Boost to Buy QLD 2% Deposit Scheme in QLD

Read This Before Applying: What Shared Equity Actually Means

This scheme is fundamentally different from the 5% Deposit Scheme. Under Boost to Buy the Queensland Government becomes a co-owner of your property. They contribute up to 25% of the purchase price and hold that equity stake until you buy it back.

You do not pay interest on the government’s share. However, you must repay their full equity contribution when you sell, refinance, or at the end of your loan term. If your property rises in value, the government’s share rises in value proportionally, you do not keep 100% of capital growth.

As your mortgage broker in Gladstone, Coral will run the numbers on both Boost to Buy and the 5% Guarantee for your specific situation before you commit to either.

How Boost to Buy Works, Step by Step

• 1

  Check Eligibility

  Confirm you meet the income threshold, first home buyer criteria, and property requirements. Speak with Coral first, she will assess your full situation including whether the 5% Scheme may be a better long-term fit.

• 2

  Choose an Approved Lender

  Applications are submitted directly through approved lenders (currently Unity Bank). Your broker cannot submit Boost to Buy applications, the lender manages the process on your behalf.

• 3

  Receive Provisional Approval

  The lender assesses your eligibility. If approved, you receive a regional or SEQ allocation. You must purchase within the region you applied for.

• 4

  Find Your Property

  Purchase within the $1 million cap. The property must have an issued certificate of occupancy, off-the-plan and under-construction properties are not eligible.

• 5

  Settle and Move In

  The government’s equity contribution is paid at settlement. You begin repaying your home loan on the remaining balance and build equity over time.

• 6

  Buy Out the Government

  You can buy back the government’s share via voluntary lump sum payments at any time, or it is repaid in full when you sell or at loan end.

Worked Example: $500,000 Existing Home in Gladstone

How Boost to Buy Compares to the Other Schemes

• QLD Grant

  $30,000 FHOG

  Cash grant for new builds only. No repayment. Property under $750k. Can potentially stack with Boost to Buy if building new.

  Govt role

  One-off cash grant

  You own

  100%

• Federal

  5% Deposit Scheme

  Government guarantees 15% of your loan. No LMI, no shared equity, unlimited places, no income cap.

  Govt role

  Loan guarantee only

  You own

  100% from day one

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  Boost to Buy (2% Deposit)

  Government co-owns up to 25% of your property. Just 2% deposit, smaller loan repayments, government equity must be repaid.

  Govt role

  Shared equity partner

  You own

  Partial until buyout complete

Who Can Apply

All criteria must be met at the time of application. Coral will confirm your eligibility before you approach a lender.

• Applicant Criteria

  • Australian citizen or permanent resident
  • Genuine first home buyer, never previously owned residential property in Australia
  • Will occupy the property as your principal place of residence
  • Investment purchases are not eligible

• Income Thresholds

  • Single applicant: annual income up to $150,000
  • Two joint applicants: combined annual income up to $225,000
  • Single with dependants: annual income up to $225,000
  • Income above these limits does not qualify (unlike the 5% Scheme which has no cap)

• Property Requirements

  • Existing or newly built residential property with an issued certificate of occupancy
  • Property value must not exceed $1,000,000
  • Off-the-plan or under-construction properties are not eligible
  • Cannot be combined with the federal 5% Guarantee or Help to Buy scheme

• Deposit Requirements

  • Minimum 2% deposit of the purchase price
  • Must represent genuine demonstrated savings
  • The $30,000 FHOG cannot be counted as your 2% deposit
  • Funds cannot have been gifted or transferred as a lump sum close to application

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Ongoing Obligations You Need to Understand Before Signing

You must live in the property

as your principal place of residence. Renting it out or converting it to an investment property will trigger repayment obligations.

Capital growth is shared.

If your property increases in value, the amount you owe the government at repayment grows proportionally with their equity percentage.

You cannot stack with other government equity schemes.

Boost to Buy cannot be combined with the federal Help to Buy or the 5% Home Guarantee Scheme.

Repayment is mandatory

when you sell, refinance to remove the government from the title, or at the end of your loan term. Voluntary buyback is available at any time.

Important Tips Before You Apply

Places are limited and fast-moving

Round 2 has 500 places allocated first-come, first-served. If you are eligible, move now rather than waiting until you have found a property.

Talk to Coral before approaching Unity Bank

While the lender submits the actual Boost to Buy application, Coral can compare this scheme against the 5% Deposit Scheme and work out which delivers the better long-term outcome for your specific numbers.

Gladstone buyers are specifically prioritised

50% of all scheme places are reserved for regional Queensland. You are not competing with Brisbane buyers for the same allocation pool.

The FHOG cannot be your deposit

If you are building new and eligible for the $30,000 grant, that money cannot substitute for your 2% genuine savings requirement.

Be Aware Before You Commit

The government’s equity stake grows with your property’s value, significant capital growth in Gladstone increases what you owe at repayment • Applications are lodged through Unity Bank directly, not through a broker • You cannot stack Boost to Buy with the federal 5% Guarantee or Help to Buy • The $30,000 FHOG cannot form part of your 2% deposit • Places are limited and cannot be reserved while you are still searching for a property

Related Pages for Gladstone First Home Buyers

Is Boost to Buy Right for Your Situation?

Coral will compare Boost to Buy against the 5% Deposit Scheme using your actual numbers, not generic examples. She works with Gladstone first home buyers seven days a week, 7am to 7pm, with no office visit required.