States Loan Interest Rate 7.5%.

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A decision made (24/06/2009) regarding: States Loan Interest Rate 7.5%.

Decision Reference: MD-H-2009-0056
Decision Summary Title :	States Loan Interest Rates/TW		Date of Decision Summary:	15 June 2009
Decision Summary Author:	Housing Control Manager		Decision Summary: Public or Exempt? (State clauses from Code of Practice booklet)	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:
Written Report Title :	Report – States Loan Interest Rates		Date of Written Report:	12 June 2009
Written Report Author:	Policy Advisor – Population Office		Written Report : Public or Exempt? (State clauses from Code of Practice booklet)	Public
Subject: To consider whether the current maximum interest rate of 7.5% to be charged for States Loans granted from the Dwelling Houses Loan Fund is too high, or that at least this figure should be reviewed.
Decision(s): The Minister, supported by members of the Migration Advisory Group and with the concurrence of the Minister for Treasury and Resources, decided that the maximum interest rate should be maintained at the current level of 7.5%.
Reason(s) for Decision: The Minister considered the present rate reasonable in light of the nature of the scheme, in particular its long term fixed character, the subsidy elements available to avoid hardship and the apparent availability of alternative sources of finance for loan holders, as outlined in the accompanying report.
Resource Implications: None.
Action required: No action required.
Signature: Senator T J Le Main		Position: Housing Minister
Date Signed:		Date of Decision (If different from Date Signed):