- Aspiring Queensland home owners can buy their first home sooner through a new nation-leading home-ownership scheme.
- Boost to Buy will help reduce the deposit gap for first buyers, in a new shared equity scheme.
- Budget will help deliver homes for first home buyers with a Government equity contribution of up to 30% on new homes, for a minimum 2% deposit.
- Expressions of interest will open on July 1 for individuals earning up to $150,000 and couples earning up to $225,000 to purchase homes of up to $1 million.
The Crisafulli Government is launching a nation-leading home ownership scheme to help reduce the deposit gap for first buyers, and deliver a place to call home for more Queenslanders sooner.
The new Boost to Buy scheme will provide an equity contribution of up to 30 per cent for new homes and 25 per cent for existing homes.
To be eligible, first home buyers will need a minimum 2 per cent deposit available for the purchase price of the property valued up to $1 million, supporting Queenslanders who don't have the deposit needed to secure a home.
That means a first home buyer with a deposit of just $15,000 could buy a home valued at $750,000.
The combination of minimum deposits, maximum house prices and income thresholds, make Boost to Buy the most generous State-based shared equity program in the nation.
Boost to Buy is open to single purchasers with an income of up to $150,000 and households with two adults earning up to $225,000, with expressions of interest opening on 1 July.
$165 million has been set aside for the program, which will be secured by the equity in the up to 1,000 homes the program will support.
Boost to Buy is just one of the ways the Crisafulli Government is boosting home ownership, with boosted home ownership grants and abolishing stamp duty also unlocking the dream for first buyers.
Queensland has the lowest home ownership rate in the nation at just 63.5%, which the Crisafulli Government aims to reverse over the next decade – raising the State to the top of the ladder.
Premier David Crisafulli said the Boost to Buy scheme would make home ownership a reality for more Queenslanders.
"We're waking Queensland up from the nightmare of Labor's Housing Crisis, so more Queenslanders can realise their dream of owning a home," Premier Crisafulli said.
"Queenslanders shouldn't be locked-out of buying because they don't have the bank of mum and dad, so we're making big changes to deliver a nation-leading Boost to Buy scheme to reduce the deposit gap.
"This is a nation-leading program to help Queensland help lead the nation in home ownership.
"I promised we'd bring home ownership within reach for more Queenslanders, and Boost to Buy, home buyer grants and abolishing stamp duty are all about delivering home ownership for more Queenslanders."
Treasurer and Minister for Home Ownership David Janetzki said the Crisafulli Government was honouring its word to get more Queenslanders into the housing market.
"We're delivering exactly what we promised and that's unlocking the door to home-ownership for Queenslanders," Treasurer Janetzki said.
"This is about making Queenslanders' home ownership dream a reality, delivering a place to call home.
"Boost to Buy comes on top of the first home buyer support we've already delivered, including the extended $30,000 First Home Owner Grant and abolishing stamp duty for first home buyers purchasing a new build."
