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Thursday, 12 April 1973
Page: 1439

Mr SPEAKER -Is leave granted? There being no objection, leave. is granted.

Mr Les Johnson (HUGHES, NEW SOUTH WALES) - I have laid on the table a copy of an instrument made pursuant to section 5 of the Housing Loans Insurance Act 1965-66 declaring credit unions, credit societies and other co-operative, industrial and provident societies that make mortgage loans to their members to be approved classes of lenders. Section 5 of the Housing Loans

Insurance Act provides that approved classes of lenders may be declared by the Minister for Housing and that individual lenders within these classes may be approved by the Housing Loans Insurance Corporation. The classes of lenders already approved include most of the main sources of housing finance, and the Corporation has approved more than 500 individual lenders within these classes.

The declaration of credit unions as an approved class of lender follows the liberalisation of the conditions under which they may be accepted as repositories for savings under the homes savings grant scheme and indicates the Government's support for the credit union movement. It is now open for credit unions to apply to the Corporation to become approved lenders and to insure with the Corporation those housing loans which meet its requirements. The instrument also caters for co-operative societies other than credit unions which are registered or incorporated under laws relating to co-operative, industrial or provident societies and which lend to their members on mortgage security. I believe it is desirable that all reputable organisations that wish to insure their housing loans with the Corporation should be able to do so provided they meet the Corporation's conditions. I present the following paper:

Housing Loans Insurance - Ministerial Statement, 12 April 1973- and move:

That the House take note of the paper.

Debate (on motion by Mr Lynch) adjourned.

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