QLD makes moves on Help to Buy shared equity home ownership scheme

QLD makes moves on Help to Buy shared equity home ownership scheme

Queensland's Minister for Housing, Local Government, Planning and Public Works, Meaghan Scanlon. Photo via Facebook.

The Queensland Government aims to be the first mover in state legislation to implement the national Help to Buy shared equity scheme for home ownership, which passed the House of Representatives in February and is currently before the Senate.

The scheme contemplates Federal Government support for eligible homebuyers with an equity contribution of up to 40 per cent for new homes and 30 per cent for existing homes, but to be implemented the legislation will also need to be passed in the relevant jurisdiction.

As part of the Federal Government’s $2 billion Social Housing Accelerator, Queensland has received more than $398 million from the Commonwealth to deliver additional homes.

This is expected to help deliver another 600 homes across Queensland as part of a planned roll-out of one million homes statewide by 2046, involving numerous initiatives including the leasing of public land, higher first-home owner grants, and an increased budget for homelessness services.

Under the new administration of Premier Steven Miles, Meaghan Scanlon was appointed as the dedicated Minister for Housing, Local Government, Planning and Public Works, and she has also been asked to lead a taskforce for improving Queensland's housing system.

"We want to help more Queenslanders buy their first home," Scanlon says.

"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."

Federal Minister for Housing, Julie Collins, believes the Help to Buy scheme will be "life changing" for Queenslanders bringing home ownership back into reach for thousands of people, 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," she says.

"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."

In other efforts to make home ownership more accessible, last month the South Australian Government announced that first-home buyers purchasing new builds or vacant land for construction would be able to put down a deposit of just 2 per cent as part of the HomeStart scheme.

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