Home Ownership Dream Closer Than Ever

Homeownership could be closer than ever for regional Australians thanks to the Federal Government’s Regional First Home Buyer Guarantee.

From October 1, regional Aussies will receive Government assistance to purchase their first home three months earlier than scheduled.

Delivery of this election promise will mean 10,000 places will be available each financial year through the Regional First Home Buyer Guarantee to support regional first home buyers to purchase new or existing homes with a deposit of as little as five per cent.

It provides a government guarantee of up to 15 per cent for eligible home buyers, so regional Australians with a five per cent deposit can avoid paying mortgage insurance.

To be eligible, applicants must be Australian citizens, purchase outside a capital city, and demonstrate they have been living in the region in which they are purchasing the property (or adjacent regional area) for at least 12 months.

Property price caps and income caps will be consistent with the existing First Home Guarantee, administered by the National Housing Finance and Investment Corporation.

Learn more about the Regional First Home Buyer Guarantee at Regional Home Guarantee – 5% Deposit on New Regional Homes for First-Home Buyers (realestate.com.au).

• Topics:

• My House My Home
• Finance