NILS Information Session Money Management Presented by: <INSERT NAME>. Funded by the Australia Government Department of FaHCSIA for the Financial Management Resource Unit Project, produced by Matrix on Board. Test Yourself.
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Presented by: <INSERT NAME>
Funded by the Australia Government Department of FaHCSIA
for the Financial Management Resource Unit Project, produced by Matrix on Board
Over the next two hours we will cover:
No Interest Service Loans
WA NILS is a not for profit organisation created in response to the difficulties faced by low income households in obtaining affordable credit in order to purchase essential household items.
WA NILS provides loans of up to $1,500 without interest or charges to low income earners to purchase basic household items.
At present, WA NILS provides loans between $200 and $1,500 for the purchase of essential household items, predominantly but not exclusively white goods.
Refer to handout for full list.
Loans are for two items only.
WA NILS cannot help with loans for:
Bond Assistance, electricity, gas or water bills, rent arrears or debts and general expenses such as food and clothing, cars and car repairs
Loans are for low income earners only.
If the applicant has a Health Care Card (HCC) or pension card and their income is within NILS guidelines, they are a low income earner.
In addition to being a low income earner:
To work out debt to income ratio, please use the following formula:
DEBT divided by INCOME
+ Household $ 30.00
+ Vehicle (Loan, Rego, Insurance) $ 12.00
+ Current Debts
So, $152.00/$755.46 = 0.201% x 100 = 20.1%
NB: Maximum percentage allowed is 64%.
Paid Employment $250.00
+ CentrelinkPayment $492.70
+ Maintenance $ 12.76
Pair up and role play a case study – work through the application form and determine how much support to give this client. Where not provided make up information.
Swap pairs and use another case study to prepare a budget and / or letter of support.
Provided by applicant:
Proof of Income
Proof of identification
Proof of accommodation
Support documents verified by the NILS agent:
Bank Statement / transaction list (30 days)
Letter of support
Refer to examples.
How can NILS be used as a money management tool?
What are other ways people can afford whitegoods?
What other loans have you heard of?