What is the purpose of HSF ?

 

The purpose is to support more Australians to access newly built approved property as future home owners and to increase the supply of quality affordable rental properties.  We want to help those who have found the next step to property ownership always being pushed out of their reach and those that have been priced out of quality rental accommodation.

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Why are programs such as these needed?

 

With increasing prices pushing deposit and mortgage funding requirements further out of reach for many there needs to be alternative ways to narrow this gap.  Potential buyers with good income and stable employment are continually seeing their home ownership dream being pushed further and further out of their grasp.  The ability to save the required deposit is exacerbated by the lack of affordable rental properties as more and more people priced out of home ownership compete.

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What is a rent-to-own scheme?
It allows tenants to lease a property and buy it later, often with part of their rent contributing toward the purchase price.

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How does it work in Australia?

A tenant enters into a contract with the property owner, agreeing to rent the property for a specified period. At the end of this period, the tenant has the option (or obligation) to purchase the property at a pre-agreed price.

 

 

Who is eligible for a rent-to-own scheme?

Eligibility criteria vary but generally target individuals who:

• Cannot secure a traditional mortgage due to low credit scores or lack of a deposit.

• Demonstrate steady income to meet rent and other financial commitments.

• Long-term renters seeking the certainty of a 5 year lease term

 

 

Are rent-to-own schemes regulated?

Rent-to-own schemes fall under various legal frameworks, but they are not as tightly regulated as traditional mortgages. Always consult a lawyer before signing an agreement.

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Can I make renovations during the rental period?
Minor changes that help make the property "your home" are encouraged.  Any major renovations would need to be approved and there is an agreed process to obtain approval.

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