Do you wish to sell or refinance?
You have the option to finalise your Rental Purchase Plan Agreement at any time by:
- paying out the outstanding loan balance
- purchasing the department's share of the property at the current market value.
You may choose to do this by:
- selling the property to a third party
- refinancing with another financial institution
- refinancing with the department.
What should you do now?
If you would like to apply to either sell or refinance your property, you should notify the department in writing of your intentions.
In your request, please include details of:
- your account reference number
- your day time contact telephone numbers
- whether you intend selling or refinancing
- details of any structural improvements.
You can email your request to sell or refinance to email@example.com, or you can post it to:
Loan Delivery and Management
Loans and Debt Management
Department of Housing and Public Works
GPO Box 690
Brisbane QLD 4001
Do you wish to sell your property?
If you decide to sell, you should first contact the department as it is also a part-owner of the property.
The department will advise you of its recommended minimum sale price based on the current market value of the property. You can then list the property for private sale.
The payout figure on your Rental Purchase Plan Agreement will be determined by the actual sale price of the property and the amount owing on your share.
Do you wish to refinance your property?
If you decide to refinance, the payout figure on your Rental Purchase Plan Agreement will be based on the current market value of the property and the amount owing on your share.
How is the property valued?
To determine the current market value of your property, the department will engage two independent valuers.
The department's aim is to establish a fair and equitable market value for the property (ie. a price which could realistically obtain a sale within three months).
The valuers will contact you to organise a time to access the property and to provide you with the opportunity to be present during the inspection.
What valuation is used?
The current market value of the property, and the value of any improvements, is based on the average of the two valuations.
Where two valuations on the same property differ by more than 15%, a third valuation is to be arranged through the Australian Property Institute Incorporated (API). The third valuation is binding.
What about home improvements I have made?
If you have made improvements to your home, you will be entitled to receive the benefit that these improvements have made to the value of your home. This will be in the form of a credit, equivalent to the corresponding increase in the value of the department's share.
Any improvements you have made to your home, since it was last valued, should be listed in your request to sell or refinance. The valuer will then establish two valuations for the property; one with the improvements included; the other without improvements. Work that is considered maintenance will not be included as improvements.
For more information or selling or refinancing your home, contact the department.