home ownership scheme for first home buyers
Saving for a deposit and purchasing an affordable first home is increasingly challenging, placing home ownership aspirations out of reach for many people.
Through the Boost to Buy Home Ownership Scheme, the Queensland Government may help you fast-track your path to homeownership by supporting you to purchase your own home in Queensland with as little as a 2% deposit, while saving thousands of dollars in lenders mortgage insurance costs.
Check your eligibility for the Boost to Buy Home Ownership Scheme on this page, then make an online booking with one of our dedicated lending specialists to have a conversation about your own situation.
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Through the Boost to Buy Home Ownership Scheme, the Queensland Government is supporting eligible first home buyers to purchase a home sooner in Queensland.
By contributing up to 30% of the property price for new homes or 25% for existing homes valued up to $1 million, in exchange for equity in your home, the Queensland Government helps reduce your deposit requirement and lower your monthly repayments (due to reduced mortgage size).
The scheme aims to assist buyers in regional as well as South East Queensland, so to help achieve this objective, 50% of scheme appointments are reserved for property purchases in regional Queensland (i.e. outside of Brisbane, Ipswich, Logan – Beaudesert, Moreton Bay, Gold Coast, Sunshine Coast). When making an appointment, you will need to indicate whether you intend to purchase within or outside of South East Queensland. Note that you will be required to purchase the property within the region (Regional or South East Queensland) for which you sought provisional approval. To check which areas this applies to, visit our FAQs.
To be eligible for the Boost to Buy Home Ownership Scheme you must meet all of the Scheme’s eligibility criteria, this means:
You must not be receiving assistance from one of more of the following:
You’ll need as little as a 2% deposit, with no Lenders Mortgage Insurance (LMI) required. The Queensland Government’s interest in the property is repaid when you sell, refinance, or choose to repay their contribution over time. This means eligible first home buyers can purchase a home with a smaller deposit.
Charlotte is an eligible buyer looking to purchase an existing home for $750,000 in Queensland. Charlotte contacts Unity Bank who reviews her borrowing capacity and scheme eligibility and is approved to participate in the Boost to Buy Home Ownership Scheme. The Queensland Government contributes up to 25% of an existing property’s value ($187,500), while Charlotte provides her own 2% deposit of $15,000 and secures a $547,500 home loan through Unity Bank (representing 73% of the purchase price).
Once settled, Charlotte moves in. She begins making regular loan repayments which will increase her equity in the property over time. Charlotte doesn’t pay interest on the Queensland Government’s equity in the Property but must repay the government’s 25% share in her property by the end of her loan term or sooner if certain conditions apply.
| Boost to Buy* | |
| Minimum deposit | 2% of property value, plus savings for acquisition costs |
| Fees and charges | Waived valuation fees* |
| Statutory Fees | At cost |
| Offset account | 100% offset - variable only. Learn more about offset accounts |
| Redraw | Yes1 |
| Extra repayments | Unlimited |
| Property price caps | $1,000,000 |
A Fact Sheet and Information Guide are available to download from https://www.treasury.qld.gov.au/policies-and-programs/home-ownership/boost-to-buy/.
"I recently found myself in a challenging situation where I had very little time to purchase a house due to the need to evacuate my rental property. The team at Unity Bank was incredibly efficient and supportive throughout the entire process. Despite the tight timeframe, they swiftly handled the initial paperwork and managed to get my pre-approval.
When I finally found a property which was just 10 days before my rental lease ended, they expedited the remaining procedures and completed the settlement within two weeks. I am deeply grateful for their professionalism and support."
Julian, Member
1 Minimum redraw amount of $100 applies.
* Credit eligibility, Scheme eligibility, terms and conditions, fees and charges may apply. New loans only. Unity Bank is authorised to offer the Boost to Buy Home Ownership Scheme (the scheme) under which the Queensland Government makes a financial contribution of up to 30% (new homes) and up to 25% (existing homes) of the value of the property up to $1 million in exchange for ongoing equity in the property. Purchasers must be Australian citizens or permanent residents, at least 18 years of age, meet income caps and occupy the home as their principal place of residence. Target Market Determination available here. The information on this page is correct at the time of publishing but may change at any time without notice to you.
** Eligibility criteria terms and conditions apply to our Unity Bank Products and scheme eligibility applies to the Government Schemes. Fees & charges may apply. Any general advice or information on this podcast does not take into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for you. Please review our Disclosure Documents before acquiring any product. Unity Bank Limited. ABN 72 087 650 637. AFSL/Australian Credit Licence 238311.
