The Myth Buster- Think you need a 20% deposit?

Think you need a 20% deposit to buy your first home? With the Queensland Government’s Boost to Buy shared equity scheme, eligible first home buyers can enter the market with as little as a 2% deposit, making home ownership far more achievable.

To qualify, you must be an Australian citizen (or permanent resident), at least 18 years old, and a first home buyer (or someone who hasn’t owned property in Australia in the past 10 years). There are also income caps, currently up to $150,000 for individuals and $225,000 for couples, as well as property price limits depending on the location.

The scheme applies to both new and existing homes, including houses, townhouses, and units, as long as the property will be owner-occupied. The Queensland Government contributes up to 30% for new homes and 25% for existing homes, reducing the amount you need to borrow and potentially helping you avoid lenders mortgage insurance (LMI). There’s no interest charged on the government’s share, and you can buy it back over time.

At Loanly Planet Finance, we help you navigate every step, from checking your eligibility and understanding the criteria to finding the right lender and structuring your loan, so you can move forward with clarity and confidence.