Good news for low-income Tasmanians looking for help in the rental market, with the No Interest Loan Scheme (NILS) expanding from next week.
From Monday August 8, NILS will offer no-interest, no-fee loans to cover rental bonds and initial rental payments, up to $3,000 for eligible Tasmanians.
Under this new offering, repayments for a $3,000 loan will be set at a manageable $29 a week, over a two year period.
The announcement coincides with National Homelessness Week, the new product helping more Tasmanians secure housing.
NILS Tasmania has thanked Minister for Community Services and Development Nic Street, who made today’s announcement at NILS Tasmania on behalf of the State Government.
“I am pleased to see that the recent investment of $4.5 million is assisting NILS in increasing their loan output by 36%, while decreasing the time it takes to issue loans by 60%,” Mr Street said.
NILS Tasmania CEO John Hooper maintains the change may be more important than any loan they offer, as it may help people move out of or avoid homelessness.
“To now be able to provide a solution that might assist some of those clients to smooth out that entry into housing is just brilliant.”
To find out more about the No Interest Loan Scheme, click here.