Homes for Queenslanders: First state to introduce Help to Buy Bill

• Queensland the first state to introduce referral legislation to Parliament to support the Australian Government’s Help to Buy program
• Will support homebuyers with equity contribution of up to 40 per cent for new homes, 30 per cent for existing homes
• Delivers on a Miles Government commitment under the Homes for Queenslanders plan
• Help for homebuyers at risk if LNP continue to block legislation

Queensland has become the first state to introduce legislation to make way for the national Help to Buy scheme, which will help around 8,000 Queenslanders purchase their own home.

Housing Minister Meaghan Scanlon says prospective homebuyers won’t be able to take up the scheme if the LNP continues to block the scheme.

The Miles Labor Government introduced the Help to Buy (Commonwealth Powers) Bill 2024 to Parliament today, which brings Queensland one step closer to rolling out the program for more low and middle-income families in Queensland to buy a home.

Under the constitution, before the Albanese Government can establish the national scheme, states needs to refer legislative power to the Commonwealth to allow the scheme to operate in the state.

Both Bills will need to pass in order for the scheme to take place.

If the LNP and Greens stop blocking legislation at a Federal level, where it currently sits before the Senate, it’s anticipated that Queenslanders will be able to access the Help to Buy scheme later in 2024.

How Help to Buy works: 

As part of the scheme, eligible homebuyers will receive support to purchase their home with an equity contribution of up to 40 per cent for new homes and 30 per cent for existing homes.  

Home buyers will need just a minimum two per cent deposit to participate in the scheme, and up to 10,000 households can benefit nationally each year, enabling about 2,000 households per year over four years in Queensland.

Quotes attributable Housing Minister Meaghan Scanlon:

“This Bill could help to open the door of home ownership for thousands of Queenslanders, if the LNP stopped putting up barriers at every turn.

“David Crisafulli told Queenslanders he’s all for a program like this, but then he has backed away, leaving homebuyers in the lurch.

“One of his own handpicked candidates described it as ‘really dangerous’ – it’s clear David Crisafulli has lost control of his own agenda in the LNP.

“Actions speak louder than words – that’s why we’re introducing legislation to help Queenslanders buy their own home – and why David Crisafulli needs to stop kowtowing to Peter Dutton and tell the LNP to stop getting in the way.

“Help to Buy complements the work we’re doing here in Queensland to help homebuyers into the market, including the doubling of the Queensland First Home Owners Grant to $30,000.”

ENDS

Media contact: Francis Dela Cruz – 0420 592 078