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Wednesday, 23 August 1972
Page: 308

Senator TOWNLEY (TASMANIA) - Will the Minister representing the Minister for Housing say whether any consideration has been given to establishing housing loans for low income families at extremely low interest rates which are more in line with the actual risk of the capital of the loans so that low income families can have some chance of eventually owning their own home? If not, will the Minister investigate the feasibility of such loans?

Senator WRIGHT - I am quite sure that the question raised by the honourable senator has been under examination quite often throughout the existence of the Ministry for Housing. T ask the honourable senator to note that in the Budget Speech only last week it was announced that readier access to credit union funds would be available for this purpose. For the last 25 years the Commonwealth and State Housing Agreement has provided for funds at the low interest rate of about 4i per cent or 3£ per cent. The funds should be passed on through State Government administration to both lessees and purchasers of homes. That Agreement was displaced last year by a formidable grant of finance. The main purpose of that finance to the States still is that the low income and moderate income earners who seek housing at the instance of the States should have the advantage of funds at the lower rate of interest.

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