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Australian Low Income and Disability Home Loans

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  • Synopsis: Listing of low income loans and housing subsidies in Australian states including disability and Aboriginal loan programs - Published: 2009-02-06 (Rev. 2016-01-09). For further information pertaining to this article contact: Ian Langtree at Disabled World.

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"Under the scheme, a one-off grant of up to $7000 is payable to first home owners that satisfy all the eligibility criteria."

Listing of low income loans and housing subsidies in Australian states including disability and Aboriginal loan programs.

Australian Home Loans for Low income Families

The Australian First Home Owner Grant - (FHOG) scheme was introduced on 1 July 2000 to offset the effect of the GST on home ownership.

It is a national scheme funded by the states and territories and administered under their own legislation.

Under the scheme, a one-off grant of up to $7000 is payable to first home owners that satisfy all the eligibility criteria.

The grant is not means-tested, nor is it restricted by the purchase price of the home.

The grant is not a loan and does not need to be repaid. You can use the Grant to cover your deposit and home loan fees.

To be eligible to receive the grant, the following criteria must be satisfied:

You and your spouse/partner must not have received a grant in any State or Territory of Australia.

You and your spouse/partner must not have owned residential property, either jointly, separately or with some other person prior to 1 July 2000, in any State or Territory of Australia.

You and your spouse/partner must not have occupied for a continuous period of at least 6 months, a residential property in which either of you acquired a relevant interest on or after 1 July 2000 in any State or Territory of Australia.

You must be a natural person (not a company) and at least 18 years of age at the time of settlement or completion of construction.

The Access Home Loan Scheme is designed to help people with disabilities buy their own home or modify an existing private home to cater for their needs. People on disability support benefits and their carers in receipt of a pension can apply for this loan.

Australian Home Loans by States

Queensland - The Queensland Department of Housing - Offers a range of targeted loan schemes, including:

a) Queensland Housing Finance Loan to assist people earning low to moderate incomes to buy or build a house.

b) Queensland State Housing Loan to assist eligible public housing tenants and other people to buy a Department of Housing rental property.

c) Pathways Shared Equity Loan to assist eligible public housing tenants to purchase a share in the property they are currently renting.

d) Queensland Home Adapt Loan to assist home owners with a disability, or those who have a household member with a disability, to modify their home.

Buying or building your first home is a major expense which the Australian Queensland Government recognizes is further increased as a result of the goods and services tax. To help offset these costs, the Queensland Government administers the First Home Owner Grant through the Office of State Revenue. From 1 July 2000, when you buy or build your first home, you may be eligible for a $7,000 grant. In addition to the first home concession, home concessions exist for the purchase of a home that is not a first home.

Western Australia - Keystart - An initiative of the West Australian Government, owned by the Department of Housing and Works, set up to assist West Australians into affordable housing.

Western Australia offers some of the best quality, most affordable housing in Australia. So it's welcome news that Keystart can lend you up to a maximum of $475,000 to purchase your own home. They can also assist you to purchase a block of land that you intend building on within 12 months.

Access Home Loans were established on the basis that disabled people should not be disadvantaged when it comes to home ownership or home improvements. The scheme allows people on disability support and their carers who receive a pension to purchase a minimum 70% of the property with the Department of Housing and Works owning the remaining share.

Keystart is available to all West Australians purchasing an owner occupied property in Western Australia who meet their lending criteria and Keystart can assist all homebuyers be it their first, second, or subsequent home. All Keystart loans are for owner occupation.

Keystart will lend money for housing loans in all areas of Western Australia including the country regions.

Northern Territory - The Northern Territory Government - Has a number of schemes to assist all home buyers.

HomeNorth Xtra Standard Variable Loan - Offering a low deposit loan.

HomeNorth Xtra Shared Equity Loan - A partnership agreement between the Government and the home buyer.

HomeNorth Xtra Fee Assistance Loan - Providing assistance with the costs associated with buying a home, including stamp duty, deposit and up to $1,500 for white goods.

HomeNorth Xtra Public Housing Sales Program for Tenants - Offering public housing tenants the option to purchase the property they are in or transfer to purchase another public housing dwelling.

The First Home Owner Concession scheme provides Territorians purchasing a home, or land to construct a new home, on or after 6 May 2008, that is their first home in Australia, a concession of up to $15 515.50 off the duty payable.

The First Home Owner Grant scheme provides Territorians purchasing a home, or land to construct a new home, a grant of up to $7000.

The Principal Place of Residence Rebate scheme provides Territorians purchasing a home, or land to construct a new home, on or after 20 June 2005 that is not their first home in Australia, a concession of up to $2500 off the duty payable.

New South Wales - NSW Office of State Revenue - If you are buying or building your first home, you may be eligible for benefits under the First Home Owner Grant Scheme and/or the First Home Plus Scheme.

The First Home Owner Grant Scheme is fully funded by the NSW Government and administered by the Office of State Revenue. The Scheme was established to assist eligible first home buyers to purchase their first home by offering a $7000 grant.

The NSW First Home Plus Scheme provides generous exemptions or concessions on transfer duty for eligible first home buyers. This includes vacant land on which you intend to build your first home.

The First Home Owner Grant Scheme (FHOGS) is fully funded by the NSW Government and administered by the Office of State Revenue (OSR).

The Scheme was established to assist first home buyers to purchase their first home by offering a $7000 grant.

Eligible first home owners can receive the grant regardless of their income, the area in which they are planning to buy or build, or the value of their first home. When applying through an approved agent for the purchase of an existing dwelling, payment will be made at settlement. For a contract to build, payment may be made on the first progress payment to the builder provided that the first progress payment is not less than the grant amount payable. For an owner builder the grant will be transferred into the account of the approved agent upon completion on your behalf. There are no income or assets tests to qualify for the benefits.

South Australia - Home Start Finance - There are a number of housing loans available for low income earners in South Australia.

Low Deposit Loan - HomeStart's Low Deposit Loan could be the solution to help you on your way to home ownership sooner, even if you don't have a lot of savings. The Low Deposit Loan was designed to address the needs of people on a low to moderate income who may not have sufficient funds to purchase a home. You can borrow up to 100% of a property value or purchase price, whichever is the lower amount. This means that you may not actually need a deposit to achieve your dream of owning your own home. To be eligible to apply you need to demonstrate that you have savings of $1000 (held for at least 3 months) or provide evidence of at least 12 months satisfactory rental history. You must have a clean credit history with no paid or unpaid defaults, court judgments or history of bankruptcy.

Seniors Equity Loan - Are you over 60 years of age and own or nearly own your home? If you are thinking about making improvements to your house or taking a holiday but keep putting it off due to lack of readily available funds, accessing your equity could be the boost that you need to bring these dreams to fruition. Seniors Equity Loan is a reverse equity loan with no regular repayments. HomeStart's equity option for seniors is designed to be flexible so that you have the choice of how much you pay and when you make payments.

ACT - Canberra Connect - An Affordable House and Land Package is an arrangement, whether covered by one contract, or separate related contracts, which results in a new house being built on a new block of land in the ACT. The total contracted price for the purchase of the land, and the construction of the home on that land must not exceed $300,000. The threshold value of the total contracted price is and is reviewed periodically.

The Home Buyer Concession Scheme (HBCS) is an ACT Government initiative administered by the ACT Revenue Office to assist persons in purchasing a residential home or residential vacant land by charging duty at a concessional rate. Applicants (and their domestic partners) must not hold or have held in the previous two years, an interest in any other land except where special circumstances apply.

Victoria - Office of Housing - The Victorian Government is not currently providing long term home loans due to the competitive nature of the home loan market and the relatively low interest environment with improved affordability level, but does provides loans for health and safety related works to home owners over sixty years, those with a disability and those caring permanently for someone with a disability. The range of work that can be carried out is broad and covers health and safety modifications, personal safety, internal maintenance and general maintenance. Health and safety modifications include step-less showers, altered bench heights, construction of ramps and wider access doorways. Personal safety changes can include safer paths and floor coverings, fencing and gates, smoke detectors and security lighting.

If you are seeking a home loan in Victoria, you may contact a number of lending organizations such as banks, credit unions or mortgage brokers to compare products and costs.

Tasmania - In addition to the FHOG the Tasmanian State Government provides further assistance to first home purchasers by discounting the amount of Stamp Duty payable by up to a maximum of $4000 (conditions apply). Should the stamp duty associated with the purchase be less than $4000.00 you won't receive the difference, should the stamp duty be more than this amount you only have to make up the difference. 1st home buyers purchasing under $120,000.00 may apply for a 2 year interest free loan from the Tasmanian Government to cover stamp duty costs, this loan deferment is repayable by quarterly installments.

Aboriginal Housing Loans - IBA Homes loans - Available to Indigenous Australians and their spouse/partner who want to buy an affordable home. Those living in communities on Indigenous land may be eligible to apply for a Home Ownership on Indigenous Land loan. Indigenous Australians living in urban or regional centers or towns seeking to buy a home on freehold land can apply for one of IBA's standard home loan products.



Related:

  1. Guide to Home Buying for People with Disabilities - Information on buying a house for people with disabilities including qualifying for home loans and mortgage with a disability.
  2. Home Loan Calculator for Mortgages - Thinking of borrowing money to purchase a home or car and want to know roughly how much it will cost you in total or how much your loan repayments will be
  3. Home Budget Calculator for Planning Household Finances - Online home budget calculator and financial planner to calculate your household finances and expenditure limits.





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