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Finance Loan
Queensland Housing Finance Loan
Eligibility for the Queensland Housing Finance Loan
To be eligible for a Queensland Housing Finance Loan, you must:
- live in Queensland and be a citizen or permanent resident of Australia;
- not own or part-own another property at the time of application;
- intend to live in your home;
- have a good history of managing credit (and you must not have other significant debts);
- consent to our obtaining a credit report on you from a credit reference agency;
- have an agreed continued household income of less than $70,400 gross per year (while there is no minimum income level, a gross annual income over $27,000 is usually needed to be able to afford a loan without hardship);
- demonstrate a regular and satisfactory savings history over six months;
- have sufficient savings to meet the minimum deposit and other costs such as legal fees, stamp duty and insurance, associated with the loan and buying or building a home (if it is available and you are eligible for the First Home Owner Grant, grant monies can be used instead of some, but not all, savings). For more information, view the Queensland Housing Finance Loan costs;
- be able to afford the loan without hardship; and
- have future earning potential for the term of the loan.
Other assistance
Free interpreter services are available to people from non-English speaking backgrounds. These services are offered to help you fully understand the Queensland Housing Finance Loan.
What is a suitable property?
Whether you are buying or building a home, that home must:
- comply with local authority requirements and applicable building laws;
- be supplied with usual services (eg electricity, town water and sewage or tank water and septic in rural areas);
- not be used for a business;
- have a valuation report satisfactory to the department (the department organises this – a maximum property value of $350,000 applies); and
- be constructed with physical termite barriers if it is being built.
We strongly recommend you have building and pest inspections carried out on the home you want to buy. The department may require a full pest certificate for certain homes.
Last updated 21 April 2009
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