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The Access Home Loan scheme is designed to
make buying a home affordable for lower-income homebuyers who have
disabilities or disabled dependents living with them. The aim of the
scheme is to provide people with an opportunity to achieve home
ownership and to establish a proud, secure base within the community
for themselves and their family.
The loan is designed for people on income
that is within the rental income limits set down by the Department
of Housing and Works. For further information on these limits, click
here.
Under the scheme, the Department of Housing
and Works will purchase equity in a property, with your loan and
deposit covering the balance of the purchase price. In the future
when you can afford to, you can purchase some or all of this equity
back from the Department.
This equity will be based on the market
value of the property at that time, however if you have made
structural improvements that have added value to the property, this
will be taken into consideration.
An Access loan can also be used to make
improvements to a home you already own. For example you may be able
to borrow between $5,000 and $50,000 to make modifications to your
home or other structural alterations that will make life easier and
more enjoyable. In some cases, the Department of Housing and Works
may even purchase equity in your property to help finance major
renovations.
About the loan
With an Access Home Loan, you may only need
a deposit of $2,000 or 2% of the purchase price if the property you
are purchasing is $412,000 or less.
If you live above the 26th Parallel,
the maximum purchase price with a 2% deposit is $450,000 while a 5%
deposit can allow you to purchase a property up to $500,000 in the
North of the state
If you don’t have that amount already
saved, then the First Home Owner Grant can be used to cover all or
part of the deposit and any loan fees. For further information on
the First Home Owners Grant, click
here.
If you are not eligible for a First Home
Owner Grant then you may be able to borrow up to $2,000 for
assistance with fees. Non-first homebuyers may also be eligible for
a non-repayable grant from the Department of Housing and Works of up
to $3000 to assist with the purchase costs.
How much can we borrow, and what will
our repayments be?
The loan amount and repayments will depend
on your assessable income, other commitments you may have and the
value of the property you wish to purchase.
Our loans counsellors will determine the
loan you qualify for once they receive an application form and
supporting documentation from you.
What interest rate will apply?
The interest rate is variable and at the
1st June 2010 is 7.37% per annum.
Eligibility
Applicants for the Access Home Loan scheme
must:
- Have an intellectual, psychiatric, neurological, sensory or
physical impairment that is permanent or likely to be permanent
and impacts on your housing needs in terms of building design,
proximity to essential services or the need for support services
- Be over 18 years of age
- not have any debts owing to the Department of Housing and
Works or Keystart
- have a satisfactory rental and credit history
- be able to demonstrate that you have the capacity to meet the
required repayment
- not own or part-own another property or land in Australia
- not be currently bankrupt or discharged from bankruptcy within
2 years of the date of the application
Where do I obtain further
information?
For information about the Access Home Loan
scheme or to determine if you are eligible to apply, contact:
Toll Free: 1800 001 722.
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