No Interest Loans Scheme (NILS)
Loans can be used for things like fridges, washing machines, car repairs, phones, laptops, educational or medical and dental expenses.
Loans can be between $300 – $2,000 for essential goods and services and up to $3000 if the loan includes bond, rent in advance, rates or costs associated with a natural disaster.
There is no interest, fees or charges.
Who can apply:
To be eligible an applicant must:
- Earn less than $70,000 annual income (before tax) as a single person or $100,000 annual income (before tax) if you have a partner or children
- OR have experienced family or domestic violence in the last 10 years
- OR have a Health Care Card / Pension Card
- AND can show they can afford to repay the loan
What is needed to apply?
- 100 points of ID (such as a driver’s license, passport, Medicare card, Centrelink card, bank card or bills, including something to verify your address)
- Details about current financial situation (bank statements and/or banking details, payslips and/or current Centrelink statement, plus an estimate of regular expenses)
- Information on existing debts (such as buy now pay later, payday loans or rent-to-buy)
- A quote or invoice that shows: the date, a description of the item/service, the supplier’s details (business name, ABN, address, phone or email), banking or payment details, and the payment amount with delivery included.
- If the exact item hasn’t been chosen, but applicant knows the rough amount, they can talk to us about ‘pre-approval’ to check eligibility, then supply the invoice later. Note: No Interest Loans CANNOT be used for cash. They are paid directly to the supplier.
- When applying for a No Interest Loan, there are NO credit checks. The loan provider looks at income and expenses, the total loan amount, and the repayment timeframe (up to 24 months), and works with the applicant to see if the loan is affordable.
For more information, please visit the NILS website.
For further information please contact our NILs Coordinator Laati Burns laati.burns@hktc.com.au or 08 89272499
Funded through Good Shepherd Australia New Zealand, NAB and Department of Social Services
