
In the last sitting Queensland Parliament passed the Help to Buy (Commonwealth Powers) Bill 2024.
The referral legislation which supports the federal government’s Help to Buy shared equity scheme, came into effect on Tuesday 18 June 2024.
Under the constitution, states must refer legislative power to the Commonwealth to allow the scheme to operate in the state.
For the scheme to take effect the federal Help to Buy legislation will also need to be passed.
If the federal Help to Buy legislation is passed it will support home buyers with up an equity contribution of up to 40 per cent for new homes and up to 30 per cent for existing homes.
Up to 10,000 people a year will be eligible to participate in the scheme nationally including 2,000 a year in Queensland.
More information on the Queensland Help to Buy (Commonwealth Powers) Act 2024 can be found online.