Qld first to back Help to Buy scheme to help renters buy homes
Queensland’s housing minister says the state will be the first to roll out a “life changing” scheme to allow thousands of renters to buy their own home at reduced cost.
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Queensland will be the first jurisdiction to roll out a “life changing” Help to Buy shared equity scheme to allow thousands of people to buy their own home at reduced cost, says state housing minister Meaghan Scanlon.
The scheme is expected to save up to 40 per cent off the cost of mortgages for Queenslanders, with the Federal Government supporting eligible homebuyers via an equity contribution of up to 40 per cent for new homes and 30 per cent for existing homes.
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The scheme, currently before the Federal Senate, requires that laws be passed within states in order for them to participate – something Queensland was ready to be the first to implement, Ms Scanlon said.
“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,” she said.
“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.”
Federal Housing Minister Julie Collins said “across Queensland Help to Buy will be life changing, bringing home ownership back into reach for thousands of Queenslanders, particularly renters.”
“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.”
Queensland has already received more than $398m as part of the Albanese Labor Government’s $2b Social Housing Accelerator which will help deliver another 600 homes across the state.
Over 26,900 Queenslanders have already got into home ownership through the Albanese Government’s Home Guarantee Scheme, including more than 5,700 through the new Regional First Home Buyer Guarantee.
Around 40,000 Australian households were expected to be able to own their own homes when Help to Buy is fully implemented this year, with homebuyers expected to contribute a minimum 2 per cent deposit to participate.
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Ms Collins expected the program to support Australians “who otherwise would not be able to purchase a home”.
She said Help to Buy “won’t just be a leg up into home ownership with savings from a smaller deposit – it will provide long‑term relief to Australians who are part of the Scheme”.
Those on the program were expected to save “hundreds every month on their mortgage”.
The move is part of an ambitious federal reform program including a $10b Housing Australia Future Fund, a target to build 1.2m well-located homes, a $3b New Homes Bonus, $500m Housing Support Program, $2b Social Housing Accelerator for 4,000 new homes, and a National Housing Accord to deliver 10,000 affordable homes over five years starting this year – the last of which was expected to be matched by states and territories.
Originally published as Qld first to back Help to Buy scheme to help renters buy homes
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