New mortgagors accessing their National Housing Trust (NHT) benefit will be afforded a reduced service charge.

NHT administrative manager Shara Luke Cooper explained that the adjustment forms part of the trust’s broader efforts to make homeownership more affordable for contributors.

“What that translates into is, for our lower-income earners, if you are paying a lower amount as it relates to charge on your loan, it reduces what you would pay monthly. So you will realise real savings as an individual in your income and your earning power because you will be paying less mortgage payments,” she said.

The NHT continues to implement strategies to improve affordability and access to housing, particularly for contributors in greatest need.

These include increased loan limits, reduced wait times for the Home Improvement Loan, adjusted interest rates for the Smart Energy Loan, and an expanded Home Grant.

On June 16, the NHT introduced its revised loan limits, two weeks ahead of the originally scheduled July 1 implementation date.

Other policy changes, such as the expanded Home Grant, reduced service charges, and lower deposit requirements, took effect on July 1.

For more information, contributors are encouraged to contact the NHT or visit www.nht.gov.jm.