PM Transcripts

FOR PRESS EMBARGO: Not to be released
before 4 p. m.
Sunday May, 1966.
COMMONWEALTH HOME SAVIUG S GRANT SCHEME
Statement by the Minister for Housijna
Senator the Hon. Dame Annabelle aankin D. B. E.
The Commonwealth Minister for Housing, Damne Annabelle
Rankin, announced today that 50,000 grants have now been made
under the Home Saving., s Grant Scheme since its inception in July,
1964. Of grants paid, 73 per cent have been for the maximum
of $ 500, the average being close to $ 460. The grants paid
total approximately $ 22,800,000.
The Scheme is designed to encourage young people to
save f or their own homes by of fering as a tax-f ree gif t, a grant
of up to $ 500 on the basis of : 1for every 33 saved. The grant
is payable to young married persons under the age of 36 years
who have entered a contract to buy or build their first home
or commenced its construction, provided they have been gaving
for at least three years in a required form.
Dame Annabelle reminded prospective applicants to
apply for the grant as soon as possible after contracting to
buy their home or to have one built. Applications cannot be
accepted more than twelve months after that time. Enclosure
of the documents requested with the application will help the
Department to make early payment of the grant but lodgmnent should
not be delayed beyond -the twelve months if a document is not
available. The application should be lodged and the document
forwarded later.
The Scheme is explained in detail in the official
pamphlet " A Grant for Your Home", which is available from any
post office or bank. All young people would be well advised to
obtain a copy and study it carefully to make certain of qualifying
for a grant when the time comes for them to marry and obtain a
home. Canberra May, 1966.