On Thursday 2 May 2024, the Queensland Government introduced the referral legislation to support the federal government’s Help to Buy shared equity scheme.
The Help to Buy scheme offers support to home buyers with up to 40 per cent equity contribution for new homes and up to 30 per cent for existing homes.
Nationally up to 10,000 home buyers a year will be able to participate in the scheme, including 2,000 a year in Queensland.
Under the constitution, states must refer legislative power to the Commonwealth to allow the state to operate in the state.
Both the Queensland Bill and federal Bill will need to pass before the scheme can take place.
The Bill has been referred to the Housing, Big Build and Manufacturing Committee, with submissions open until Monday, 20 May 2024.