Boost to Buy — Queensland 2% Deposit Scheme
State Government Shared Equity — 50% of Places Reserved for Regional Queensland Buyers
Get Into Your First Home with Just 2%
Boost to Buy is the Queensland Government’s shared equity scheme for first home buyers. The government contributes up to 25% of the purchase price of an existing home (or 30% for a new build) in exchange for a co-ownership stake, dramatically reducing what you need to borrow and what you need to save.
Half of all places are reserved for regional Queensland buyers, which means Gladstone applicants are specifically prioritised. Round 2 is currently open with 500 places allocated on a first-come, first-served basis. Gladstone first home buyers who are eligible should move quickly.
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
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.
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.
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.
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.
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.
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
$30,000 FHOG →
Cash grant for new builds only. No repayment. Property under $750k. Can potentially stack with Boost to Buy if building new.
5% Deposit Scheme →
Government guarantees 15% of your loan. No LMI, no shared equity, unlimited places, no income cap.
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.
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
Income Thresholds
Property Requirements
Deposit Requirements
Coral is a Commissioner for Declarations (Cdec) — Gladstone
The Boost to Buy application process requires statutory declarations confirming your first home buyer status and intended occupancy. As a Commissioner for Declarations, Coral can witness these documents during your consultation in Gladstone. This is the same across all your first home buyer loan documents — one appointment, everything witnessed.
Document Checklist Progress
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Identity and Residency Documents
Income and Employment Documents
Savings and Deposit Evidence
Declarations and Statutory Documents
Property Documents
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.
Call Coral: 0409 311 985This page provides general information only about the Queensland Boost to Buy scheme and does not constitute financial, legal, or tax advice. Boost to Buy is administered by the Queensland Government through QRIDA and approved lenders. Eligibility criteria, income thresholds, and available places are subject to change. Always verify current details at treasury.qld.gov.au before making any decisions. AJ Home Loans Gladstone does not submit Boost to Buy applications directly — applications are lodged through approved lenders. Lending criteria apply and approval is not guaranteed.
