The No Interest Loan Scheme (NILS) provides loans to Centrelink recipients and low income earners for the purchase of essential whitegoods and furniture.
AIM OF THE NO INTEREST LOAN SCHEME
To provide people living on low incomes, who live within the Shires of Mitchell, Murrindindi, Strathbogie, Moira and also within the Greater Shepparton region with access to credit to buy essential household items (eg: refrigerator, washing machine or an efficient heater) with a repayment plan tailored to suit their own individual financial circumstances, without the penalty of interest payments, and enable people to get a useful credit reference.
No Interest Loans are not for emergency relief or consolidation of debts.
INFORMATION
The No Interest Loan Scheme will provide people with information about the service, including its purpose, eligibility criteria, policies and procedures. This information will be provided in relevant community languages.
ELIGIBILITY CRITERIA
Low income earners are eligible to participate in the No Interest Loans Scheme. “Low income earners” are any individual person or family who currently hold or are eligible to hold a Health Care Card, Pensioners Concession Card or a Commonwealth Seniors Card.
The loan applicant must also have lived in stable housing for at least the past six months.
LOAN COMMITTEE
A Committee of three people has been established to examine and approve loan applications. This Committee will meet monthly and a minimum of three members must consider all loan applications.
The Interviewing Officers will form part of the loan committee by making an appropriate recommendation.
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