Home ownership dream within reach for more Toowoomba buyers

 The Crisafulli Government is helping more Toowoomba residents achieve the dream of home ownership, with its nation-leading Boost to Buy scheme expanding to support more local first home buyers.

 An additional 500 places have been added to the program, with Round 2 applications opening today, building on strong early demand and helping more Toowoomba buyers get the keys to their first home sooner.

 A decade of the former Labor Government’s declining housing approvals and lack of regional planning for the homes needed for our growing State created the Queensland Housing Crisis and left Queensland lagging behind the rest of the country at the bottom of the home ownership ladder.    

The Boost to Buy scheme provides a government equity contribution of up to 30 per cent for new homes and 25 per cent for existing homes, and to be eligible, home buyers need to have saved a minimum 2 per cent deposit for the purchase price of a property up to $1 million.? 

The scheme comes on top of the existing measures announced by the Crisafulli Government to deliver more Queenslanders a place to call home in the middle of Labor's Housing Crisis, including:?? 

• The extension of the $30,000 First Homeowner Grant, which has already helped 2,629 people this financial year;
• The abolition of stamp duty for first home buyers on new properties, from which 2,204?Queenslanders have benefited since May;
• Lifted restrictions to allow new home owners to rent out a room from day one without losing grants or concessions.? 

Aspiring first home buyers can apply directly with Unity Bank from today, with 50 per cent of places reserved for those living in regional Queensland.    

Treasurer, Minister for Energy and Minister for Home Ownership David Janetzki said there had been an astonishing response to Round 1, with allocations for SEQ exhausted within a day.

“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," Treasurer Janetzki said. 

“The former Labor Government’s legacy is Queensland’s Housing Crisis, which was the result of the lowest home ownership rates in the country, and a decade of declining housing approvals.

“As Queensland’s first Home Ownership Minister, I’m thrilled to see positive results since the launch of Boost to Buy, turning the tide from Labor’s Housing Crisis and delivering renewed confidence for first-time buyers to achieve the dream of home ownership.

“We're delivering what we promised – the right plan to unlock homeownership opportunities across Queensland.”

First-time home buyers Mitchell and Samantha Stanger said the government equity scheme turned something that felt like years away into a reality for their young family.  

“Even though we were working hard and saving, the deposit gap kept owning a home out of reach,” Mr Stanger said.   

“We have been living with our in-laws on the Gold Coast, along with our two-year-old and four-year-old, to try to save as much as we can. 

“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.” 

To be eligible, home buyers will need to have saved a minimum of two per cent deposit and have an annual income of up to $150,000 for single purchasers or $225,000 for households with two adults or singles with dependants. 

The Crisafulli Government have committed $330 million for up to 2,000 places in the scheme over three years.  

More details on the scheme can be found at www.treasury.qld.gov.au/boost-to-buy.