Queensland Launches ‘Boost to Buy’ Scheme for Homebuyers – Money Advice Experts in Services

Queensland has recently unveiled its own shared equity home loan scheme, known as the ‘Boost to Buy’ initiative. This program will see the state government contribute up to 30% towards new builds and 25% for existing homes, allowing homebuyers to enter the market with just a 2% deposit. The scheme is designed to reduce the deposit barrier for first-time buyers and will operate similarly to the Federal ‘Help to Buy’ program, where participants gradually buy out the government’s share over time or upon property sale. Queensland Premier David Crisafulli has touted this scheme as a groundbreaking approach to assisting aspiring homeowners, particularly those without familial financial support.

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The eligibility criteria for the ‘Boost to Buy’ scheme include a property price cap of $1 million, with income thresholds set at $150,000 for individuals and $225,000 for couples. These figures surpass the limits of the existing ‘Help to Buy’ scheme, offering a more substantial equity contribution for participants. The program is expected to provide around 2,000 placements annually until 2029, presenting a significant opportunity for Queenslanders looking to enter the property market. Interested individuals can register for the ‘Boost to Buy’ scheme starting from July 1.

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Alongside the shared equity initiative, the Queensland Government has also announced an extension of the First Home Owner Grant (FHOG), providing a $30,000 grant for eligible first-time buyers. This grant can be used towards purchasing, building, or renovating a property, with a price cap of $750,000.

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Shared equity schemes like ‘Boost to Buy’ have faced criticism in the past, with concerns raised about their effectiveness in addressing the underlying supply issues in the housing market. While the Federal Labor Government has proposed ambitious targets for new home construction, there are doubts about the timely implementation of these plans. However, Premier Crisafulli remains optimistic that programs like ‘Boost to Buy’ will elevate home ownership rates in Queensland, aiming to propel the state to the forefront of property ownership within the next decade.

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As the housing landscape evolves, initiatives like shared equity schemes play a crucial role in supporting prospective homeowners, especially in regions facing affordability challenges. By bridging the deposit gap and expanding access to property ownership, these programs contribute to a more inclusive and sustainable housing market. With ongoing developments in housing policy and financial support, aspiring buyers can navigate the property market with greater confidence and opportunity.