In a collaborative effort, the Albanese and Miles Labor governments have introduced a new shared equity scheme, aimed at significantly reducing mortgage costs and facilitating homeownership for Queenslanders.
Queensland is set to pioneer state legislation to launch the Help to Buy shared equity scheme, designed to make homeownership more accessible by saving buyers up to 40% on their mortgage costs.
“Queensland will be the first jurisdiction to progress state legislation to deliver the Help to Buy shared equity scheme,” Meaghan Scanlon (pictured above left), Queensland housing minister, said in a news release.
This initiative will see the federal government offering up to 40% equity contributions for new homes and 30% for existing homes to eligible buyers.
Following the House of Representatives’ approval in February, the scheme awaits the Senate’s endorsement. Both levels of government have highlighted the necessity for state-specific legislation for the scheme’s deployment.
The collaboration further enhances efforts to tackle Queensland’s housing issues, with the Albanese government allocating more than $398 million to Queensland as part of the $2 billion Social Housing Accelerator.
The funding aims to add 600 homes to the state’s burgeoning social and affordable housing program. Additionally, the Home Guarantee Scheme has already assisted more than 26,900 Queenslanders in achieving homeownership.
“Help to Buy will be life-changing, bringing homeownership back into reach for thousands of Queenslanders,” Federal Housing Minister Julie Collins (pictured above right) said.
Echoing the sentiment, Scanlon emphasised the state’s commitment to accelerating the scheme’s implementation. Both ministers underscored the importance of addressing housing affordability and supply, calling for bipartisan support to realise these objectives.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
