Will the LNP's new scheme help me become a first-home buyer?

Sydney Morning Herald

7 hours ago

For the first time, I've found myself in a position to consider homeownership. 'Consider' is still very much the operative word, but it's a step up from 'I'll never break out of the rental market, here's to a life of permanent frivolity'.
Buying my first home (which will probably be a small unit if I want to be close to the city) became less of a foreign concept after the Crisafulli government announced a new shared equity scheme as part of this week's state budget.
A shared equity scheme essentially allows the government to chip in and help you buy a home, with the equity they own either paid back over the time you live in it, or when you sell.
Under Queensland's Boost to Buy program, the government will contribute up to 30 per cent equity for a new build, or 25 per cent for an existing home, for properties worth up to $1 million, with a minimum 2 per cent deposit. Singles earning up to $150,000, or two adults with a combined income of $225,000, would be eligible to apply.
This is really aimed at helping those of us who don't have the bank of mum, dad or benevolent benefactor to chip in for a house deposit, or a realistic way to save $100,000 in a meaningful timeframe, which is basically what I'd need to afford a deposit now in Brisbane.
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'Queenslanders shouldn't be locked out of buying a home because they don't have the bank of mum and dad,' Premier David Crisafulli said on Tuesday.
The government has also extended the $30,000 grant for first homes and land under $750,000 until June 2026, and abolished stamp duty for first home buyers purchasing a new build.
While I meet the criteria for the Boost to Buy program, I'm not getting too excited that this alone will change my housing prospects. The scheme is only available for 1000 applicants, and even with the deposit sorted, there could still be a significant mortgage to manage.