Local Government Act 1974

Land development for housing, commercial, and industrial purposes - Advances to financial institutions and guarantees of housing loans

564: Guarantees by council of portions of mortgages granted for housing purposes

You could also call this:

"Councils used to help people buy homes by promising to pay back part of their mortgage."

Illustration for Local Government Act 1974

The council used to guarantee parts of mortgages for people buying homes. You would get a mortgage from a bank or other lender, and the council would promise to pay back part of it if you couldn't. This rule was repealed, which means it was cancelled, on 1 July 2003, by section 266 of the Local Government Act 2002.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM422145.


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Part 32Land development for housing, commercial, and industrial purposes
Advances to financial institutions and guarantees of housing loans

564Guarantees by council of portions of mortgages granted for housing purposes (Repealed)

    Notes
    • Section 564: repealed, on , by section 266 of the Local Government Act 2002 (2002 No 84).