§ Mr. GardinerTo ask the Deputy Prime Minister what research his Department has carried out to assess the feasibility of launching a bond security scheme for tenants in rented property; and what studies he has received of bond security schemes for tenants in rented property in Australia. [135039]
§ Keith HillCost-benefit assessments of intervention measures were carried out for the consultation on protection of tenancy monies, based on research by the University of York and data from the pilot Tenancy Deposit Scheme. In 1998, a review of deposit schemes operating in Canada, New Zealand and Australian states was carried out.
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§ Alan JohnsonThere are two types of student loan. Borrowers who started their courses before the 1998/99 Academic Year are liable to repay fixed-term (mortgage-style) loans. Income contingent loans apply to the vast majority of borrowers who entered higher education from the 1998/99 Academic Year.
Under the mortgage-style loans scheme, a student can apply to defer their loan repayments for a year at a time if their income is not more than 85 per cent. of national average earnings. This deferment threshold is recalculated annually in line with figures published by National Statistics and is currently £21,364 for the year starting 1 September 2003. Any change to the 85 per cent. threshold would require primary legislation and we have no plans to make such a change.
The threshold for repaying income contingent loans is an annual income of £10,000. Borrowers over this threshold are liable to repay 9 per cent. of their income over £10,000. The repayment scheme came into effect in April 2000. The level of the threshold will rise to £15,000 from April 2005.
The information requested is provided in the table for both mortgage style and income contingent loans: