Are you looking to buy your first home?
Are you looking for properties up to $1 million?
Like the sound of buying with a 2 per cent deposit?
Love the sound of a smaller mortgage?
Yes? Then check out the Boost to Buy home ownership scheme announced recently by the Queensland Government and set to smash barriers to home ownership for eligible buyers.
It’s been dubbed the most “attractive” home ownership scheme in Australia, reports realestate.com.au.
At a glance, we can see why. It has realistic income and property value thresholds and a super low deposit of just 2 per cent can secure your home.
The more complex, but potentially advantageous, part of the scheme is that the government will actually chip in some cash so they’ll own a stake a in your home – up to 30 per cent for new homes and 25 per cent for existing homes.
Is that a good thing or bad thing?
It depends on your preferred path to property ownership. Shared equity schemes are gaining more traction in Australia in recent years.
Most government shared equity schemes will offer pathways to refinance or pay out the government ownership stake over time and won’t charge rent on their portion though fees may apply.
It will pay to check out the fine print and understand the details.
But if the big picture sounds appealing to you, register your interest on the Boost to Buy scheme website.
Check out our listings for sale and happy house hunting!
