September 5th 2007
People affected by the horse flu outbreak who are struggling to meet their mortgage repayments could be eligible for financial assistance via the NSW Government Mortgage assistance Scheme.
The Mortgage Assistance Scheme helps people who find themselves, through no fault of their own, struggling to meet their mortgage obligations.
There are many people who will be affected by the horse flu outbreak, such as trainers, stable hands, catering staff and milliners.
One way the Iemma Government can help is by reminding affected people of the Mortgage Assistance Scheme. This is a one-off loan paid directly to the home loan lender of the successful applicant. The Government loan can make up home loan arrears or can subsidise future home loan payments for a certain amount of time.
People affected by the horse flu outbreak could be eligible for assistance if:
- the total amount owed on their home is less than $270,000
- the value of their home is less than $500,000
- the applicants gross household income is less than $70,000 per year
- the applicant is living in the home
- home loan repayments currently exceed 36% of gross household income; and
- regular repayments were being made before the outbreak of the flu
The maximum loan is $12,000, and successful applicants must enter into a repayment agreement.
People who may be facing the loss of their home due to the Horse flu outbreak can contact Housing NSW by phone on 1800 806 653 or by email at mas@housing.nsw.gov.au