The Albanese Labor Government’s Help to Buy scheme has taken another step forward as Queensland becomes the first state to pass its legislation to deliver the shared equity scheme.
Help to Buy will give more Queenslanders the opportunity to own their own home and save up to 40 per cent off the cost of their mortgage.
The new scheme is one part of the Albanese Labor Government’s $32 billion Homes for Australia plan.
Under Help to Buy, the Federal Government will support eligible homebuyers with an equity contribution of up to 40 per cent for new homes and 30 per cent for existing homes.
The House of Representatives has already passed Commonwealth legislation to establish Help to Buy. The Commonwealth legislation is currently before the Senate.
Help to Buy will operate in Queensland and the territories following passage of the Commonwealth legislation through the Senate and implementation of the scheme.
Other states will then need to pass their own legislation in order for Help to Buy to operate in their jurisdiction.
This new partnership builds on the work the Albanese Labor Government and Miles Labor Government are already undertaking to address Queensland’s housing challenges.
As part of the Albanese Labor Government’s $2 billion Social Housing Accelerator, Queensland has received more than $398 million from the Commonwealth to deliver additional homes.
This will help to deliver 600 homes across Queensland, adding to the state’s rollout of social and affordable homes.
The Albanese Labor Government has already helped more than 30,000 Queenslanders into home ownership through the Home Guarantee Scheme, including more than 7,000 through the new Regional First Home Buyer Guarantee.
Quotes attributable to Minister for Housing, Julie Collins MP:
“Across Queensland Help to Buy will be life changing, bringing home ownership back into reach for thousands of Queenslanders, particularly renters.
“We have already helped more than 30,000 Queenslanders into home ownership and Help to Buy will deliver even more assistance for home buyers.
“This is why the Senate should back our legislation to deliver Help to Buy.
“Help to Buy is one part of our $32 billion Homes for Australia plan which is delivering more help for home buyers, more help for renters and more help for Australians needing a safe place for the night.”
