Joy Burch has announced that demand is booming for the ACT Government’s bond loan scheme:
The ACT Labor Government has improved housing affordability for hundreds of moderate-income Canberra families, with latest figures showing a 70 per cent increase in the number of loans issued to help cover the cost of rental bonds.
The increased take-up of the Government’s Rental Bond Loan Scheme follows a decision in May 2010 to widen the eligibility criteria, including increasing the income threshold.
ACT Minister for Community Services Joy Burch said the new criteria had allowed more Canberra families to access interest-free loans to help cover the cost of rental bonds, helping them enter the private rental market.
“A total of 215 loans valued at $235,000 were provided in 2010-11 to families struggling to save up for a rental bond, up from 128 and $109,000 in 2009-10 before we broadened the eligibility criteria,” Ms Burch said.