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Half of the places available are for those living in regional areas of Queensland.
Under Boost to Buy, the Queensland government will contribute up to 25 per cent of the property value for existing homes and up to 30 per cent for new homes.
The scheme covers properties located in Queensland valued at $1 million or less that are either new or existing (off-the-plan purchases and vacant land are not eligible).
Similar to the federal government’s Help to Buy scheme, eligible first home buyers can access a loan with a deposit of just 2 per cent without needing to pay lenders mortgage insurance, as the government will step in as a third party to contribute the shortfall needed for a 20 per cent deposit.
The government then takes a stake in the property (that will fluctuate in value based on the value of the property), with the borrower then able to pay out the government’s share in their property by either making extra repayments, repaying the loan in full, or selling the property.
Borrowers must be an Australian or permanent citizen who is buying their first owner-occupier property and earn less than $150,000 (single applicant) or $225,000 if they are two adults (or a single buyer with dependants).
Funding for Boost to Buy is limited, and applications will be approved on a first come, first served basis.
Queensland Treasurer and Minister for Home Ownership David Janetzki said the Boost to Buy scheme was making home ownership a reality for Queenslanders who would not otherwise be able to buy a home.
“We are committed to moving Queensland up the home ownership ladder by delivering more Queenslanders a place to call home,” Janetzki said.
“Opening applications for the scheme is a shot of optimism for Queenslanders wanting to purchase their first home, with 50 per cent of places reserved for those wanting to live outside of South East Queensland.
“We’re delivering what we promised – more home ownership opportunities across Queensland.”
Unity Bank CEO Danny Pavisic said Unity was excited to be appointed as an approved lender for the first rollout of placements of the Boost to Buy scheme.
“Boost to Buy will support working Queenslanders seeking the security of home ownership,” Pavisic said.
“Providing a pathway for Queenslanders who have been struggling to enter the housing market is perfectly aligned with Unity Bank’s principle of supporting everyday Australians.”
- The extension of the $30,000 First Home Owner Grant, which has reportedly helped 1,750 people this financial year.
- The abolition of stamp duty for first home buyers on new properties (which has been applied to 1,500 Queenslanders).
- Lifted restrictions to allow new home owners to rent out a room from day one without losing grants or concessions.
[Related: Help to Buy officially launches today]