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The home savings grant scheme - savings with credit unions



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FOR PRESS

157

THE HOME SAVINGS GRANT SCE?1;T..?s -- SA,rINGS

WITH CREDIT UNIONS

Press Statement by the Hon. Dame Annabelle Rankin,

Commonwealth T,Iinister for Housing, 3 Harch, 1970

Dame Annabelle Rankin, the Commonwealth Minister for

Housing, said today that a forthcoming bill to amend the Homes

Savings Grant Act, to give effect to the announced intention of

the Government to raise the limit on the value of a home from

015,000 to $17,500, will also provide that savings with a credit

union will become acceptable savings provided it can satisfy a

number of conditions.

Dame Annabelle said she felt that Parliament was the

appropriate place in. which to announce details of these conditions.

"All that I am prepared to say today is that, broadly, a credit

union must regularly make a significant number of loans for the

construction or purchase of homes, and that these loans must be

comparable in size, interest terms and repayment periods with

loans that are being made for these purposes by banks and building

societies".

"Also a significant proportion of the funds of a credit

union would need to be lent to members for the construction or

purchase of homes before savings held with it would be acceptable

for purposes of the Scheme".

CANBERRA. 3 March, 1970.