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Thursday, 11 November 1971
Page: 3433

Mr Uren asked the Minister for Housing, upon notice:

(1)   What is the present rate of interest charged to borrowers by permanent building societes in

(a)   New South Wales

(b)   Queensland; and

(c)   Western Australia

(2)   What was the

(a)   average loan provided by the permanent building societies, and

(b)   monthly repayment rate on an average loan in each of those States in 1970-71.

(3)   What is the required income of a wage earner to acquire an average loan In each of those States.

Mr Kevin Cairns (LILLEY, QUEENSLAND) - The answer to the honourable member's question is as follows:

(1)   The rate of interest charged to borrowers by permanent building societies varies from society to society. Most societies in New South Wales charge from 7½ per cent to 8 per cent, the latter being the most common rate. In Queensland, the Building Societies Act limits interest rates charged by the societies to 8 per cent, and more than two-thirds of the societies charge this rate. In Western Australia, most societies charge from 8¼ per cent to 9 per cent, with 8¼ per cent being the most common.

(2)   (a) and (b) The only data available on lending by the permanent building societies are statistics published by the Bureau of Census and Statistics. It is impracticable to calculate average loans from these statistics because the figures include the value, but not the number, of loans on second mortgage.

(3)   For the reason given in (2) above and because decisions whether to grant a loan depend upon the policy of each lender and its assessment of the circumstances of individual cases, it is not possible to provide the information sought.

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