Rental purchase plan program

This information is only for people who currently have a Rental Purchase Plan (previously called H.O.M.E Share scheme) agreement with the Queensland Government.

The Rental Purchase Plan program was offered to customers until 1996 and is no longer offered to new customers.

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
• extra cash to purchase the additional shares
• the current market value of your home
• the current market value of improvements you have made to your home.

Once we receive this information, we will assess if you are eligible to buy more shares and, if so, how many.

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 tell you the minimum sale price based on the market value of your home.

We may consider retaining the property for future public housing. If we do this, we will purchase your interest in the property from you at its current market value at the time.

If we don’t want to retain the property, we will tell you so you can list the property 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 via:

• email: hscsloaninformation@housing.qld.gov.au
• post:
  Loans and Debt Management
  Housing and Homelessness Services
  Department of Housing and Public Works
  GPO Box 690
  Brisbane Qld 4001.
  

Home valuations

We use an 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 that these improvements have made to the value of your home. This will be 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, list these on the application form. The valuer will then provide a valuation that includes 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. Provide us with your:

• insurance renewal notice
• payment receipt for proof of payment
• insurance certificate of currency
• bank account details for the refund.

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

If your premium is for combined house and contents, you need your insurer to:

• provide written notification that separately identifies the building and contents elements of your premium
• confirm the amount of GST and stamp duty related to the base building premium.

While we will pay for your building insurance, you are responsible for keeping up insurance on your home under the rental purchase plan agreement.

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

You can post your premium notice and payment receipt to:

Loans and Debt Management
Housing and Homelessness Services
Department of Housing and Public Works
GPO Box 690
Brisbane Qld 4001.