House Modification Funding : Contents
Income and asset test for amounts over $8,076
If a client is applying for a loan of more than $8,076 we look at their chargeable income and their assessed income to determine what to charge. This is then compared to the client's commitments.
Assessment of amounts in excess of $8,076
The level of assistance is determined by comparing income and commitments and the following shall apply:
Amount approved | |
if commitments exceed income | the amount applied for |
if income exceeds commitments by $20 or less | the amount applied for |
for every complete $10 in excess of $20 | the grant offer shall be $1,000 less than the amount applied for in excess of $8,076 |
Note the guideline being used is that for each $10 of income the client can afford to repay a loan of $1,000.
