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Thursday, 9 May 1957

Mr Daly y asked the Treasurer, upon notice -

1.   Is finance available through the Commonwealth Bank for the purchase of (a) land for home building, (b) homes already erected and (c) proposed new buildings?

2.   What is the maximum amount of loan in each instance?

3.   How much money has been advanced during the last twelve months by the Commonwealth Bank for each purpose?

Sir Arthur Fadden - The honorable member's question was referred to the Commonwealth Bank, which has provided the following information: -

1.   Lending for housing purposes is conducted by the Commonwealth Savings Bank in two ways -

(i)   direct to individuals on credit foncier terms;

(ii)   to co-operative building housing societies. With regard to (i), the Savings Bank does not as a rule finance the purchase of land for home building. Its lending to individuals is for homes already erected but not previously occupied, or for proposed new buildings. With regard to (ii), the great bulk of this lending is for new homes.

2.   The present maximum loan provided by the Savings Bank to an individual for housing purposes is £2,500 for brick homes and slightly less for homes of timber construction.

3.   The Savings Bank does not supply interim figures of its lending during the currency of a financial year. For the twelve months ended 30th June, 1956, it made available the following: - (1) for credit foncier housing loans to individuals - £6,330,000; (2) to co-operative building housing societies - £6,160,000. Due to a slow rate of increase in deposits since June, 1956, lending so far in the current financial year has- been lower than in the corresponding period of 1955-56. The -Commonwealth Trading Bank lends for housing purposes on a normal overdraft basis with no set limits for individual transactions. During the twelve months ended 30th June, 1956, 2,970 approvals for housing were made by the Commonwealth Trading Bank for a total of £4,200,000.

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