The Queensland Government is expanding a program that gives first home buyers a leg-up. Image: Queensland Department of Housing and Public Works.
The Queensland Government is expanding what it has characterised as a nation-leading home ownership scheme.
Named Boost to Buy, the scheme provides a government equity contribution of up to 30 per cent for new homes and 25 per cent for existing ones. To be eligible, buyers must have saved a minimum of 2 per cent deposit for the purchase price of a property up to $1 million.
Funding for the program has doubled, as have places within the scheme. This brings the cost of the scheme to $330 million and opens it up to 2000 first-time buyers.
Applications for the program opened on 15 December for the initial 500 places, with up to 2000 first home buyers to benefit over the next three years.
Half of all places will be available for people living in regional areas of Queensland.
The government hopes to drive down the cost of living and deliver more homes for Queenslanders by:
- Extending the $30,000 First Homeowner Grant, which helped 1750 people this year;
- Lifting restrictions to allow new homeowners to rent out a room in their property without losing grants or concessions;
- Abolishing stamp duty for first home buyers on new properties, which has helped 1500 Queenslanders since May of this year.
Unity Bank has been approved as a lender for up to 500 initial places in Boost to Buy, and first home buyers can apply directly to the bank for assistance.
“Boost to Buy will support working Queenslanders seeking the security of home ownership,” Unity Bank CEO Danny Pavisic said.
“Providing a pathway for Queenslanders who have been struggling to enter the housing market is perfectly aligned with Unity Bank’s principle of supporting everyday Australians.”
The scheme is open to single buyers with an income of up to $150,000 a year and households with two adults or singles with dependants earning up to $225,000 a year.
Treasurer and Minister for Home Ownership David Janetzki said: “We are committed to moving Queensland up the home ownership ladder by delivering more Queenslanders a place to call home.
“Opening applications for the scheme is a shot of optimism for Queenslanders wanting to purchase their first home, with 50 per cent of places reserved for those wanting to live outside of South-East Queensland.
“We’re delivering what we promised — more home ownership opportunities across Queensland.”
