The Albanese government has endorsed the introduction of state legislation that enables the Help to Buy program in Queensland, marking the state as the first to take such a step.
The federal government has committed to assisting eligible home buyers by offering an equity contribution of up to 40% for new homes and 30% for existing homes.
This measure was propelled forward when the House of Representatives passed a bill to establish Help to Buy in February, with the bill now awaiting approval in the Senate. For states to join this program, they must enact corresponding legislation within their jurisdictions.
The Albanese government is building upon existing efforts to mitigate housing challenges in Queensland. With more $398 million allocated from the Commonwealth as part of the $2 billion Social Housing Accelerator, the initiative aims to create 600 new homes across the state.
“Across Queensland, Help to Buy will be life changing, bringing home ownership back into reach for thousands of Queenslanders, particularly renters,” said Julie Collins (pictured above), minister for housing.
The Albanese government has already facilitated homeownership for over 30,000 Queenslanders through various schemes, including the Home Guarantee Scheme and the Regional First Home Buyer Guarantee.
Help to Buy is part of a larger, ambitious housing reform agenda by the Albanese government, which is supported by more than $25 billion in new investments.
This comprehensive approach aims to make homeownership more accessible and sustainable for Australians, particularly in Queensland, setting a precedent for other states to follow.
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