More support for prospective home owners across the Ipswich region is on the way, thanks to the opening of the Australian Government’s Help to Buy program.
Launched last Friday, the Help to Buy shared equity scheme will give up to 10,000 eligible low-and middle-income first home buyers a year the opportunity to own their own home with just a two per cent deposit and an equity contribution of up to 40 per cent.
For the Greater Brisbane area, which includes Ipswich, the Somerset Region and Karana Downs area, the price cap under the scheme is $1 million.
Blair MP Shayne Neumann said the Australian Government was providing a new way for locals to buy their own home with the Help to Buy Scheme.
“We know many locals are still doing it tough. That’s why we’ve got the most ambitious housing agenda since the post-war era – building more homes, supporting renters, and helping more people get into the market,” Mr Neumann said.
“Together with five per cent deposits, we’re now making it easier for people in Blair to buy their first home – while also building more homes in the region.
Under the program, participants will need to save a minimum two per cent deposit and obtain a home loan from a participating lender.
Once the home is purchased, participants will need to maintain the home and keep it insured.
For a homebuyer like Michael, who earns $90,000 and buys a $600,000 home, Help to Buy means he would only need a $12,000 deposit, a smaller bank loan, and the Government would contribute the rest.
Mr Neumann said Help to Buy built on other initiatives to support homebuyers, including the expanded Home Guarantee Scheme, which has been hugely popular in Blair and had already helped many people into home ownership..
“This is about getting more people in Ipswich, the Somerset Region and Karana Downs area into their own home quicker, while saving them money along the way,” he said.
Income caps are $100,000 for individuals and $160,000 for joint applicants and single parents.
The scheme will operate in Queensland from 5 December, with CBA and Bank Australia as the first participating lenders.
