Loan scheme changes to help more people to rent privately

• State Government increases income and asset limits for its Bond Assistance Loan Scheme
• New weekly income limits and new maximum bond loan amounts are increased with a 100 per cent increase in asset limits for all household types
• Changes in effect from Monday, 19 June

The State Government has announced increases to income and asset limits for the Bond Assistance Loan Scheme.

The Department of Communities offers bond assistance and two weeks rent in advance as an interest-free loan to help eligible people obtain accommodation in the private rental market. Maximum loan amounts depend on an applicant's individual circumstances.

The State Government has increased income and asset limits and maximum bond loan levels, ensuring more people will be able to borrow a greater percentage of the total bond required. 

The new weekly income limits have increased by between 30 per cent and just under 50 per cent for all household types and the new maximum bond loan amounts have increased by up to nearly 70 per cent, depending on household type and location.     

There has also been a 100 per cent increase in the asset limits for all household types; 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 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.

To assess eligibility criteria applicants should undertake a Housing Options Assessment.  For further information please contact your local Housing Office​.

Comments attributed to Housing Minister John Carey:

"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 which is why we've increased income and asset limits under the Bond Assistance Loan Scheme.

"The program directly supports low and moderate-income households to secure private market rental housing by offsetting some of the up-front costs.

"While there is always a link between a tight private rental market and the number of applications for social housing, we're doing everything we can to assist Western 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."