The Queensland Government is unlocking home ownership for Palm Island residents, with the first families set to sign on to a landmark Rent-to-Buy scheme.
The Palm Island Rent-to-Buy Home Ownership Scheme enables residents to buy their social home by entering an agreement with the Palm Island Aboriginal Shire Council.
When the payment plan is complete, ownership is transferred to the participant through a 99-year home ownership lease.
Only 1.4% of Palm Island residents own their own home, highlighting the desperate need for housing solutions like the new Palm Island Home Ownership Scheme, said Minister for Housing Sam O’Connor.
“This is a life-changing opportunity for the Queenslanders on Palm Island who have wanted to have the same ability as everyone else to own their own home,” Minister O’Connor said.
“We’ve worked closely with the Palm Island Aboriginal Shire Council and the community to understand their needs and deliver a model designed to help locals achieve their home ownership aspirations.”
The scheme will start with an initial 10 households, with the potential to expand and based on demand up to 300 Council-owned social homes available for residents to buy in the coming years.
It will be administered by the Council, in its capacity as Trustee, with support from the State Government locked in through the 2026-27 Budget.
“The Home Ownership Scheme provides a new opportunity to own a home and at the same time, wealth creation for the next generation of our people,” said Palm Island Mayor, Alf Lacey.
“I’d like to express, on behalf of our community, to the Crisafulli Government, this is not a hand up or a handout, it’s better. This government has proven that it can walk side by side with us to create meaningful opportunities for our people and I didn’t think I’d see this in my lifetime.”
Minister for Aboriginal and Torres Strait Islander Partnerships, Fiona Simpson said the Palm Island community has put in the hard work to achieve great outcomes.
“Home ownership has been disproportionately difficult to do in our Indigenous communities, but this announcement clearly demonstrates the work we are doing to address this, because all Queenslanders have a right to a pathway to home ownership,” she said.
Find more information on the scheme here: website.
