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Queensland Country Bank will begin offering the scheme through its retail and broker channels from Tuesday, 6 October, giving eligible buyers another option to access the government’s shared equity program.
The bank’s addition to the lender panel promises broader access to the scheme for borrowers outside major metropolitan centres, particularly across regional and rural Queensland.
Launched in December 2025, the Help to Buy scheme enables eligible buyers to purchase a home with a minimum 2 per cent deposit, with the federal government contributing up to 40 per cent of the purchase price for a new home or up to 30 per cent for an existing home in exchange for an equity stake.
Eligible buyers can therefore purchase with a smaller deposit and without paying lenders mortgage insurance (LMI), although the government retains an equity interest in the property.
Brokers have previously raised issues with shared equity schemes, such as Queensland’s Boost to Buy scheme, criticising not just their scope and scale but also the structural element of the government owning a substantial part of the property.
A new lender on the panel
Queensland Country Bank joins three other lenders on the Help to Buy scheme panel: the Commonwealth Bank of Australia (CBA), Bank Australia and Teachers Mutual Bank.
The appointment coincides with Teachers Mutual’s first trained broker cohort gaining access, with the developments broadening access to a program that previously had a limited broker presence.
Bank Australia previously told Broker Daily that around half of its 2,200 applications now come through the broker channel, although CBA is yet to start taking applications from brokers.
Queensland Country Bank chief executive Aaron Newman said the scheme could help address the upfront barriers facing prospective home owners.
“Housing affordability continues to be a real challenge. This initiative reduces the upfront deposit barrier, supporting eligible members to enter the market sooner – while maintaining a strong focus on long-term affordability and financial wellbeing.”
The bank, which was established in Mount Isa in 1971, has more than 100,000 members, employs more than 450 Queenslanders and holds more than $5 billion in assets.
The bank has previously participated in government-backed lending initiatives, saying it has funded almost $200 million in new loans to members accessing schemes such as the Australian government’s 5 per cent Deposit Scheme.
Newman said Queensland Country Bank’s participation in Help to Buy would build on that experience.
“Helping people own their homes is core to who we are as a member-owned bank,” he said.
“We stand ready to support our members, in every way we can. Being selected as a lender to help deliver Help to Buy, we will be able to help more Queenslanders realise their home ownership goals sooner.”
Schemes vital for first home buyers, but barriers remain
The expansion comes as government schemes continue to play a significant role in helping buyers overcome the deposit barrier, particularly as high property prices and borrowing costs have made it harder for some households to accumulate sufficient savings.
The larger 5 per cent Deposit Scheme, which has now been operating in its expanded form for a year, has helped 102,594 buyers, with one in two first home buyers (FHB) now using a first home buyer scheme to get into the market.
Based on median property prices and assuming a 5 per cent deposit, the government has estimated that the scheme has saved Australians more than $2.5 billion in LMI since 2022, including $1.4 billion in the past year alone.
The 5 per cent Deposit Scheme has expanded its panel as well. A total of 18 additional lenders have been onboarded to offer the scheme throughout 2026, with more scheduled to commence later this year.
Emma Jarman, executive leader, 5 per cent Deposit Scheme, said expanding lender partnerships was helping more aspiring home buyers access home ownership.
“With more than 350,000 home buyers supported into home ownership since 2020 and more than 102,000 supported since the scheme was expanded in October 2025, we can see the real difference this support is making for households across Australia.
“These results demonstrate the impact of making home ownership support more accessible to more aspiring home buyers, and the important role lenders play in helping people take that next step.
“As we continue to expand our lender panels, eligible home buyers will have greater choice, with support available through a broader range of lenders, including those with strong regional connections and community presence.”
Nonetheless, after four rate hikes in 2026, serviceability has become a key constraint for many FHBs, potentially offsetting the benefit of any fall in house prices.
Despite these schemes, housing affordability has reached new lows.
A median-income household earning around $125,000 can afford just 12 per cent of homes sold in FY2025–26, according to REA Group’s Housing Affordability Index.
The market is now showing signs of slowing, particularly among FHBs. Credit reporting bureau Equifax found that overall mortgage demand fell 14.1 per cent year on year in August, but the contraction among FHBs was steeper, at 20.1 per cent nationally over the same period.
[Related: WA brokers warn of limitations of Help to Buy scheme]
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