The Mortgage Assistance Scheme provides short-term help for people in NSW experiencing temporary difficulties with their home loan repayments because of an unavoidable change in circumstances. This may include unemployment, accident, illness or other crisis. The assistance is paid directly to the home lender to take the stress off families.
The NSW Government has announced that it will broaden the eligibility criteria for the scheme to:
• Increase the total cap on the total amount owed on a home loan from $300,000 to $350,000;
• Increase the gross annual household income for eligible applicants from $70,000 to $90,000; and
• Increase the total assistance to be provided over twelve months from $15,000 to $20,000.
“We’re increasing the amount of funds available to assist struggling families by 30 per cent,” Premier Morris Iemma said.
Mr Iemma said 638 families were currently receiving mortgage assistance loans worth $2.6 million.
“The Mortgage Assistance Scheme is a last resort for some home buyers in danger of losing their home. “We’ve broadened the scheme to ensure more families can access these loans. “Another $1.4 million is currently available to be loaned” said Mr Iemma.
Mr Iemma said the Government would also publicise the expanded Mortgage Assistance Scheme