Once you've moved into your home under Help to Buy, you must continue meeting certain responsibilities to remain eligible. These include living in the property as your principal place of residence, maintaining it in good condition, keeping full replacement building insurance and covering regular costs like rates and utilities.
You must not rent out the property in part or full, use it for business, or treat another property as your main residence (unless you meet specific exceptions and have received written approval from Housing Australia).
Any major changes such as renovations, refinancing, or selling, require notifying Housing Australia in advance. This enables Housing Australia to ensure that your ongoing eligibility requirements are met, that any major changes are formally acknowledged and to appropriately value the property.
Periodic reviews will be undertaken to ensure you continue to meet the Scheme's eligibility requirements and, where your circumstances have changed, determine whether you can reasonably afford to buy back part or all of the Commonwealth's share in your home.
Related FAQs
How can I check whether I’m eligible for the Help to Buy Scheme?
To check whether you meet the main eligibility criteria, please use the Australian Government’s Help to Buy Eligibility Tool.
How do I apply for Help to Buy?
The simplest way to begin the process is to:
One of our Lending Specialists will be able to guide you through the process. They will assess your eligibility for a home loan and whether Help to Buy is an option for you.
Applications cannot be submitted directly to Housing Australia. You must be approved for a home loan from us before you can submit your application to Housing Australia for a place in the Help to Buy Scheme.
Unfortunately, we are unable to facilitate Help to Buy home loan applications via our Online Application Form at this current time. All Help to Buy enquiries should be submitted using the contact options listed above.
How many applicants are allowed under the Help to Buy scheme?
A maximum of two applicants are allowed under the Help to Buy scheme.
If you are applying as a single, single parent or single legal guardian and your personal circumstances change, please contact us at the earliest opportunity to discuss any impact on your participation in the Help to Buy Scheme.
Do applicants have to be Australian citizens?
At time of application, all applicants must be Australian citizens.
If you are applying for citizenship, you won't be able to apply for Help to Buy until you have been issued your citizenship certificate.
Participants must remain Australian citizens for as long as they remain in the Scheme.
Does the Scheme impact the interest rate of a home loan?
No. Participating in the Scheme does not increase or adjust the interest rate of your home loan product. Your rate is based on the home loan that you choose with Queensland Country. Interest rates are subject to change.
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