Boost to Buy is a shared equity scheme first proposed by the Liberal National Party of Queensland ahead of its 2024 state election win.

The scheme will help up to 1,000 homebuyers, with the state government providing up to 30% of the purchase price for a new home or up to 25% for an existing home.

This means the state government could feasibly contribute up to $300,000 towards the purchase of a property, based on a first time buyer building a new home valued at $1 million.

Mr Crisafulli confirmed Queensland first home buyers will need to purchase property worth $1 million or less and put down a deposit of at least 2% in order to be eligible for the support.

Buyers will also need to adhere to income caps of $150,000 per year for individuals or $225,000 per year for couples purchasing together.

The 2025-26 Queensland Budget, unveiled on Tuesday afternoon, provides the scheme with $165 million in funding.

Interested homebuyers will be able to register their interest from 1 July.

"Queenslanders shouldn't be locked-out of buying a home because they don't have the bank of mum and dad," Mr Crisafulli told social media on Tuesday morning.

"That's why we're delivering a nation-leading Boost to Buy scheme in our first budget."

@yourmortgage.com.au QUEENSLAND FIRST HOME BUYERS: Have you heard about the Boost to Buy scheme? It’s a new shared equity scheme proposed by the state government, that might see some home buyers eligible for up to $300k in deposit support. Here’s what you need to know. #BoostToBuy #Queensland #FirstHomeBuyer #HouseDeposit #AusPol #YourMortgage ♬ original sound - Your Mortgage

Boost to Buy has been welcomed by the Real Estate Institute of Queensland (REIQ, with CEO Antonia Mercorella calling it a "smart, timely step to match market conditions".

"The scheme reflects modern property prices across Queensland and makes it the most attractive in the nation," she said.

“In Greater Brisbane, the annual median house price is $895,000, and in the Brisbane LGA it's $1.21 million.

“Even for units, annual median unit prices are $770,000 and $735,000 for the Gold Coast and Sunshine Coast respectively.

“The generous cap ensures the scheme is relevant in all corners of our state including high-demand areas like Brisbane, the Gold Coast, and Sunshine Coast."

The news comes on the heels of an extension of the state's super-sized First Home Owner Grant.

Eligible Queensland first home buyers buying or building a new home may be eligible for a $30,000 windfall until June 2026.

The grant was doubled from $15,000 in 2023 and was expected to revert to its previous levels on 30 June 2025.

Meanwhile, recent changes see first home buyers buying or building a new home in Queensland exempt from stamp duty, while those purchasing an existing home for less than $700,000 won't pay the tax and those spending up to $800,000 will receive a discount.

Queensland's shared equity scheme appears to come in addition to the Federal Government's own Help to Buy scheme, which is now expected to launch later this year.

Once Help to Buy does open, it will see the Federal Government provide equity stakes of up to 40% of a new build or up to 30% of an existing home.

First home buyers turning to the national scheme will be able to buy the government's contribution back in lump sum instalments over time or, if they sell the property, they'll hand over a portion of the proceeds equivalent to the government's stake.

Help to Buy will be run by Housing Australia, the agency also responsible for the Home Guarantee Scheme, and states must pass specific legislation in order for the scheme to operate within their jurisdictions.

So far, Queensland, Victoria, and NSW have passed Help to Buy legislation, while the ACT and Northern Territory are exempt from the requirement.

Image by Josie Brown on Unsplash

Collections: