asked the Minister for Local Government what further financial facilities will be made available by building societies for housing purposes as a result of his recent discussions with these societies; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - Financing of Housing.
32.
I would refer the Deputy to the statement which I issued on the 15th instant following my discussions with the building societies. I am not in a position to say precisely what further financial facilities the societies will now be able to make available. The increased limits which I have introduced in respect of local authority loans, and the arrangements for greater co-operation between the loan operations of the societies and those of local authorities may be expected to relieve much of the pressure on the societies and to increase the resources available for lending to persons outside the scope of the local authority loans scheme.
Is the restriction on a maximum purchase price of £3,000 being waived or is it still operative? Some of the societies operate a maximum. Have they waived that?
I think maximum figures will still be operated by almost all societies. I do not think that at the moment the figure in any of them is as low as £3,000.
It was operating, whether or not they have reduced it since.
It may have been a loan figure.
Purchase price.
I do not think any of them are now operating as low as that but that they are operating some ceiling figure is true.
Can the Minister state whether any relief will now be given to applicants whose loans were approved as long ago as six months and who have since been told they must wait until August or September until the money will be available? Will any steps the Minister may take ensure that those people will immediately be provided with the money to complete the transactions?
I think the announcement made on the raising of the income limit should relieve the demand already on hand by a number of the building societies. Therefore, this should result in an earlier liquidation of the backlog.
(Cavan): Will the Minister agree that for some years back there has been a demand for an increase in the income limit for loans under the Small Dwellings (Acquisition) Acts to at least £1,500 and would he consider increasing it to that figure now?
This is introducing new matter.
(Cavan): With respect, I think the Minister dealt with that in his reply.
I think we should wait and see how the new limits, which we have just introduced, operate.