I
3 -
Thursday, October 11, 1973
Families with an income below $3,000 a month could at most allocate
a third of its income to mortgage repayments, he added. But on a purchase
price of, say, $100,000, repayments would amount to $1,200 a month
which was more than such a family could be expected to afford.
Mr. Lightbody suggested that a good employer could help his staff
to narrow the gap and so bring a flat within his reach by assisting them to
make substantial downpayments on concessionary terms with a longer
repayment period and interest rates lower than 10 per cent.
"I can visualise that there could be problems to be overcome
should it be necessary for the employer and employee to part company for
some reason". He went on.
"In this event it would seem that the employee must refund the
outstanding capital sum to his employer, failing which the latter would
recover the premises from the employee.. I am sure that all sorts of
problems would emerge on closer inspection but it seems to me that these
are matters which conscientious employers, seeking to retain the services
of competent staff might well consider in their own interests", said
Mr. Lightbody.
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