Regional First Home Buyer Guarantee: Who Qualifies and What You Get
Learn how this government guarantee helps first home buyers secure a loan with a smaller deposit when buying in regional areas.
This scheme provides a government guarantee to help people who are buying their first home in regional areas.
Who it's for
This program is designed specifically for individuals who are purchasing their very first home in regional Australia.
What you get
The government provides a guarantee that supports you in securing a loan with a deposit of only 5%. This helps make home ownership more accessible by reducing the amount of upfront cash you need to save.
What it costs you
To qualify, you must have already lived in the regional area you are looking to buy in for at least 12 months.
The catch to know
The definition of "regional" is very strict. This means that major cities are excluded from this specific program.
How to apply
- Verify that the area where you intend to buy meets the regional definition.
- Confirm you have met the 12-month residency requirement.
- Speak with a mortgage lender to see if you qualify for the 5% deposit guarantee.
- Follow your lender's specific application process for this scheme.