- The Bond Assistance Loan Scheme is an interest-free loan to help eligible people obtain accommodation
- The WA State Government has increased income and asset limits and maximum bond loan levels
- Eligible applicants can borrow up to four weeks rent for the security bond and up to two weeks rent in advance
The WA State Government has announced increases to income and asset limits for the Bond Assistance Loan Scheme, an interest-free loan to help people obtain accommodation in the private rental market.
It’s one of the most frequently accessed housing options, with more than 10,000 loans approved each year.
Housing Minister John Carey says, “Our Government undertook a review of the Residential Bond Loans Assistance Program and as a result, we’ve lifted limits to bring them in-line with current housing market conditions.”
“I’ve repeatedly been on the public record noting that the COVID-19 pandemic and subsequent heated construction market have radically impacted and reshaped housing markets across the country.
“I’m deeply cognisant of the housing pressures facing many Western Australians.”
The new weekly income limits have increased by between 30% and just under 50% for all household types and the new maximum bond loan amounts have increased by up to nearly 70%.
As for asset limits, there’s been a 100% increase for all household types, including singles, single people with dependents, and couples with or without dependents.
Eligible applicants can borrow up to the equivalent of four weeks rent for the security bond and up to two weeks rent in advance.
It is paid directly by the Department of Communities to the landlord or, where the tenant has paid the bond and or rent in advance already, can be reimbursed by Communities to the tenant.
“The program directly supports low and moderate-income households to secure private market rental housing by offsetting some of the up-front costs,” he said.
Carey added while there is always a link between a tight private rental market and the number of applications for social housing, the State Government is doing everything in their power to assist West Australians in the housing market.
“Since our record $2.6 billion investment in social housing and homelessness measures, we’ve added more than 1,300 social homes, with more than 900 social housing properties under contract or construction.”
