The scheme means a much smaller deposit, much smaller mortgage, and smaller repayments, making it easier for more locals to buy a home sooner.

For a homebuyer like Michael, who earns $90,000 and buys a $600,000 home, Help to Buy means he would only need a $12,000 deposit, a smaller bank loan, and the Government would contribute the rest.

The scheme will operate in Queensland from 5 December, with CBA and Bank Australia as the first participating lenders.

Federal Member for Blair Shayne Neumann said the Albanese Government was providing a new way for locals to buy their own home with the Help to Buy Scheme.

“We know many locals are still doing it tough. That’s why we’ve got the most ambitious housing agenda since the post-war era - building more homes, supporting renters, and helping more people get into the market.

“Together with 5% deposits, we’re now making it easier for people in Blair to buy their first home – while also building more homes in the region.

“Under Help to Buy, the Australian Government contributes up to 40% of the price of your first home. That means smaller deposits and lower mortgage repayments.”

Mr Neumann said Help to Buy built on other initiatives to support homebuyers, including the expanded Home Guarantee Scheme, which has been hugely popular in Blair and had already helped many people into home ownership.

“Since the Albanese Labor Government came to power, we have helped around 4,000 locals in Blair into home ownership, thanks to our expanded Home Guarantee Scheme – one of the highest rates of take-up across the country,” he said. 

“And now we want to help more young people and first home buyers achieve the dream of home ownership sooner through our 5 per cent deposit scheme and Help to Buy.

“This is about getting more people in Ipswich, the Somerset Region and Karana Downs area into their own home quicker, while saving them money along the way.”

Find out more at www.firsthomebuyers.gov.au