HUNDREDS more Queenslanders are being given a pathway into the property market as the State Government rolls out the second round of its Boost to Buy shared equity scheme.
The Crisafulli Govern-ment has announced an additional 500 places, following strong demand in the program’s initial phase, which saw 150 first home buyers secure properties within the first three months. Applications have opened, with the scheme offering eligible buyers a government equity contribution of up to 30 per cent for new homes and 25 per cent for existing properties.
The initiative significantly lowers the upfront cost of purchasing, requiring a minimum deposit of just two per cent for homes valued at up to $1 million.
Half of the new placements will be set aside for regional Queensland applicants, with submissions to be processed through Unity Bank.
Treasurer and Minister for Home Ownership David Janetzki said the first round saw overwhelming interest, with South East Queensland allocations exhausted within a day.
“We are seeing real momentum, with more Queenslanders now able to enter the housing market sooner,” he said.
The scheme forms part of a broader housing affordability package, including the extension of the $30,000 First Homeowner Grant, the removal of stamp duty for first home buyers purchasing new builds, and reforms allowing homeowners to rent out rooms without losing government concessions.
The State Government has committed $330 million to deliver up to 2000 places under the scheme over three years.
For Mitchell and Samantha Stanger, the program has already delivered results.
The young family, who had been living with relatives on the Gold Coast while trying to save, said the shared equity model helped turn home ownership into a reality.
“Even though we were working hard and saving, the deposit gap kept owning a home out of reach,” Mr Stanger said.
“With the Government’s equity contribution, we were able to buy and have payments we can manage and ultimately have the security of knowing we have a place to call home.”
Eligibility is capped at an annual income of $150,000 for singles and $225,000 for households.
