Page 4604 - Week 12 - Thursday, 26 October 2017
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(1) What is the income test used to determine eligibility for the Rental Bond Loan Scheme.
(2) How do people demonstrate they are capable to satisfy the obligations under the Scheme.
(3) What is the take-up of the Scheme.
(4) How many applications have been made under the Scheme in the last three years.
(5) How many applications have been rejected under the Scheme in the last three years.
(6) What are the most common grounds for rejecting applications.
(7) How many current loans are outstanding.
(8) How many loans in the last three years have folded.
Ms Berry: The answer to the member’s question is as follows:
(1) Income test for bond loan assistance:
a. single applicant with no dependants - $1766 gross per week
b. family of two persons - $2354 gross per week
c. family of three or more persons - $2354 gross per week plus $235 each for the third, fourth, fifth person, etc.
Eligibility is assessed on the gross income of the applicant/joint applicants, plus 20% of the incomes of any other household member whose income is equal to or greater than $100 gross per week.
(2) To qualify for the Rental Bond Loan Scheme applicants must:
a. be in Australia lawfully,
b. their presence in Australia is not subject to any time limit imposed by law,
c. be resident in the ACT (or at least one applicant if a joint application), or
d. be employed in the ACT, or
e. be enrolled to study in the ACT, or
f. be enrolled in a course of study of at least one year duration with an education provider in the ACT,
g. meet the income test,
h. not have cash or convertible assets valued at over $10,000 (excluding ordinary household goods and personal effects),
i. have no interest in residential property in Australia,
j. not have any outstanding debts with Housing ACT (this goes to demonstrating capability to sustain a private rental tenancy),
k. be applying for an affordable rental (a maximum rent payment of up to 50% of all assessable income less the loan repayment amount), and
l. be living full-time in the residence.
(3) Over the last three years (2014-15 to 2016-17) a total of 928 Rental Bond Loans have been issued.
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