Costs $10 Million to Lend $2.7 Million

Check this out http://au.news.yahoo.com/a/-/latest/8545177/10-million-in-costs-for-just-15-loans/

It is a story about the Northern Territory Government here in Aus. ┬áHere’s the first two paras:

A federal government program aimed at helping indigenous Australians buy their own home used up nearly $10 million in administrative costs to provide $2.7 million for just 15 loans, an audit report says.

As well, not one of 45 homes constructed at a cost of $25.5 million in the Northern Territory for the program had been sold to the indigenous community.

Read it for yourself.

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