iscover
iscover 
Revealed in the state’s budget, the latest initiative will provide an equity contribution of up to 30 per cent for new homes and 25 per cent for existing homes.
Eligible Queenslanders will only need a 2 per cent deposit to access the scheme for properties valued up to $1 million.
The maximum income for single purchasers is $150,000 and couples $225,000.
The Crisafulli Government hopes to turn around poor homeownership rates across the state.
Currently, the ownership rate is the lowest in Australia, at 63.5 per cent. According to the government, it hopes to reverse this trend and put Queensland at the top.
“Queenslanders shouldn’t be locked-out of buying because they don’t have the bank of mum and dad, so we’re making big changes to deliver a nation-leading Boost to Buy scheme to reduce the deposit gap,” said Premier David Crisafulli.
“This is a nation-leading program to help Queensland help lead the nation in home ownership. I promised we’d bring home ownership within reach for more Queenslanders, and Boost to Buy, home buyer grants and abolishing stamp duty are all about delivering home ownership for more Queenslanders.”
Expressions of interest for the scheme open from 1 July, with $165 million allocated. It is reported that up to 1,000 homes will be supported.
The Real Estate Institute of Queensland (REIQ) supported the latest initiative, with CEO Antonia Mercorella labelling it a “smart” move.
“We called for expanded access to shared equity because we know high deposit hurdles are keeping aspiring buyers from getting onto the property ladder,” Mercorella said.
“The generous cap ensures the scheme is relevant in all corners of our state including high-demand areas like Brisbane, the Gold Coast, and Sunshine Coast, where the median house price now sits above $1 million. Without this adjustment, the scheme risked being out of touch with the reality faced by many first home buyers today.”
“With limited placements and a strict focus on first home buyers, this is a measured and proportionate support mechanism. It represents a small share of overall market activity, is unlikely to distort demand, and may assist in rebalancing housing pressure by helping some renters transition into ownership.”
Mercorella added: “However, I don’t think we can underestimate the material impact this can have on thousands of lives and for generations to come.”
