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New Zealand law explained for everyone

Building Societies Act 1965

Advances - Special advances on mortgage

35: Advances on security of mortgage of land for residential purposes

You could also call this:

"Helping people buy homes with mortgages (no longer in use)"

This provision used to be about giving money to people who wanted to buy homes. The money would be secured by a mortgage on the land where the home was built. However, this rule no longer exists. It was removed from the law on 1 September 1987.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM371656.

Topics:
Money and consumer rights > Banking and loansHousing and property > Buying and selling homes
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34A: Power to dispose of part of business undertaking, or

"Building societies can sell some of their business, but not all of it"

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36: Ordinary limitations on special advances, or

"This rule about money lending in building societies doesn't exist anymore"

Part 3Advances
Special advances on mortgage

35Advances on security of mortgage of land for residential purposes (Repealed)

    Notes
    • Section 35: repealed, on , by section 12 of the Building Societies Amendment Act 1987 (1987 No 175).