Understanding The Regional First Home Buyer Guarantee

The Regional First Home Buyer Guarantee (RFHBG) is a valuable government initiative aimed at helping eligible buyers across regional Australia enter the property market with just a 5% deposit—without the need for costly lender’s mortgage insurance. Designed to make homeownership more accessible, the Guarantee supports regional Australians to buy or build a modest home in their area. For those who meet the criteria, it’s an incredible opportunity to achieve homeownership sooner, while saving on upfront costs.

Understanding the Regional First Home Buyer Guarantee

The Regional First Home Buyer Guarantee enables regional buyers to enter the property market with as little as a 5% deposit, reducing the need for costly lender's mortgage insurance. Through this scheme, the government guarantees up to 15% of the property’s value for eligible buyers, making homeownership more achievable.

Key Benefits of the Regional First Home Buyer Guarantee

• Low Deposit: Purchase a home with just a 5% deposit.
• No LMI: Save on lender’s mortgage insurance, often required for low-deposit loans.
• Flexible Usage: The scheme can be used alongside other government grants, including the First Home Super Saver Scheme and state-specific concessions on stamp duty.

Are You Eligible?

To qualify, buyers must:

• Be an Australian citizen or permanent resident and at least 18 years old.
• Have lived in a regional or adjacent regional area for the preceding 12 months.
• Meet income thresholds: $125,000 for individuals or $200,000 combined for joint applicants.
• Have not owned property in Australia in the past 10 years.

Property Types & Price Caps

The RFHBG applies to a range of residential properties, including existing homes, house-and-land packages, and off-the-plan builds, with price limits varying by state. For NSW, these caps are set at $900,000 in key regional centres and $750,000 in other regional areas.

To see if your area qualifies under the Regional First Home Buyer Guarantee, use the Regional Checker on the Housing Australia website. This tool allows you to enter the postcode of your prospective property and confirm if it’s within an eligible regional area. It's a helpful first step to ensure your purchase location meets the program's requirements before moving forward.

Join Us in Scone on 22 November to Learn More

Our Information Evening in Scone will cover the RFHBG details, eligibility requirements, and the application process. We’ll also dive into the broader financial landscape for regional buyers, with a local mortgage broker available to answer questions. Whether you're a first-time buyer or looking to understand government support options, this is an invaluable opportunity to explore pathways to owning a home in the Hunter Region.