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Minister for Housing Julie Collins MP has announced that the Labor government’s Help to Buy scheme has “taken another step forward” as Queensland becomes the first state to pass its legislation on Wednesday, 12 June.
With the passing of the legislation, Queenslanders now have the opportunity to own a property and save up to 40 per cent off the cost of their mortgage.
The Help to Buy scheme is part of the Albanese government’s $32 billion Homes for Australia plan and will support eligible home buyers with an equity contribution of up to 40 per cent for new homes and 30 per cent for existing homes.
On the legislation’s passing, Minister Collins stated that Help to Buy “will be life changing” for Queenslanders as it will bring “home ownership back into reach for thousands... particularly renters”.
“We have already helped more than 30,000 Queenslanders into home ownership and Help to Buy will deliver even more assistance for home buyers,” Minister Collins said.
“This is why the Senate should back our legislation to deliver Help to Buy.
“Help to Buy is one part of our $32 billion Homes for Australia plan which is delivering more help for home buyers, more help for renters and more help for Australians needing a safe place for the night.”
Commonwealth legislation to establish Help to Buy has already passed the House of Representatives and is currently before the Senate, the Albanese government confirmed.
The scheme is set to operate in Queensland and the territories following the passage of the Commonwealth legislation through the Senate and implementation of the scheme.
However, much like Queensland, other states are required to pass their own legislation for the scheme to operate in their jurisdictions.
The legislation’s passing comes as the Miles government announced that it has increased the threshold for the first home owner concession on stamp duty by $200,000, from $500,000 to $700,000.
Additionally, it also announced that it has allocated $3.1 billion for housing and homelessness initiatives in its state budget 2024–25.
The funding for housing will also go towards the construction of 200 high-rise social and affordable homes as part of the Southport Supportive Accommodation project to support those experiencing or at risk of homelessness.
A further $350 million in funding will go towards incentivising infill development that supports the delivery of new homes “in the right locations”.
[RELATED: Qld budget unveils support for SMEs]
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