In an innovative move aimed at making homeownership more attainable for Queenslanders, Meaghan Scanlon the Minister for Housing, Local Government, Planning and Public Works has announced Queensland's pioneering role in progressing state legislation to implement the Help to Buy shared equity scheme.

This joint effort represents a significant step towards cutting the cost of mortgages and providing more Queenslanders with the opportunity to own their own homes. Under the Help to Buy scheme, eligible homebuyers will receive support with an equity contribution of up to 40% for new homes and 30% for existing homes.

“This scheme represents a move by the Government to encourage more first home buyers to enter the market. Excitingly, Queensland will be the first to progress the legislation” Synergy Mortgage Brokers Director Brendan Philp said.

“Having already assisted 26,900 Queenslanders in achieving their homeownership goals through the Home Guarantee Scheme, the latest funding update will aim to add a further 600 homes to the states social and affordable housing program – which is in incredible short supply” Brendan added.

The impact of Help to Buy is expected to be progressive, bringing homeownership within reach for up to 40,000 Queenslanders, particularly renters who have long faced barriers to entry into the housing market.

“A minimum 2% deposit will be required for purchasers, without the need for lenders mortgage insurance under the scheme. This will mean real long term savings for these mortgagees” Brendan said.

If you’re looking to chat further about affordable homeownership, refinancing or investing, our Synergy Mortgage Brokers team can help you explore your mortgage options and secure your financial future. Contact us on 1300 324 588 today.