The Palm Island community has been granted the opportunity to own their homes through the state government’s Palm Island Home Ownership Scheme. This initiative aims to enable Indigenous residents to buy their social housing properties via a rent-to-buy model, transitioning to ownership after completing a payment plan over approximately 10 years and securing a 99-year lease.
It is projected that 40-50 residents will join the scheme initially, with hopes to involve up to 300 residents in the next decade.
Source: The Courier Mail
At One Point Wealth, we celebrate initiatives that promote home ownership and financial independence. Our team is here to provide guidance and support to those looking to take advantage of such programs, ensuring a smooth transition into home ownership.