What does qualifying mean?

Answer: Easy qualifying means that you do not have to jump through the hoops like when qualifying for a bank loan. All we require is a basic application form, which you can complete and fax 02 6931 1187 to us or we can do it with you over the phone. There is NO Cost to you to be qualified for an Opportunity Housing home. Once you are pre-qualified, we can make an appointment to meet with you at the property.

How do I get my credit report?

Answer: You order your credit report through Baycorp Advantage. There are two services. The fastest way is to go to www.mycreditfile.com.au (pay $27 including GST) and email to pdza1234@tpg.com.au.

How much deposit will I need?

Answer: Probably not as much as you think! Tell us how much money you can afford to put down in order to get a home of your own and we'll work with you from there.

How many years do I make payments?

Answer: the paperwork you'll sign is an installment contract,(also known as a terms contract) it allows the price to be paid off by installment payments over many years, usually 25 or 30 years. However, our aim is to provide a service as a stepping stone to more conventional finance at a later date (often in as little as 2-3 years).

Our credit is no good. What do you look for on the application?

Answer: We look for three basic things:

1. Verification of employment. We are looking for someone who makes a reasonable income with an established job history.
2. Regular rent payments (or house payments). We are looking for someone who has a history of making his/her rent (or house) payments on time.
3. Credit. Your credit doesn't have to be prefect, but it does have to be reasonable. A few slow pays or even bankruptcy can be okay. What we're looking to avoid is the person who makes a habit of not paying their landlord or mortgage company on time.

We're new to the area and we don't have any local references (employment, landlord, etc). Can we still buy a house?

Answer: Yes, we simply verify all information from your previous landlord and employers, thus it is very important that you provide us with all information, including addresses and telephone numbers.

How long does the whole process take?

Answer: We usually give you an answer with two to three days. From there it's just a matter of paying the deposit and arranging an appointment with your solicitor to sign the contract. Once the contract is signed you can move in.

I'm not sure how this works. Do I own the home?

Answer: You have the legal right to possession and the right to purchase the property. Basically we exchange contracts but do not settle for 25-30years or until the contract is paid out. You have the 'control' of the property.

Are there any other costs?

Answer: Yes, you'll pay council rates, water rates, taxes and householder's insurance. You'll make these payments at the some time as you make your weekly installment (house) payment.

How do I protect my ownership?

Answer: A caveat is noted on the title deed. It clouds the title preventing us from selling or refinancing the property without your express permission - in other words you're in charge.

Can I refinance my loan?

Answer: Yes. You may use any lender to refinance at any time. However, this is dependant on each individual situation. For some they will be able to refinance in a few short years and for others it may be a least a few years until they build enough equity to qualify for a new loan.