Housing Loans

Queensland Housing Finance Loan

The Queensland Housing Finance Loan may be available for Queenslanders who can afford to purchase or build a home but cannot obtain private finance from a bank or building society. This loan can be used to buy an established house, unit, townhouse or duplex or to build a house.

Eligibility

To be eligible for the loan you must:

live in Queensland and be a citizen or permanent resident of Australia
not own or part-own another property
have a household income under $141,000 per annum
intend to live in the home
have a good credit history
have no significant debts
have a regular savings history
have savings to cover the deposit and other costs, such as legal fees, stamp duty and insurance
be able to afford the loan repayments without hardship
have earning potential for the term of the loan

Loan Details

Contact the QLD Government Housing loan hotline to apply or receive more information;

Email: loaninformation@hpw.qld.gov.au
Phone: 1300 654 322 Monday to Friday, 8.30am to 5.00pm
Post:
Loans and Debt Management
Department of Housing and Public Works Post
GPO Box 690
BRISBANE QLD 4001

The Loan Offers:

variable or fixed interest rate
only 2% deposit needed
no mortgage insurance fees
no monthly account-keeping fees

What will the loan cost?

There are upfront costs involved in buying or building a home with the loan, including:

a deposit of 2% of the purchase price of your home
application fees
you will need to get independent financial advice and you will be reimbursed up to $100 if your loan is approved
mortgage registration fees.

How much can I borrow?

This amount is based on:

your gross and disposable income
the term of the loan
current interest rates
the price of the home you want to build or buy.

An estimate of the maximum loan you may be eligible for can be provided over the phone.

How much will I repay?

You will have to repay the loan amount as well as interest and any fees and charges. The amount of your monthly repayments will depend on:

your loan amount
your income
current interest rates
the term of your loan

Your initial monthly repayments will start at 30% but will not be more than 35% of your agreed continued income. You must insure your home for the full term of the loan.

What other costs will I have?

You will also need to pay legal fees, stamp duty and registration fees. These fees vary depending on the purchase price of your home, location and other factors. See your solicitor to get an estimate of these costs based on your personal circumstances.

The First Home Owners’ Grant

If you are buying or building a new home, you could be eligible for the Queensland First Home Owners’ Grant. The Queensland First Home Owners’ Grant is a Queensland Government initiative to help first home owners to get their new first home sooner.

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