Stamp duty, gov equity handouts: Crisafulli’s first homebuyer rescue package

First homebuyers who fit basic criteria will be able to dodge stamp duty, while struggling savers will be handed government equity to buy under a major housing policy to be unveiled by the LNP.

First homebuyers who build their property would not pay any stamp duty on it and struggling savers handed government equity to buy a home under a major housing policy unveiled by Opposition Leader David Crisafulli.

In the first significant policy contribution – aimed at addressing mounting criticism of his small target strategy just four months out from an election – Mr Crisafulli used Thursday’s budget reply speech to lay out a plan to grow home ownership.

As revealed by The Courier-Mail, central to the housing plan will be a promise that an LNP government would abolish stamp duty for home buyers building their first home.

That would save a first homebuyer $24,100 on a house and land package worth $850,000.

The LNP will commit to keeping the Miles Government’s updated stamp duty concession threshold of $700,000 for first home buyers purchasing existing properties.

Mr Crisafulli also unveiled a $165m shared-equity scheme – where the government would help people with savings of at least 2 per cent to “close the deposit gap” and buy a home.

Leader of the Opposition David Crisafulli, Parliament House. Picture: Liam Kidston

It would offer up to 30 per cent equity for new homes and up to 25 per cent for existing homes, up to $750,000 – and, with higher income levels, is slightly more generous than the federal government’s existing program.

The shared-equity scheme would initially be open to 1000 people. 

Separately, a current restriction banning people who access the government’s first homebuyer grants from renting rooms within the first year would be removed.

The LNP has pledged to deliver one million homes by 2044 – including 53,000 new social and affordable homes – two years earlier than the government has planned.

Some 10,000 of those homes would be built on land owned by faith and charity organisations.

“Our plan will build new homes faster for Queenslanders, opening the door to renters and providing a big boost into home ownership,” Mr Crisafulli said.

“Under Labor, the great Australian dream of owning your home has become a nightmare and aspiration is nothing more than a pipedream.”

Mr Crisafulli has come under increasing attack from the state government and social service organisations about a lack of housing policy detail.

Treasurer Cameron Dick this week called for him to “come out of the shadows” and reveal a plan for Queensland.

Mr Crisafulli’s pledge to establish a shared equity scheme could inflame tensions with federal counterparts, with the Coalition opposing a similar Help to Buy scheme proposed by Prime Minister Anthony Albanese.

Housing Minister Meaghan Scanlon. Pic: Adam Head

Housing Minister Meaghan Scanlon has called for Mr Crisafulli rebuke the comments of former Senator and state election candidate Amanda Stoker … “who thinks that government helping people buy a home is really dangerous and really quite worrisome”.

Mr Crisafulli said the LNP would boost rental supply by “harnessing untapped rentals” and lifting prohibitive restrictions on first homebuyer grant recipients that prevent them from renting rooms in their homes.

The LNP said unused charity and church-owned land could be unlocked for community housing and deliver up to 500 homes within the first two years and a potential 10,000 homes by 2044.

Councils would also receive help to deliver regional and infrastructure plans to unlock housing, while state government approvals would be fast-tracked.

Deputy Opposition Leader Jarrod Bleijie said under an LNP government, housing approvals would scale-up by 25 per cent in the next five years.

Government agencies found to be slowing major housing developments would be dragged before a new ministerial taskforce to explain why.

A new $2bn fund would be established to help Queensland councils establish trunk infrastructure – water, sewerage, lighting, roads and parks – to facilitate new housing developments.

Queensland opposition member Jarrod Bleijie during parliament sitting in Brisbane. Picture: Tertius Pickard

Mr Crisafulli said his housing plan would drive the rate of home ownership higher and take Queensland from last place to first within a decade.

The state government released its $3.1bn Homes for Queenslanders plan in February.

It featured a target of delivering one million new homes by 2046 and a $1.25bn down payment to help ramp up social housing delivery in to more than 2000 homes on average per year by 2028.

The government’s plan also helped Queenslanders living in regional locations buy a home through expanded eligibility of a Queensland Housing Finance Loan from $141,000 to $201,000.

This initiative will be trialled over two years starting in 2024–25 and will extend the income eligibility for home loans to Queenslanders who cannot obtain home loan finance through the banks because of their regional location.

Mr Crisafulli’s budget reply speech was immediately attacked by Treasurer Cameron Dick, who accused him of deepening a “budget black hole”.

Mr Crisafulli argued his plan was “fully costed and fully funded”, and suggested the housing announcements would be funded by his decision to abolish the Pioneer-Burdekin pumped hydro scheme.

“The government says that it’s going to build a $20bn plan for pumped hydro,” he said.

“They don’t have a funding window so the choice is, are they going to cut other things from the Labor budget to fund the $20bn or does the LNP have $20bn to fund all our policies.”

Mr Crisafulli was stopped by the media after his budget reply speech and asked about policy costings. He took one question and then walked away.

Originally published as Stamp duty, gov equity handouts: Crisafulli’s first homebuyer rescue package