The Queensland government has launched an expanded version of the state’s Boost to Buy scheme, with funding and program capacity doubled.
Applications for the first 500 places in the state’s Boost to Buy scheme are now open, with 50 per cent of places reserved for regional homes.
The scheme will see the government provide an equity contribution of 30 per cent for new homes and 25 per cent for existing homes, with buyers only required to have a 2 per cent deposit.
Places have also been open to single buyers with an annual income of $150,000 or a household income of up to $225,000.
According to the government, the scheme will build on existing measures to support home ownership, including the extension of the First Home Owner Grant and the abolition of stamp duty on new properties.
Additionally, rules on renting a room that previously affected eligibility for the scheme have been lifted.
Treasurer and Minister for Home Ownership, David Janetski, said the scheme would make it easier to enter the property market.
“We are committed to moving Queensland up the home ownership ladder by delivering more Queenslanders a place to call home.”
“Opening applications for the scheme is a shot of optimism for Queenslanders wanting to purchase their first home,” Janetski concluded.
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