Amid the challenges of housing affordability, Southern Downs Regional Council is encouraging local residents to explore their eligibility for the Queensland Housing Finance Loan Regional Trial, a Queensland Government initiative to assist more Queenslanders in regional and remote areas in achieving the dream of homeownership.
The Queensland Government has extended the household income eligibility criteria for this loan from $141,000 to $201,000 per annum for a two-year trial period, enabling more residents in regional Queensland to take advantage of this opportunity and access affordable housing finance options.
Southern Downs Mayor Melissa Hamilton praised the initiative, highlighting its potential to make homeownership more attainable for the community and to stimulate more local construction.
“If you dream of moving from renting to owning or building your own home, the Queensland Housing Finance Loan Regional Trial is a great opportunity,” Mayor Hamilton said.
“With a deposit as low as 2 per cent, and not having to pay for lenders mortgage insurance, homeownership is so much more achievable for many people in our region who are working hard but struggling to make that first step on the property ladder.
“Increasing the household income to $201,000 opens the eligibility to more households across our region and keeps our population here close to their family and friends.
“Council encourages all potentially eligible residents to see whether this is an opportunity to secure a stable future for themselves and their families right here in the Southern Downs.”
The Queensland Housing Finance Loan is available to individuals who can afford to buy or build a home but have been unable to secure a loan through traditional financial institutions.
The loan can be used to buy an established house, unit, townhouse or duplex or to build a home.
The trial is available to eligible residents residing in 45 council areas across Queensland, including the Southern Downs. To qualify, applicants must live in one of the designated council regions, be an Australian citizen or permanent resident, not own or part-own another property, have a household income of less than $201,000 per annum, intend to live in the home, have a good credit history, and demonstrate a regular saving history.
For more information about the Queensland Housing Finance Loan Regional Trial, please contact the Loans Information Hotline at 1300 654 322 or email hscsloaninformation@housing.qld.gov.au.
