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Thursday, 21 May 1970


Dr FORBES (Barker) (Minister for Health) -I move:

That the requested amendment be made.

Clause 5 of the Homes Savings Grant Bill lays down the conditions with which individual credit unions are required to comply if they are to become and remain approved credit unions for the purposes of the homes savings grant scheme. One of these conditions is that not less than 15% of the total amount lent by a credit union in its most recently concluded financial year must have been in the form of prescribed housing loans. The Bill as it was passed by this House defines a prescribed housing loan as a housing loan of not less than $7,000 repayable over a period of not less than 12 years. The term 'housing loan' is also defined in clause 5. The Senate has now returned the Bill to this House with a request for an amendment that would reduce from$7,000 to $5,000 the proposed minimum amount of a prescribed housing loan. The request was made by the Senate on a motion by the Minister for Housing (Senator Dame Annabelle Rankin) after she had had the opportunity of hearing submissions made in the Senate as well as by representatives of the credit union movement.

The Government has accepted the point made in these submissions, that its objective of promoting an increase in the volume of savings available for home finance could in fact be advanced if the minimum amount of a prescribed housing loan were set at a figure that, while still relatively substantial, would be more readily attainable by individual credit unions.







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