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Wednesday, 26 April 1961

Mr GRIFFITHS (SHORTLAND, NEW SOUTH WALES) - I ask the Treasurer whether the present credit restrictions are designed to restrict the Commonwealth Bank from making housing loans available to members of the general public, thus forcing them into the hands of private financiers. If this is not the case, will the Treasurer tell the House who is and who is not eligible to receive loans from the Commonwealth Bank for housing purposes? Would a depositor with the Commonwealth Bank who has more than fourteen years' service as an employee in the Commonwealth Public Service, who receives a salary of £1,700 a year, and who has £3,000 in hard cash, be a suitable applicant for a loan of £1,500 to complete the purchase of a house less than six years old? Will the Treasurer restore to the Commonwealth Bank its authority to make housing loans to suitable applicants, especially those who have substantial deposits?

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