The Boost to Buy scheme is a $165 million shared equity program designed to help eligible first-home buyers purchase a home with as little as a 2% deposit. Key features
- Government Equity Contribution: Up to 30% for new homes and 25% for existing homes, capped at properties valued up to $1 million.
- Income Eligibility: Singles earning up to $150,000 and couples up to $225,000.
- Program Capacity: Yet to be disclosed
- Application Start Date: Open Late 2025.
This initiative aims to reduce the upfront financial burden, making homeownership more accessible for Queenslanders.
đź’° First Home Owner Grant (FHOG)
The First Home Owner Grant is $30,000 for eligible first-time buyers purchasing or building a new home valued under $750,000.
- Grant Amount: $30,000 for contracts signed between November 20, 2023, and June 30, 2026.
- Eligibility: Australian citizens or permanent residents aged 18 or over who have not previously owned property in Australia.
- Property Criteria: New homes, including off-the-plan purchases and substantially renovated properties.
This grant provides significant financial assistance to first-home buyers entering the property market.
🏷️ Stamp Duty Concessions
Effective May 1, 2025, the Queensland Government has abolished stamp duty for eligible first-home buyers purchasing new homes or vacant land to build a new home.
- Full Exemption: No transfer (stamp) duty payable, regardless of the property’s value.
- Eligibility: First-home buyers purchasing a new home or vacant land to build a new home, intending to occupy the property as their principal place of residence.
This policy change can result in substantial savings, reducing the financial barriers to homeownership.
đź“Š Comparative Overview
| Initiative | Details |
|---|---|
| Boost to Buy | Shared equity scheme with up to 30% government contribution |
| First Home Owner Grant | $30,000 for new homes under $750,000 |
| Stamp Duty Concession | Full exemption on new homes or vacant land for eligible first-home buyers |
These combined initiatives provide a comprehensive support package for first-home buyers in Queensland, significantly reducing the financial hurdles associated with purchasing a home.
🔍 Considerations and Outlook
While these programs offer substantial benefits, it’s important to consider potential market impacts. Some analysts caution that such incentives may contribute to increased property prices, potentially offsetting affordability gains. However, the Queensland Government emphasizes that these measures are designed to facilitate homeownership without artificially inflating the market.
đź“ž Next Steps
If you’re a prospective first-home buyer in Queensland, now is an opportune time to explore these government initiatives. Consult with Christie & Co. Property Group to understand how these programs can be tailored to your circumstances.
For more information and to assess your eligibility, visit the Queensland Government’s official housing assistance website.
