Boost To Buy Scheme Expands Opportunities For First Home Buyers

More Queenslanders could soon find the door to home ownership opening a little wider, with the second round of the State Government’s Boost to Buy now open for applications.

The scheme, introduced by the Queensland Government, helps first home buyers enter the property market sooner by providing an equity contribution toward the purchase price of a home.

In the first three months since the program launched, 150 buyers have already secured their first homes. The government has now expanded the initiative with an additional 500 places available as part of the program’s broader commitment of $330 million to deliver up to 2,000 placements over three years.

Under the scheme, the government contributes up to 30 per cent of the purchase price for new homes and up to 25 per cent for existing homes. To be eligible, buyers must have saved at least a two per cent deposit and purchase a property valued at $1 million or less.

Half of all placements are reserved for buyers living in regional Queensland, ensuring communities outside the south-east corner also benefit from the initiative.

Applicants must also meet income thresholds of up to $150,000 annually for single purchasers or $225,000 for households with two adults or singles with dependants.

Treasurer and Minister for Home Ownership David Janetzki said the program was already delivering results for aspiring homeowners.

“We are delivering more Queenslanders a place to call home through Boost to Buy, after the former Labor Government shut the door on the dream of home ownership,” he said.

Aspiring homeowners Mitchell and Samantha Stanger said the program helped turn their plans into reality after years of saving while living with family.

“With the Government’s equity contribution, we were able to buy and have payments we can manage and ultimately have the security of knowing we have a place to call home,” Mr Stanger said.

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