The Mortgage Assistance Scheme (PDF file, 179Kb) provides short-term help for people experiencing temporary difficulties with their home loan repayments because of an unavoidable change in circumstances. This may include unemployment, accident, illness or other crisis. The assistance is paid directly to the home lender to take the stress off families. Currently, 638 families are receiving mortgage assistance loans worth $2.6 million. Another $1.4 million is currently available to be loaned.
Mortgage Assistance is not a grant but an interest-free loan to be repaid at a future time.
Before Mortgage Assistance can be provided, the applicant must demonstrate that they have exhausted all other reasonable avenues of help. Home lenders will often try to work out a remedy with the borrower. This may include a postponement or restructuring of the loan repayments or an extension of the loan term.
The Mortgage Assistance Scheme (PDF file, 179Kb) is a last resort for homebuyers in danger of losing their home.
To request Mortgage Assistance just fill out the Application for Mortgage Assistance (PDF file, 109Kb). Please note that the home lender must complete the final page of the application form before it is sent to the Mortgage Assistance Scheme.
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