Rental purchase plan program

This information is only for people who currently have a home loan with the Queensland Government.

The rental purchase plan program was not offered to new borrowers from 1996.

Buying extra shares in your home

Before you can buy extra shares in your home we have to assess your financial information. This includes:

• your gross weekly income
• the amount you have repaid on your current share
• extra cash you may wish to pay as a deposit
• our current interest rates
• current market value of your home
• current market value of improvements you have made to your home
• your other financial commitments.

Once we receive this information we will assess if you are eligible to buy more shares, and if so how many. You will also need to have at least $2,000 equity in your home to be able to buy more shares.

If you are assessed as eligible you can buy a minimum of 5% more shares in your home.

Selling or refinancing your home

You can finalise your rental plan agreement at any time by paying the outstanding loan balance or buying our share of your home.
You can do this by:

• selling your home to a third party
• refinancing with a private lender
• refinancing with us.

If you would like to sell or refinance your home you must notify us in writing and include:

• your account reference number
• your day time contact numbers
• whether you are selling or refinancing
• details of any structural improvements.

If you are selling your home we will advise you of the minimum sale price based on the market value of your home. You can then list it for private sale.

You may also qualify to move to full home ownership through the Queensland Housing Finance Loan.
You can post or email your request to sell or refinance to:

Email: loaninformation@chde.qld.gov.au

Post:

Loans and Debt Management

Housing and Homelessness Services
Department of Communities, Housing and Digital Economy
GPO Box 690
BRISBANE QLD 4001

Home valuations

We use independent valuer to get the market value of the property. The valuer will contact you to organise a time to inspect the property.

If you have made any home improvements, you are entitled to receive the benefits these improvements have made to the value of your home. This will be in the form of a credit equal to the increase in the value of our share of your home, as a result of your improvements.

If you have made improvements to your home since it was last valued you should list these on the application form. The valuer will then provide a valuation which will include any improvements. Work that is considered maintenance will not be included as improvements.

Property insurance

From January 1996 we offered all rental purchase plan borrowers building insurance on their home paid free of charge. This applies only to building insurance and does not include contents insurance.

If you have renewed your building insurance this year we can refund your annual premium. You need to provide us with a copy of your premium notice and payment receipt.

If your building insurance is now due please forward the premium notice to us and we will pay the premium.

If your premium is for combined house and contents you will need your insurer to provide written notification separately identifying the building and contents elements of your premium. Your insurer must also confirm the amount of GST and stamp duty related to the base building premium.

While we will pay for your building insurance it is your responsibility to keep insurance on your home under the rental purchase plan agreement.

If you pay your insurance through a body corporate or other group title arrangement please contact the loans team.

You can post your premium notice and payment receipt to: