Queensland government launches new scheme to bridge the deposit gap for first home buyers

ABC NEWS (Australia)

In Queensland, from July 1, a shared ownership scheme will mean first home buyers who meet certain income thresholds, with as little as a 2 per cent deposit can be supported to buy a home.

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00:00Newlyweds Zinclair and Jake Petroni thought home ownership was out of reach.

00:07A bit disheartening.

00:09But a new state government initiative has the renter on the hunt to buy an Ipswich house.

00:14It definitely makes the dream feel a little bit closer to reach.

00:19From July, first home buyers can register with a deposit as little as 2%.

00:24The government will take a 30% equity stake for new builds and 25% for existing homes, worth up to $1 million.

00:34It's good to see Queensland coming out with one of the most generous shared equity schemes in the country.

00:40It will be available to 1,000 applicants over two years,

00:44for singles earning up to $150,000 a year and couples earning up to $225,000.

00:52Housing is a key focus of the budget with $5.6 billion allocated to social and community housing.

01:00A record 52,000 people are on the wait list and the government wants to build 2,000 affordable homes a year to 2028.

01:09It should send a signal to community organisations that this government is not stepping away from a commitment to vulnerable people.

01:17The price tag for the 2032 Olympic and Paralympic Games is $7.1 billion,

01:23and just under a billion is allocated to athletes' villages in the budget.

01:28It's going to be a challenge. We know there's a shortfall of workers and skills,

01:32but there's a lot of stakeholders that are working very hard to underpin that.

01:37$832 million has been set aside as a starter for venues with negotiations ongoing for how federal funds will be spent.

01:46They pay the same quantum that they were always going to pay.

01:49We're just asking it to be transferred from an asset that the private sector are lining up to build.

01:54The government's tough on crime approach will be backed by $2.4 billion over six years to increase Brisbane and Townsville prison capacity.

02:03It's promised to bolster the police force with 1,600 recruits by 2028, with a net increase of 240 new officers so far.

02:13While a homegrown star...

02:15Wenham, filmmaker, actor, producer.

02:18...rates the budget five stars, with more than $40 million allocated for the film industry.

02:24I'm pleased, I'm happy, not surprised, no.

02:27Let's check in.

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