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Monday, 24 May 1965

Senator PALTRIDGE - On 18th May Senator Bishop asked me a series of Questions without Notice concerning the establishment of the Housing Loans Insurance Corporation.

The Minister for Housing has informed me that he hopes to be in a position to announce the members of the Corporation within a week or two. As Honorable Senators will be aware, the members of the Corporation, when appointed, will be required to appoint staff, determine procedures and submit certain recommendations to the Minister before the Corporation may commence to insure housing loans.

All these matters must necessarily take some time to complete, and it may be some months before the Corporation is in a position to commence business. When the Corporation is ready to start business a branch or an agency will be opened in each State capital city.

As soon as the Corporation has completed its initial plans of operation and settled on its procedures, it will announce the names of approved lenders and publicise its services. The Minister for Housing informs me that he has already discussed the insurance scheme with the major institutional lenders for housing to seek their support.

Senator Bishopsuggested that there had been a decrease in the amount of funds made available for housing loans since the Housing Loans Insurance Act was passed by the Parliament on 29th April. I do not know what he bases this suggestion on: there are no figures available yet of housing loans made since the Act was passed on 29th April.

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