The Albanese and Miles Labor Governments are working together to cut the cost of a mortgage and help more Queenslanders into their own homes.
Queensland will be the first jurisdiction to progress state legislation to deliver the Help to Buy shared equity scheme, giving more Queenslanders 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 federal legislation to establish Help to Buy in February. 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 Labor Government and Miles Labor Government are already undertaking to address Queensland’s housing challenges.
As part of the Albanese Labor Government’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 Labor Government has already helped more than 26,900 Queenslanders into home ownership through the Home Guarantee Scheme, including more than 5,700 through the new Regional First Home Buyer Guarantee.
Quotes attributable to Minister for Housing, Julie Collins MP:
“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 homebuyers, more help for renters and more help for Australians needing a safe place for the night.”
Quotes attributable to Queensland Housing Minister, Meaghan Scanlon:
“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.”