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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 $450,000 or less.
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 9th November 2009 is at 6.27 percent 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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