Big change benefits first-time buyers in Queensland, helping them secure their first home.

There's some great news for first-time home buyers in one of Australia's states. The government of Queensland has decided to permanently remove restrictions that were making it difficult for homeowners to rent out a room in order to cover their high mortgage payments. This move comes after the state's housing minister urged new homeowners to consider renting out a room or two to ease the pressure of skyrocketing mortgages.

The state government has introduced a ministerial directive to help make rentals more affordable and alleviate the financial burden on Queenslanders who are purchasing their first home. This change has been made in response to the increasing difficulty in buying a home, with many young Australians struggling to keep up with the rising costs.

Previously, first home owner grants and stamp duty concessions were not available to buyers who rented out a part of their property within the first year of moving in. But now, thanks to new legislation introduced to the state parliament, owners can take advantage of these discounts without worrying about losing them if they choose to rent out a room.

Premier David Crisafulli expressed his excitement over the new rule change, stating that young Queenslanders can now rent out a room without being penalized and losing their concessions. Housing Minister Sam O'Connor also encouraged first home buyers to make use of this opportunity to ease their mortgage stress.

The minister further explained that this change could result in a significant increase in available rental rooms, providing relief to those struggling to find affordable housing. It is estimated that around 20,000 homeowners in Queensland will benefit from this rule change, which has already gone into effect.

Treasurer David Janetzki also shared his support for the new laws, stating that they would be introduced to parliament this week to formalize the changes. This move was promised by the LNP under the leadership of new premier David Crisafulli, as a means of addressing the low rental supply and soaring mortgage prices.

Overall, this decision by the Queensland government aims to make it easier for first home buyers to enter the property market and reduce their financial burden. It also has the potential to increase the availability of rental rooms, providing relief to both homeowners and renters in the state.

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