Federal Member for Blair Shayne Neumann says homebuyers across Ipswich, the Somerset Region and Karana Downs area would be the big winners from the Albanese Government’s Help to Buy shared equity scheme.
Mr Neumann joined Federal Minister for Housing Julie Collins and Queensland Housing Minister Meaghan Scanlon in Ripley Valley to announce that Queensland will be the first state to introduce legislation to deliver the Help to Buy scheme.
The scheme will giving more local homebuyers the opportunity to own their own home and save up to 40 per cent off the cost of their mortgage.
The Federal Government will support eligible homebuyers with an equity contribution of up to 40 per cent for new homes and 30 per cent for existing homes.
The House of Representatives passed Commonwealth legislation to establish Help to Buy in February and the legislation is currently before the Senate.
For states to participate in Help to Buy, legislation will also need to be passed for the scheme to operate in their jurisdiction.
This new partnership builds on the work the Albanese and Miles Labor Governments are already undertaking to address Queensland’s housing challenges.
As part of the AlbaneGovernment’s $2 billion Social Housing Accelerator, Queensland has received more than $398 million from the Commonwealth to deliver additional homes.
This will help to deliver another 600 homes across Queensland, adding to the state’s record rollout of social and affordable homes.
The Albanese Government has already helped more than 26,900 Queenslanders into home ownership through the Home Guarantee Scheme, including more than 3,550 in the Ipswich region, and more than 5,700 through the new Regional First Home Buyer Guarantee.
Mr Neumann said that Help to Buy would be life-changing, bringing home ownership back into reach for many local residents in his electorate, particularly people on low and middle incomes, and renters.
“We have already helped more than 3,550 people in the Ipswich region into home ownership through our expanded Home Guarantee Scheme and Help to Buy will deliver even more assistance.
