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Penrith Receives $47,500 No Interest Loan Boost

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Minister for Fair Trading Matthew Mason-Cox and Member for Penrith Stuart Ayres today presented Muru Mittigar with a cheque of more than $47,500 to fund their work with the No Interest Loans Scheme (NILS).

Mr Mason-Cox said that no interest loans offer an alternative to high cost credit products such as payday lenders and rent-to-buy schemes.

“The NSW Government is continuing to do all we can to support local residents and families who may be excluded from access to financial services many of us take for granted,” Mr Mason-Cox said.

“NILS is a practical hand up rather than a hand out with loans being repaid in more than 95 per cent of cases. “This ensures funds are put back into the scheme to assist others and supports loan recipients to establish credit ratings and get finance in the future.”

Mr Ayres welcomed the funds for the Penrith area.

“It is pleasing to see the grant of $47,590 per annum being provided for the local area,” Mr Ayres said.

“NILS supports residents of the Penrith area who may have fallen on hard times and gets their life back on track.

“It is a major contributor to breaking the poverty cycle with loans paid back to help other financially disadvantaged members of the community who would otherwise not qualify for financial loans.

“Under the NILS program, interest-free loans of up to $1,200 are allocated to low income earners to buy essential household goods or medical and dental care.”

Mr Mason-Cox said each year the NSW Government, through NSW Fair Trading, provides $2.3 million in funding for the administration of the NILS program.

NSW Fair Trading is visiting the Penrith region as part of the My Place community education program. 

For information on the My Place Program visit www.fairtrading.nsw.gov.au or phone 13 32 20.  

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Stuart Ayres - Member for Penrith

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