Qld to become first to deliver Help to Buy

The Miles Queensland government is expected to become the first to progress state legislation to deliver the federal government’s Help to Buy scheme.

The shared equity scheme (passed by the federal House of Representatives and is currently before the Senate) is a shared equity scheme that was introduced by the government to support buyers in purchasing property amid cost-of-living pressures and growing house prices.

Under the scheme, the government will contribute 30 per cent of the home value of existing homes and 40 per cent of new homes.

It aims to support up to 40,000 Australians to buy a property with a minimum 2 per cent deposit without the need for lenders mortgage insurance.

Julie Collins, the federal Minister for Housing, said: “Across Queensland Help to Buy will be life-changing, bringing home ownership back into reach for thousands of Queenslanders, particularly renters. 

“We have already helped more than 26,900 Queenslanders into home ownership and Help to Buy will deliver even more assistance for home buyers. 

“It’s just one way we’re working with the Miles Labor Government to address Queensland’s housing challenges.

“Our ambitious housing reform agenda is working across the board – more help for home buyers, more help for renters and more help for Australians needing a safe place for the night.” 

The Queensland Minister for Housing Meaghan Scanlon commented: “We want to help more Queenslanders buy their first home.

“That’s why as part of our Homes for Queenslanders plan we’re aiming to be the first state in the country to pass and implement this scheme so thousands more Queensland families can get their own home.

“Housing should not be a political football, and while sadly there hasn’t been bipartisan support at a national level – I’m hoping we can get bipartisan support here.

“People need real action. They need more homes, faster.”

Domain’s chief of research Dr Nicola Powell recently called for government action to support first home buyers (FHBs) following Domain’s 2024 First Home Buyer Report.

The report revealed that the average time for FHBs to save for a deposit was four years and 11 months nationwide, whereas in Sydney, saving for a deposit would take up to six years and eight months for a couple aged 25–34.

[Related: Domain calls for government action to support FHBs]