The government has just increased the assistance available for buying your first home in Queensland. It has recently launched the boost-to-buy scheme as part of a shared equity programme to help first-home buyers save on huge deposits.
What Is The Boost To Buy Scheme?
The boost to buy scheme is designed to reduce the deposit burden for first-home buyers through a shared equity model. This means the government will co-own a portion of the property to help you buy quickly, with less upfront cost.
Here’s how the equity support works:
- Up to 30% contribution for new homes
- And up to 25% contribution for existing homes
However, in both cases, the homebuyer must contribute a minimum 2% deposit to buy a property worth up to $1 million. This setup helps bridge the affordability gap for those who qualify but don’t have a large deposit saved.
Who Is Eligible For The Scheme?
The scheme is open to individuals and couples who meet the income and ownership criteria. To be eligible:
- You must be a first-home buyer
- The property must be priced up to $1 million
- Buyers must contribute at least a 2% deposit
- Income limits:
- Up to $150,000 for individuals
- Up to $225,000 for couples
- The home must be owner-occupied because investment purchases are excluded.
Additionally, applications will open from 1st July, with up to 1,000 homes expected to be supported under the programme.
What Type Of Homes Are Covered?
Both new builds and existing homes are eligible under the scheme. The main difference is the level of equity support:
- New homes: Up to 30% contribution
- Existing homes: Up to 25% contribution
Meanwhile, there’s no restriction on location, as long as the property is in Queensland and the price does not exceed $1 million.
What Homebuyers Should Know Before Applying
While a boost to buy lowers the upfront cost, it’s important to understand how shared equity works in the long run:
- The government owns a share of your home, and that share increases or decreases with your home’s value.
- If you decide to sell or refinance, you’ll need to repay the government’s share.
- Your equity stake is smaller, meaning less ownership growth until you buy out their portion.
- There may be conditions on modifications, renting out, or exiting the agreement.
This scheme is ideal for homebuyers who want to enter the market earlier, even if it means giving up some equity in the short term.
What Else Is Changing For First-Home Buyers In Queensland?
Alongside Boost to Buy, Queensland has also initiated other major support measures to improve affordability:
- Stamp duty has been removed for all first-home buyers purchasing new homes from 1 May 2025.
- The $30,000 First Home Owner Grant has been extended until 30th June 2026.
- The state is investing $8.1 billion into boosting housing supply, including:
- $2 billion for essential infrastructure to unlock more residential development
- $5.6 billion to build new social and community homes
That’s because the government aims to deliver 1 million new homes by 2044, enabling more Queenslanders to access them sooner.
Final Thoughts
Therefore, a boost-to-buy gives first-home buyers in Queensland a unique opportunity to enter the market with less financial pressure. With just a 2% deposit and added government support, it could be a smart move for those who’ve been stuck renting or waiting to save more.
But shared equity isn’t for everyone, especially if you’re focused on building full ownership fast. It has specific eligibility criteria, such as an income requirement of $150,000 for individual buyers and $225,000 for co-buyers.
So, if you’re unsure whether this scheme is right for you or want to know more, contact Nfinity Financials at 1300 GET LOAN, 0456 456 267.
