Latest news with #AnnieCannonBrookes
News.com.au
22-07-2025
- Business
- News.com.au
Bombshell deal to give select buyers the upper hand
Are first-time buyers are finally getting the attention they deserve? Queensland's state government announced its Boost to Buy shared equity scheme – a similar but separate initiative to the federal government's Help to Buy scheme that's due to launch later this year. This is great news for first-home buyers who don't have access to the 'bank of mum and dad' – but it's not without risks. It's a cautious welcome from me. I've done some digging with the comparison experts at Compare the Market to break down the key differences in the two schemes. First, what's a shared equity scheme? Inside billionaire Annie Cannon-Brookes' revamp of trashed island A share in value growth Governments are finally coming to the table with one of the biggest helping hands for first-home buyers I have seen. The government acts essentially as a partner to contribute to the deposit purchase of a home in exchange for a share in the equity. So, the affordability barrier is lowered, and eligible participants buy out the government's stake over time or when the property is sold. Both the Queensland Government's and the federal government's work on the same premise but differ in terms of eligibility criteria and limits on support. Strangely, it appears Queenslanders may have a choice between the two – but it's unclear at this stage. HERE'S A COMPARISON: Help to Buy (Federal) Eligibility: Single income: Up to $100,000/year; Couple income: Up to $160,000/year. Minimum Deposit: 2pc of purchase price Maximum Property Value: – QLD: $1 million (Brisbane and regional centres) or $700,000 (other) – NSW: $1.3 million (Sydney and regional centres) or $800,000 (other) – VIC: $950,000 (Melbourne and regional) or $650,000 (other) – ACT: $1 million – TAS: $700,000 (Hobart) or $550,000 (other) – SA: $900,000 (Adelaide) or $500,000 (other) – WA: $850,000 (Perth) and $600,000 (other) Shared Equity: New homes: 40pc; Existing homes: 30pc. Allocation Cap: – National: 10,000 per year for four years in total – QLD: Around 2,000 per year for four years – NSW: Around 3,300 per year for four years – Other states: TBA Boost to Buy (QLD only) Eligibility: Single income: Up to $150,000/year; Couple income: Up to $225,000/year. Minimum Deposit: 2pc of purchase price Maximum Property Value' – $1 million (all regions in Queensland) Shared Equity: New homes: 30pc; Existing homes: 25pc. Allocation Cap: – 1,000 in the 2025-26 Queensland Budget We have already seen Victorians benefit from the Homebuyer Fund, a similar scheme where the state government contributed up to 25 per cent for an equivalent share in the property, but this has recently been discontinued. Govt pays $3.3m for unliveable derelict house So, are shared equity schemes worth it? Anything to give a leg up for Australians to own a home is fantastic. It provides an opportunity for Australians to afford a home or one that was otherwise less achievable than before, with no payable Lenders' Mortgage Insurance (LMI). It's especially helpful for those whose parents can't chip in for a deposit or act as guarantors. Eligible would-be homeowners may also be able to stack Help to Buy or Boost to Buy schemes with other first-home buyer government incentives as a bonus – but be sure to check first. However, it's worth remembering that there are risks. Here are my key tips if you're considering a shared equity scheme. 1. Rates may be higher. Only select lenders will participate in these first-home buyer initiatives, reducing your choice and likelihood of being on a competitive rate. Mortgage brokers like Compare the Market can help you look for lenders offering these schemes. 2. Know your limits. If you can only save for a 2pc deposit, should you really be buying a home? It may seem like an 'easy' win, but don't overreach yourself and understand what you can afford realistically now and down the line, accounting for potential interest rate increases and decreases and changes to the value of the equity share. I think a 2.5 per cent deposit for a single person is okay, but for couples, 5pc means pitching in $17,500 per person for a $700,000 purchase. It's not easy to save, but that effort means you're in a better position to buy. 3. Understand the risk. Governments aren't just giving out money with no scrutiny. For Help to Buy, if your income exceeds the annual threshold for two consecutive years, you may be required to repay the government's contribution by refinancing. Essentially, they can pull out of the deal if you end up having a higher-paid job. Remember, a lot can happen in 30 years. 4. Increased demand. These initiatives will again put increased pressure on the housing market that's already at boiling point – and will likely drive-up prices even more. Allocation caps may help but they're not a panacea. 5. Supply continues to be a barrier. The federal government is still incentivising Australians to buy new, up to 40pc deposit for newly built homes. However, many first-home buyers cannot afford a new build, because of high construction costs which will likely continue for the foreseeable future. Until this is remedied, first home buyers are priced out in most areas. Other than increased demand, there is also a side-effect on the property market here. I'm never comfortable with governments using a specific property value as a criteria benchmark for these types of incentives. Why? Because it messes with home values. For example, a set $1m maximum means a home with around that now will end up selling too cheap in order to meet the shared equity incentive threshold. Conversely, any units around the $900,000 value may get artificially high selling figures. The solution is to base thresholds on incomes only – which is simpler and makes more sense to dictate budgets. Some details remain patchy, but overall, it's great to see more being done to get young Australians into the property market sooner. Let's hope it helps. *Andrew Winter is a property expert at Compare the Market.
News.com.au
20-07-2025
- Entertainment
- News.com.au
Inside billionaire Annie Cannon-Brookes' revamp of trashed island
Billionaire Annie Cannon-Brookes has bought two more Qld properties since splitting with husband Mike, as she reveals the 'big task' of turning around her trashed Aussie island. Ms Cannon-Brookes – whose personal fortune is estimated in the region of $12billion, is one of the most prominent owners of a string of Australian islands that have been trashed and left to decay after being hit by cyclones and other tragedies – throwing millions more at the region by snapping up two more properties on the mainland. 'Super creepy': Mysterious Aus 'old haunted house' for sale She is four-deep into the Cassowary Coast, buying a $1,1m three bedroom beach house with views of Dunk Island in the months after her separation from her $29b husband, and then adding a massive 19.18ha spot with beach access last year for $4.5m. The second site contains another three bedroom house, with no publicly accessible plans available as yet for how Ms Cannon-Brookes sees those purchases tying in with each other. She said 'our goal is to be good custodians of the island, and we are pleased to be making progress'. Ms Cannon-Brookes bought the 132hectare freehold site on Dunk Island three years ago for $23.65m, at the same time as another 15ha beachfront segment that slotted into it for $3.85m. The purchases were just months before she and husband tech billionaire Mike Cannon-Brookes separated in 2023, with the richlister then also signing a 30-year lease with the Cassowary Coast Regional Council for the public access area at Dunk Island Spit – which is the first area she has revealed to the public just last week in stage 1 of bringing the island back to life. How NRL stars are banking an off-field fortune She has opened a new beachfront restaurant on Dunk Island for public access at the Spit, celebrated by visitors and locals alike. Ms Cannon-Brookes said 'we are working hard to create a family-friendly destination that underpins the local tourism sector, preserves the natural environment and celebrates the island's cultural significance'. 'It's a big task and wouldn't be possible without the tremendous support we've received from the local community.' The restaurant opening is phase one of a broader redevelopment plan she has for the island, with consultation underway for the rest of the mammoth task, including necessary rehabilitation work around the devastation caused by Cyclone Yasi 14 years ago in 2011. Her Dunk Island Spit general manager, Jason Blackburn said 'revitalising a cyclone-devastated island in such a delicate ecosystem is no small undertaking, but milestones like this remind us why it's all worthwhile'. He said 'it's been fantastic to see families, campers and day-trippers embracing the new dining experience and the feedback so far has been excellent.' 'For locals and visitors who haven't made the trip, we encourage you to come and enjoy our relaxed island hospitality and create some special memories.' 'Importantly, this is just the beginning of broader revitalisation plans. Our priority has been restoring The Spit so locals and visitors alike can enjoy it safely and sustainably, while we continue to work through plans for other sections of the island.' The council has heralded the restaurant opening as a significant first step in the revitalisation of Dunk Island. Cash-strap student turns $40k to 38 homes Cassowary Coast Mayor Teresa Millwood is pleased to see progress on the island itself, labelling it a positive outcome for the region. 'Dunk Island is a treasured part of our coastal identity, and it's wonderful to see this first stage come to life,' she said. 'Council is proud to have partnered with Dunk Island Group to activate The Spit, and we look forward to continuing to work together to preserve and celebrate this beautiful island for future generations.' Cassowary Coast Tourism's Patrick Bluett was thrilled, saying 'it's wonderful to see this iconic location being revitalised in such a considered way'. 'The collaboration with Dunk Island Group has been great and the quality of the restaurant as well as the public campgrounds and amenities is excellent,' he said. 'We look forward to further product development on the island that will only enhance the visitor experience.' The Dunk Island Spit restaurant currently operates Thursday to Sunday, from 11am to 4pm.
