What is the Regional First Home Buyer Guarantee scheme?
The Regional First Home Buyer Guarantee scheme is a government initiative in Australia designed to assist first-time homebuyers in regional areas. This scheme allows eligible individuals to purchase their first homes with a smaller deposit, typically as low as 5%, making it more accessible for them to enter the property market. It aims to encourage home ownership and stimulate economic activity in regional areas by providing this financial support to prospective buyers.
Regional First Home Buyer Guarantee eligibility
To be eligible for the Regional First Home Buyer Guarantee, home buyers, or at least one borrower when applying as part of a pair, must have resided in the regional area or an adjacent regional area they intend to purchase in for the preceding 12-month period before executing their home loan agreement, unless they have been granted an exemption.
To qualify for this federal government scheme, you will also need to meet the following criteria:
- Citizenship or Residency:You must be an Australian citizen or a permanent resident aged over 18.
- First-Time Home Buyer:You should be a first-time home buyer or someone who hasn’t owned property in Australia for at least 10 years.
- Intention to Reside:Your intention should be to live in the property you’re purchasing.
- Income Limits:Your income should be below $125,000 if you’re applying as an individual, or below a combined $200,000 if you’re submitting a joint application.
- Property Price Threshold:You must meet the property price threshold specified for the region you’re buying in.
Home buyers who do not meet the eligibility criteria for the Regional First Home Buyer Guarantee may still be eligible for other schemes such as the First Home Guarantee or the Family Home Guarantee.
The Home Guarantee Scheme now comprises of:
- Regional First Home Buyer Guarantee – offering 10,000 guarantees each year.
- First Home Buyer Guarantee – offering 35,000 guarantees each year.
- Family Home Guarantee– offering 5,000 guarantees each year.
Regional First Home Buyer Guarantee price caps
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