AFTER THE WAR

Wairarapa Times-Age, 22 October 1941, Page 7

AFTER THE WAR

AID FOR SOLDIERS LOANS SCHEME EXPLAINED. IMPORTANT EXTENSIONS AND MODIFICATIONS. (By Telegraph—Press Association.) AUCKLAND, October 21. Important extensions and modifications of loans for the repatriation of discharged servicemen were announced by the Minister of Finance, Mr Nash, today. The changes relate to loans for farms, stock and chattels, businesses, and houses, and the statement indicates the maximum advances and concessions in interest rates which the Government is prepared to grant to returned men. To finance men on to farms, those suitable for immediate establishment will be enabled to borrow up to £3OOO. Loans may be granted up to 100 per cent of the value where necessary. To purchase stock and implements loans may be made up to £1250 through the Rural Intermediate Credit Board. Interest on loans on farm security will be at 4 1-8 per cent, and on stock security at 5 per cent. Men requiring farming experience will be provided for under a training scheme, proposals for which will be announced in the near future. In financing homes for ex-service-men and families, the Government will encourage the erection of new houses and has approved of loans being granted by the State Advances Corporation for this purpose up to 100 per cent of the approved cost of the section and dwelling. Borrowers will have the benefit of the corporation's special building loan scheme and the assistance of its . trained staff. The maximum loan for this purnose will be £l5OO. Business loans will be at the same rate. The instalment system of repayment will apply on business and house loans, all sharing in a rebate of 2 per cent for the first year. Table mortgages for farm and stock loans will be arranged and interest will be rebated to 2 per cent for the first year and 3 per cent for the next two years, while stock loans will be reduced from 5 to 2i per cent for one year.