First home owners in Queensland will be able to rent out rooms immediately after purchase, under new legislation to be introduced into State Parliament this week.
Previously, Queenslanders who received stamp duty concessions and grants were not legally able to sublet their property in the first year of ownership.
State Minister for Home Ownership David Janetzkic said a Ministerial Directive, issued on the weekend, permanently allowed home owners to legally rent out a room without losing concessions and grants.
Mr Janetzkic said the change would be formally enshrined in legislation to be introduced to Parliament this week.
“Treasury modelling shows this will permanently unlock restrictions on 20,000 Queenslanders a year.
“This helps make home ownership more affordable, helping young Queenslanders to get their foot on the property ladder.”
Mr Janetzkic said it had become harder for Queenslanders to get into their first home and it now took an historic high of more than 10 years for an average household to save for a 20 percent home deposit in Brisbane.
“Renters have also seen their weekly rents climb due to plummeting supply, rising more than 17 percent in Brisbane in just the last two years.
“Our common-sense plan to boost affordability and supply will stem the tide by providing more housing options for Queenslanders.”
