A Yarrabilba father says Queensland’s new shared equity scheme helped turn home ownership from a distant goal into a reality for his young family after they were priced out of the Gold Coast market.
Mitchell Stanger and his wife Samantha spent a year living with family on the Gold Coast while trying to save for a deposit, but rising house prices and rental costs made buying increasingly difficult.
“It was difficult going out to open homes,” Mr Stanger said.
“We originally started looking around the Gold Coast area, but unfortunately, for what we wanted for our family, we were priced out of the market.”
The couple eventually expanded their search to Logan and bought a home in Yarrabilba through the Queensland Government’s Boost to Buy scheme.
The program allows eligible first-home buyers to purchase a property with a minimum 2% deposit, while the state government contributes up to 30% equity for new homes or 25% for existing homes.
Mr Stanger said the support bridged the gap that had kept home ownership out of reach.
“It means a lot, I honestly never thought I would own my own home with the price of houses always increasing and having to pay rent,” he said.
“I’m so proud of myself and my wife and my family that we were able to achieve this goal.”
The family’s two children, aged four and two, spent their first day in the home planning colours for their bedrooms and playroom.
Queensland Treasury says 150 buyers secured homes through the scheme in its first three months.
The state government has committed $330 million to fund up to 2000 places over three years, with a second round of applications now open.
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