Managing your loan
This information is only for customers who currently have a home loan with the Queensland Government.
There are a range of payment and refinancing options for people who have a current Queensland Government housing loan.
Making repayments
Paying by direct debit is compulsory for anyone who has financed on, or after, 1 July 1992.
You can also make repayments with your payment barcode at any Australia Post office or agency, or by BPay through telephone or internet banking. Our Biller Code and reference number are printed on your payment barcode next to the BPay logo.
Direct Debit
You can choose the payment frequency for your repayments.
- weekly—pay on the same day each week = 52 payments over 12 months
- fortnightly—pay on the same day every two weeks, for example every second Tuesday = 26 payments over 12 months
- four weekly—pay on the same day every four weeks, for example every fourth Friday from the first deduction (this method means that you will pay 13 payments over 12 months)
- monthly—by date, for example 20th of each month, or by day, for example third Monday of each month = 12 payments over 12 months.
If a scheduled payment falls on a weekend or public holiday, the payment will be deducted on the following working day. If a payment falls on 29, 30 or 31 and these dates do not occur in that month, the payment will be deducted on the last working day of that month.
Changing the amount you repay
You can choose the repayment amount deducted from your account each time - however, the total amount deducted each month must be at least equal to your monthly instalment amount.
If you want to increase or decrease the amount you pay via direct debit, you will need to notify us in writing. You can also make extra one-off payments with your payment barcode.
If you need to stop a payment you should notify us 2 working days prior to the deduction day.
To change the amount you repay, you can complete the Direct Debit Request Form .
Completed direct debit request forms can be mailed to:
Loans and Debt Management
Department of Housing and Public Works
GPO Box 690
BRISBANE QLD 4001
Once we have processed your request, you will receive a letter advising when the direct debit deductions will begin. Until you receive this letter you can make payments using your payment barcode.
Interest rate options
If you have a loan with the department, you may be able to change the type of interest charged on your loan.
During the loan period or at the end of a fixed interest rate period, you may change from:
- fixed to variable
- fixed to fixed
- variable to fixed.
There may be an extra amount charged if you pay out your fixed loan, change to a variable or another fixed rate before the 3-year fixed term has expired.
Fixed interest rate
This allows you to fix the interest rate for 3 years. If you start with a fixed loan, it is fixed from the day the loan is approved. The interest rate cannot increase or decrease during this time regardless of what happens to interest rates generally.
The advantage of a fixed interest rate is it protects you from unexpected increases in repayments caused by uncertain variable interest rates. It offers stability so that you can budget with certainty for your loan repayments.
The disadvantage is that if the variable interest rate reduces, your interest rate will not reduce for the term that your rate is fixed. You may also be charged an extra amount if you pay out your fixed loan or change to another fixed or variable rate before the 3-year fixed term has expired.
Variable interest rate
Interest rates may rise or fall over the term of the loan. From time to time this will be higher or lower than the 3-year fixed interest rate. Variable interest rates are advertised on the last Monday of each month in the Brisbane Courier Mail.
The advantage is if interest rates fall, your rate will also reduce, resulting in more of your monthly repayment going toward reducing your loan balance.
The disadvantage is interest rates may increase at any time, which means it will take longer to pay off your loan. You may have to increase your repayments if it is not enough to repay your loan over the maximum term you are allowed. If you are not required to increase your repayments you should think about doing so, otherwise the length of your loan and number of repayments you have to make will increase, due to having more interest to pay off.
Contact us
If you have any questions about managing your loan, please contact our loans hotline.
- Email: hscsloaninformation@housing.qld.gov.au
- Phone: 1300 654 322 Monday to Friday, 8.30am to 4.30pm
- Post:
Loans and Debt Management
Department of Housing and Public Works
GPO Box 690
BRISBANE QLD 4001