Fair Go Homes Pty Ltd...

How It Works . . .

Fair Go Homes Pty Ltd operates in the area from Townsville to Cairns, North Queensland, Australia.

We buy houses in the area from Townsville to Cairns, and resell them to people who have difficulty obtaining credit to buy a house through traditional channels.  Generally we buy the house first. Sometimes we buy a specific house for a particular client after they find the house themselves, but this must fit our buying criteria.

When we buy a house, we generally do so with a mortgage from a traditional lender. This is normally with a 20% deposit and repayments of principle and interest over a 30-year term.

We sell the house at fair market value to an applicant who meets our criteria. Depending on what suits your your situation best, we may use Rent-to-Own, Second Mortgage, or an Instalment Contract.  In all cases the price of the house is locked in at the beginning so you get the benefit of any increase in value.

• Rent-to-Own is where you lease the property at the normal rent, but pay an additional amount (usually $200/week) that goes towards the purchase of the house. Normally this is a 12-month arrangement, and we help you get a traditional loan before the year is up.  This is suitable where you have less than $5,000 upfront to get started, and you need a little time to get some marks off your credit file so a bank will accept your loan application.

• Second Mortgage is where you have a traditional loan from a lending institution for the bulk of the purchase, and we lend you the balance ourselves.  This is suitable where you already have good credit, but are short of the full deposit required by the lender.

• Instalment Contract is similar to an ordinary Contract of Sale for real estate in that it is a legal document setting out all the terms and conditions which bind both buyer and seller.  We make every effort to be fair to both parties.  The house is sold generally with a much smaller deposit than a traditional loan, over a 30 year term with principle and interest paid in regular instalments. The interest paid by the occupier is slightly higher than our mortgage interest.  This is suitable for when you have a larger deposit than $5,000, but prefer to take some time organising your finances before you finalise your purchase.

  Under the terms of our instalment contract the buyer may move in and occupy the house at the beginning of the period. It is similar in many respects to a Lay-By except you get to use the goods from the beginning instead of waiting until you completely own it.

When the occupier has enough equity, they may choose to refinance with a traditional lender to obtain the benefit of the lower interest rate.  We are then out of the picture, happy that we have been able to help yet another home owner on their way.

Much more information and detail is available in the Frequently Asked Questions

How do I go about this?

Currently Available Properties

1. See How It Works

2. Read the Frequently Asked Questions to make sure you understand the details

3. Apply to be considered to buy a house with FGH

4 . Obtain your Personal Credit File and have it faxed to us

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