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Friday, 12 June 1970

Mr Uren asked the Minister representing the Minister for Housing, upon notice:

(1)   Is he able to say what total amount was loaned by fringe banking institutions, e.g. hire purchase companies, for the purchase of land or the construction or purchase of houses in each of the past 10 years.

(2)   What was the n,ling rate of interest charged by these institutions on loans made by them for house purchases, etc., during each of the past 10 years.

Dr Forbes - The Minister for Housing has provided the following answer to the honourable member's question:

(1)   The only official statistics available on lending by fringe banking institutions for land or home construction and purchase are those for finance company lending over the last 5 financial years. The data given below are the total value of all loans (for any business or private purposes) which are secured over houses, home units and residential land.


(2)   There are no official statistics for the interest rates charged by finance companies, hut information collected by the Department of Housing from a rmm her of finance companies suggests that at the end of each of the years, :he average interest rate chargeable on new housing loans was as follows:


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