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GENIUNE GAME CHANGER: Queensland Country Bank says combined government programs are a major boost for first home buyers

Queensland Country Bank

Queensland Country Bank says combined government programs are a major boost for first home buyers

 

Queensland Country Bank has welcomed budget announcements from the Federal and Queensland Governments to improve housing affordability and increase support for homeowners with the Australian Government 5% Deposit Scheme (the Scheme).

The Scheme replaced the Home Guarantee Scheme on 1 October 2025 to make it easier for more Australians to buy a home with unlimited places, higher property price caps and no income caps. Images here and case study below.

 

The Scheme gives Australians the chance to buy a home sooner, with a smaller deposit supported by a government-guarantee. Key features include:

• Low deposit options (5% for first home buyer, 2% for single parents or single legal guardians).
• No income caps – all first home buyers can apply, regardless of salary.
• No Lenders Mortgage Insurance (LMI).
• Higher property price caps.
• Wide choice of property types up to price caps for each location.
• Government guarantee provided to the lender for the loan.
• Unlimited spots and no waiting lists.

 

Queensland Country Bank Chief Executive Officer Aaron Newman said the combined effect of the Australian Government 5% Deposit Scheme, and the Queensland Government’s Boost to Buy was a genuine game changer for eligible borrowers, particularly in regional communities.

“The introduction of these State and Federal schemes will make a significant difference for Queensland first home buyers, enabling them to enter the property market sooner and pursue the Australian dream of home ownership. The Schemes will reduce the deposit barriers and help borrowers to save thousands in borrowing costs,” Mr Newman said. “Following the release of both the Federal and State budgets, and now the changes implemented on 1 October, Queenslanders will have access to new and expanded programs to support home ownership. We see this as a clear step forward in helping more people enter the market. We applaud initiatives that treat housing affordability as a national and state-level priority,” he said.

 

Queensland Government – Boost to Buy

• Equity contribution of up to 30% of the purchase price for new homes (25% for existing homes), alongside the $30,000 First Home Owner Grant (until 30 June 2026).
• Eligible first home buyers require just a 2% deposit on properties valued up to $1 million.
• Announced in the 2025–26 Queensland State Budget as part of a record $8.1 billion housing package.
• Applications are expected to open later in 2025.

 

Queensland Country Bank has a strong track record of supporting government-backed schemes, having delivered lending through the 5% Deposit Scheme (formerly known as the Home Guarantee Scheme) and funding nearly $200 million in new loans to Members.

 

“Helping people own their homes is core to who we are as a member-owned bank,” Mr Newman said. “We look forward to seeing how these new programs unfold – and stand ready to support them, and our Members, in every way we can.”

 

Queensland Country Bank recently won for a third year in a row Canstar’s Customer Owned Bank of the Year – First Home Buyer QLD award highlighting the bank’s focus on delivering Member-first solutions and supporting Queenslanders as they take the important step into home ownership.

 

Joshua Sale, Group Manager - Research, Ratings and Product Data at Canstar, agreed that changes to the Australian Government 5% Deposit Scheme – including the removal of income caps and the introduction of higher property price caps – have opened the door for more Australians to enter the property market.

 

“Lenders are responding with greater competitiveness, offering lower rates and more attractive options for first home buyers both within and outside the Scheme,” he said. “In Canstar’s recent analysis of lenders offering products tailored to first home buyers, the strongest performers were those providing fully featured loans including access to offset and redraw accounts, and in some cases, discounted rates compared to standard home loan products.” 

 

“Queensland Country Bank stood out by consistently delivering low-cost mortgage options across our six-month assessment period and strong product features – including redraw, offset and flexible repayment capabilities. The commitment to value and customer focus has earned the team the title of Customer Owned Bank of the Year – Queensland in Canstar’s 2025 First Home Buyer Awards.”

 

 

MEMBER PROFILE:

From her first job to her first home – Simone’s journey with Queensland Country Bank
Regional First Home Buyer Guarantee recipient

 

At just 15, Simone Vinton opened her first bank account with Queensland Country Bank in Townsville. It was her first job, her first pay check, and the beginning of a long-standing relationship that would one day help her into her very first home. Now 38 and based in Far North Queensland, Simone recently achieved her dream of home ownership,  navigating the process solo, with the help of her trusted bank and the Regional First Home Buyer Guarantee.

 

“I’ve always felt like part of the family with Queensland Country Bank, that feeling of connection has never changed,” Simone says.

 

When the Federal Government announced changes around housing affordability in the lead-up to the last election, Simone says she knew it was time to get serious. Working with the bank to get pre-approval and using their SmartBudget facility, she got herself loan-ready.

But it was Lending Specialist Amanda Howard who made the biggest difference.

 

“Amanda has just been AMAZING,” Simone says. “She guided me through the entire process, from a personal loan for my car last year to this much bigger, much more terrifying step of buying my first home. As a first home buyer on my own, I was full of anxiety. There are so many unknowns – all the hidden fees with conveyancers and real estate agents – and Amanda made everything feel easy. I could walk in anytime, sit down, and she’d break it all down with zero judgement. Every time I was uncertain, she’d just say, ‘You’ll be fine – come in, we’ll go through it together.’ And we did.”

 

Although she wasn’t eligible for the Queensland First Home Owner Grant because she purchased an existing property, the Regional First Home Buyer Guarantee made all the difference. “I’m forever grateful that the same bank I joined as a teenager was the one that helped me into my home,” Simone says. “Honestly – I actually couldn’t be happier.”

 

ABOUT Queensland Country Bank

Queensland Country Bank is a Member-owned bank that started in 1971 in Mount Isa, and offers a uniquely enriching banking experience by integrating exceptional customer service with deep community engagement.  The bank supports over 100,000 Members, employs over 450 Queenslanders, and has given back $3 million to local communities through its Community Good for Good grants program since 2005. The team at Queensland Country Bank prioritises simplicity, speed, and personalisation in their services, supported by digital tools and knowledgeable staff across a 29-branch network across the state.  For over 54 years, the bank has proudly invested in the regions it serves, offering a combination of financial expertise and unwavering support for local development.

 

 

 

Contact details:

Kath Rose

0416 291 493 

[email protected]