Rural Housing Authority to cut interest rates

11/5/93

The Western Australian Rural Housing Authority's 230 customers are to benefit from a cut in interest rates.

Housing Minister Doug Shave, who approved the reduction of 0.4 per cent per annum, said that in these difficult economic times, particularly in the rural sector, it was appropriate that the industry should get some relief.

"All the Rural Housing Authority's borrowers rely on the land for their income and will benefit from the reduction," Mr Shave said.

The new maximum rate would be 9.5 per cent on all existing and new loans.

The Rural Housing Authority was set up under an Act of Parliament in 1976 to ensure that farmers, pastoralists and horticulturalist had satisfactory housing.  This was because major lending institutions would often not provide finance for this purpose.

Since its inception, the Authority has provided assistance worth more than $17 million to more than 500 farmers.

Media contact: Brian Coulter 222 9595/325 4133