XN000022-1973-10-11 — Page 4

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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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