Qld government unveils shared equity scheme: 2% deposit for houses up to $1m
The Queensland government has announced a $165 million shared equity scheme to help first home buyers enter the market with as little as a 2 per cent deposit.
Announced under the Boost to Buy program, the scheme will offer up to a 30 per cent equity stake for new homes and 25 per cent for existing dwellings, capped at 1,000 places over two years.
Buyers will need as little as a 2 per cent deposit and can purchase homes valued up to $1 million. Income thresholds are set at $150,000 for singles and $225,000 for couples.
The budget also confirms an extension of the stamp duty freeze for first home buyers and lifts the First Home Owner Grant to $30,000.
Real Estate Institute of Queensland (REIQ) chief executive, Antonia Mercorella, welcomed the scheme, describing it as a targeted, non-distortive support measure in a high-priced market.
“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,” she said, adding that the scheme was at risk of being out of touch with the prices facing young Australians.
“With limited placements and a strict focus on first home buyers, this is a measured and proportionate support mechanism. It represents a small share of overall market activity, is unlikely to distort demand, and may assist in rebalancing housing pressure by helping some renters transition into ownership.”
The Queensland government has left the door open to expanding the program beyond the two-year trial, pending uptake and results.
Nicola McDougall, chair of the Property Investment Professionals of Australia, said the move was a positive first step, though flagged further reform opportunities.
“Removing stamp duty disparities between owner-occupiers and investors, and updating land tax thresholds to match today’s values, would be simple but powerful next steps,” she said.
The budget comes as Queensland grapples with rental shortages, population growth, and housing access concerns. The shared equity model is being trialled in Victoria and federally.