This article was written by PLT student – Zoe Kildare at W & G Lawyers.
It is important to note that the Queensland Government’s Boost to Buy Scheme for first home buyers is separate from Commonwealth home buyer assistance programs and should be considered on its own terms, with its own eligibility requirements, structure, and conditions.
If you are considering buying a property in Queensland this is an update worth paying attention to. The Queensland Governments Boost to Buy Scheme for first home buyers is set to reopen for Round 2, with applications opening at Tuesday, 31 March 2026 at 9:00 am (AEST) and is a state-based initiative that differs from the Federal Government “help to buy” scheme. While both are shared-equity programs, Boost to Buy is specifically tailored for Queenslanders and generally offers higher income caps, higher property price limits, and different equity contribution percentages.
The scheme is designed to assist eligible first home buyers in entering the property market sooner by reducing both the deposit required and the amount they need to borrow. However, with limited places available and applications assessed on a first come, first served basis, prospective buyers should ensure they understand the eligibility requirements and have their documents ready before applications open.
The scheme requires the purchase to be made in the applicant’s personal capacity. It does not extend to purchases structured through other legal entities, such as: A company; or A trust or an applicant acting as trustee. Applicants must also not already be receiving assistance under certain other government-backed home ownership support arrangements. This includes: A home buyer guarantee or shared equity arrangement provided by a Commonwealth entity; or A loan or guarantee provided by a state or territory government to support home ownership.
1. How the Boost to Buy Scheme Works
Boost to Buy is a shared equity scheme under which the buyer and the Queensland Government purchase the property together, with each party holding a share in the property.
Under the scheme, the Government may contribute:
- Up to 30% of the purchase price for new homes; and
- Up to 25% of the purchase price for existing homes.
The scheme applies to properties with a purchase price of up to $1,000,000.
However, because the Queensland Government contributes part of the purchase price, it will hold an ownership interest in the property alongside the buyer. When the property is sold in the future, the Government will generally recover its corresponding percentage share of the sale proceeds. This creates an ongoing legal and financial relationship, and individuals should ensure that they understand the scheme terms and implications before committing to a purchase.
2. Who is Eligible?
The scheme is not open to every purchaser, and applicants must satisfy several conditions relating to citizenship, income, deposit savings, intended use of property, and the structure of the purchase.
In general terms, to be eligible for the scheme, an applicant must:
- be at least 18 years of age at the time of applying;
- be an Australian citizen and/or permanent resident;
- be a first home buyer, meaning neither the applicant nor their spouse has previously owned real property in Australia.
3. Income Threshold
Applicants must also satisfy the relevant income cap. At the time of writing, the scheme is directed to:
- a single adult with an annual income of up to $150,000;
- two adults, with or without dependants, with a combined annual income of up to $225,000;
- a single adult with dependant/s with an annual income of up to $225,000.
The scheme is intended to support genuine owner-occupiers. Applicants must intend to:
- Purchase an eligible property (up to $1 million);
- Become both the owner-occupier and registered owner of the property; and
- Ensure the applicant’s name is consistent across the property title, the scheme application, and the loan documents
4. Stamp Duty and Land Tax
If eligible, buyers may also qualify for:
- Stamp duty concessions; and
- Land tax exemptions for their principal place of residence.
These are administered by the Queensland Revenue Office (QRO), and buyers should obtain advice or check the QRO website for further details.
5. Deposit Requirements — Only 2%
One of significant features of the scheme is that eligible buyers are only required to contribute a minimum deposit of 2% of the purchase price.
For example, if you are purchasing a property for $800,000, a 2% deposit would be $16,000. This is substantially lower than the 10% to 20% deposit that is commonly required in a standard property purchase and may make home ownership more accessible for first home buyers who have steady income but limited savings.
Buyers should also remember that their savings must be sufficient to cover acquisition costs, such as:
- Transfer duty;
- Conveyancing costs;
- Mortgage registration fees; and
- And other settlement costs.
6. Limited Places Available
Round 2 will offer 500 additional places, and importantly:
- Half of all places are reserved for regional Queensland; and
- Applications are processed on a first come, first served basis.
Many applicants miss out not because they are ineligible, but because they are not prepared when applications open. Many first home buyers focus only on the deposit, but the contract terms, ownership structure, and future sale obligations are equally important.
7. Legal Considerations Before Using the Scheme and Main Takeaways
Before entering a shared equity arrangement, buyers should understand:
- The Government will own a share of the property;
- Permission may be required before refinancing;
- Restrictions may apply to renting the property;
- When the property is sold, the Government receives its equity share;
- Buying out the Government’s share later may require a valuation; and
The arrangement may affect estate planning and future property ownership structures.
These issues should be considered before signing a contract, not after.
References
Queensland Treasury
Boost to Buy – QLD Treasury
How it works – QLD Treasury
Eligibility, ongoing obligations and exit process – QLD Treasury
How to apply – QLD Treasury
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