The parent plus loan scheme, which offers a free 30-year mortgage, could save some parents from bankruptcy if the scheme goes ahead.
The Government said the scheme would allow parents to save up to $2,000 in the first year of their loan, which is not available to non-residents.
“Parents will be able to access a savings account to support their kids during the first two years of their home loan, while they can still take out a home loan at the same time,” Minister for Finance Michael Noonan said.
The loan will be available to borrowers of any national insurance number (NIN), as well as to eligible people over the age of 30.
“If you’re under 30, you can apply for this loan and be eligible for this scheme,” Mr Noonan added.
Mr Noonan confirmed the Government would extend the scheme for up to 10 years.
The NIN scheme is designed to help low-income families pay for their mortgage.
“It is important that people can be able and confident about their financial situation, and the scheme will help people get the confidence they need to take the necessary steps to improve their financial position,” he said.
Topics:housing-industry,housing,social-policy,business-economics-and-finance,housing-policy-and_government,bankers-and‑brokers,wealth-york-2184,canberra-2600,royal-andrian-arab-1,queensland-7250,brisbane-4000,southport-4215,south-port-west-3189,port-melbourne-3000,southbourne-4000First posted April 11, 2019 06:21:23Contact Louise BreslinMore stories from New South Wales
