The Gleaner has sought additional information from the NHT, particularly in relation to how the new policy will benefit low-income earners.
A 25-year-old minimum wage earner who approaches the NHT on July 1 for a loan could access up to $4 million, including a home grant. This means that this low-income earner would have a monthly mortgage payment of $8,808.58.
At the same time, a 45-year-old minimum wage earner could borrow $2.2 million and access a home grant of $1.5 million, bringing the total sum available from the Trust to $3.7 million. This middle-aged person would be required to pay a similar monthly mortgage of $8,804.90.
With a weekly income of $12,000, a 25-year-old contributor could access $4.5 million from the NHT and pay a monthly mortgage of $12,271.03. Another contributor in a similar age group who earns the same amount weekly and who wishes to purchase a house in a new housing development or who plans to build a house, can get up to $5.5 million from the Trust. This person's monthly mortgage would be $14,997.41.
However, a 45-year-old contributor earning $12,000 per week could borrow up to $4.25 million as of July 1 and end up paying a monthly mortgage of $ 17,009.36.