housing.wa.gov.au Bond Assistance Loan Scheme : Government of Western Australia Authority

Name of the Organization : Government of Western Australia Housing Authority
Type of Facility : Bond Assistance Loan Scheme
State : Western Australia
Country : Australia

Website : http://www.housing.wa.gov.au/housingoptions/rentaloptions/bondassistance/Pages/default.aspx

Bond Assistance Loan Scheme :

** The Housing Authority offers bond assistance and two weeks’ rent in advance as an interest-free loan to help people obtain accommodation in the private rental market.

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** Maximum loan depends on your circumstances.
** This loan scheme is extremely popular, with more than 10,000 loans approved each year.
** If approved for bond assistance or rent in advance, the Housing Authority will give you conditional approval and a form for your prospective landlord to sign.
** You must return this form to the Housing Authority who will then confirm this immediately with your landlord and arrange prompt payment.

** Alternatively, if you have paid the bond or two weeks’ rent in advance to the landlord or real estate agent, then the Housing Authority can refund this to you — but you must apply within eight weeks of payment of the bond or rent in advance and produce evidence of the payment to the landlord.

** The loan is repaid in regular payments of at least $25 per fortnight.

** Applicants must meet Bond Assistance Loan Scheme income limits; not have assets above $2,500 for singles without dependants, $5,000 for singles with dependants and $5,000 for couples with or without dependants; and should be 16 years or over.

** Rent cannot be more than 60 per cent of an applicant’s gross income.
** If you have any queries please contact bonds AT housing.wa.gov.au.

Eligibility Criteria :
** To apply for a Bond Assistance Loan you must meet certain eligibility criteria, see below for details.

1. Tenancy Agreement :
a. Bond Assistance Loans are only available if a residential tenancies agreement, as required by the Residential Tenancies Act 1987, is or will be in place.
b. Applicants making application for a Bond Assistance Loan should be signatories to the Tenancy Agreement.

2. Age :
a. Assistance is provided to persons 16 years of age and above.

3. Income :
a. Applicants must have an income source received in Western Australia.
b. Applicants’ income must be within current Housing Authority income limits at the time of application. (See Eligibility relating to Income Limits).

c. Applicants in receipt of a wage or salary must have their employer complete the Employer Income Verification Statement or supply their last three months of consecutive wage or salary advice slips.

d. A self-employed applicant must have a business registered in Western Australia and furnish his/her taxation return for the previous financial year and provide company books to verify an average weekly earning for at least a three-month period. These applicants will be assessed on their taxable income or the equivalent award, whichever is the greater.

e. All incomes must be verified in writing.

4. Amount of loan :
a. Where there are independent household members not applying for assistance, then assistance to applicants is to be pro-rata, i.e. family of five with an independent member qualify for 80% of the assistance.

5. Citizenship :
a. Applicants must be Australian Citizens or have permanent residency status.
b. New Zealand citizens holing a temporary or permanent visa are eligible for a Bond Assistance Loan.
c. Sponsored migrants or migrants with assurances of support are not eligible even if in receipt of an income or Centrelink Benefit.

6. Assets :
a. Liquid Assets – cash in bank cannot exceed the following limits:
Single applicants (without dependents) – $2,500
Singles and couples (with dependents) – $5,000.

b. Applicants should not own or be part owner of property or land.
c. Discretion may be exercised in all cases where difficulties exist concerning the prompt realisation of an asset, or where there will be limited personal equity in the asset or situations of family violence.

d. An applicant, who is moving due to employment and applying to reside in an area remote from his/her present accommodation, may retain ownership of residential property where that employment is for 12 months or less. However, the policy of not owning residential property will apply generally state wide.

e. If an applicant must reside elsewhere due to access requirements caused by a sudden disability, then property ownership is not a bar. However, the property must be sold within a reasonable time.
f. Consideration can be given in special circumstances to applicants who own a single block of residential land of little value and no prospect of building on it in order to house themselves.

Maximum Loan Limits for Bond Assistance :
** The Bond Assistance Loan scheme is extremely popular, with more than 10,000 loans approved each year.
** This scheme is means tested which means that there are income limits.

Maximum levels of assistance :

*Plus two weeks rent in advance.