More Australians eligible for interest-free loans for household purchases
Australians living on rural properties and in remote areas across the country will soon be able to access the No-Interest Loan Scheme (NILS).
The expanded scheme is moving to areas around Darwin, the Kimberley, Alice Springs, the Anangu Pitjantjatjara Yankunytjatjara (APY) lands, Rockhampton, Mt Isa and Cairns.
Under NILS, cash-strapped residential property owners and renters can access interest free loans up to $800 or $1,000 in order to buy household items.
In one case study from the South Australian Network of NILS, a single mother was able to borrow the money for a new fridge when her old one broke down.
Minister for community services Julie Collins said: "NILS is making a difference to the lives of financially vulnerable people, helping families to buy much-needed household items such as fridges, washing machines and beds."
The scheme is funded by a network of charitable organisations, several utility companies and the Australian government.
"The scheme fills a gap for vulnerable Australians who are able to repay a loan but are excluded from borrowing from mainstream banks and credit providers because of low incomes or poor credit history," Collins explained.