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Thursday, 21 March 1957

No deposit finance suggested.

The Australian Government should finance people in good jobs to build homes without deposit.

America since the war has beaten the problem by encouraging home builders. The United States Government had guaranteed up to 90 per cent. of home-building costs.

Mr. Gerrystated that homebuilding was one of the hugest industries in America to-day. The high deposit required on a home is killing the chances of many workers to-day. Deposits as high as ?500, ?1,000, or even ?2,000 are needed. In Launceston a person who wants to put up a ?3,000 house through a building society needs a deposit of ?1,500. Large deposits and high interest rates are killing the building industry, and this Government has a bounden duty to rectify the situation where it is humanly and politically possible to do so. Actually 10,000 fewer houses were built last year in Australia compared with the previous year and we cannot go on with this situation without causing a great crisis throughout Australia.







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