soldier desired to 1 sell his house, he had first to endeavour ? to find another soldier as a purchaser, l and, failing that, could sell to an ort dinary civilian, but then the department raised the rate of interest from r 4S per cent, paid by soldiers to the 3 current advances rate of 5| per cent. • f The result was that, as plenty of houses carrying the ordinary State Advances mortgages at 4£ per cent., were on the market, soldiers were being unduly penalised and naturally found extreme dif- ’ ficulty in finding purchasers for their !’ homes. 1 He had taken the question up with the department, but had received no g satisfaction so far. 2 The association decided to write to . the Minister of Lands pointing out the i injustice of the system from the discharged soldiers’ point of view.