The applicant for an advance must give a first mortgage on his holding. The bank advances 12s. in the £1 on the total value of the land and improvements.
When is it Repayable?
For the first five years only simple interest is charged at 5 per cent. per annum. After five years the borrower must begin to redeem his advance at the rate of £4 0s. 3d. half-yearly for each £100 borrowed, inclusive of interest, until the whole has been paid.
Can the Settler Borrow Money to Buy Stock?
Yes. The Agricultural Bank will advance 12s. in the £1 of the total value of the land and improvements for the purpose of purchasing stock, machinery, or implements the selector desires to purchase, or for relieving the liability on the holding. Advances at the rate of 13s. 4d. in the £1 on the value of the land and improvements thereon up to £200 can also be obtained for unspecified purposes.
Can an Alien Obtain an Advance?
Yes, provided he obtains a certificate to the effect that he can read and write words in such language as the Minister for Lands may direct; also provided he becomes a naturalised British subject within five years of his selecting the land.
Workers’ Dwellings Act.
Under the provisions of this Act the Government make advances, on easy terms of repayment, for the purpose of enabling persons of small incomes to erect dwelling-houses as homes for themselves and their families. The applicant must show that his income does not exceed £200 per annum, and that he is not the owner of a dwelling-house in Queensland or elsewhere.