The federal government’s first home buyer support package for regional Australians has been launched, as of October 1.
Here are the key details of the Regional First Home Buyer Guarantee:
- The scheme is limited to owner-occupiers
- Eligible buyers can enter the market with just a 5% deposit
- You don’t need to pay lender’s mortgage insurance
- You must buy in a regional area
- You must have been living there, or in an adjacent area, for at least 12 months
- Income limits apply ($125k for singles, $200k for couples)
- Price caps apply (which vary from area to area)
The government has allocated 10,000 places per financial year to this scheme.
“Australians living in regional areas have faced some of the largest drops in housing affordability, making it increasingly hard for locals to save a sufficient deposit,” according to Housing Minister Julie Collins.
“The Regional First Home Buyer Guarantee will help aspiring first home buyers living in regional Australia realise home ownership sooner by overcoming the deposit hurdle.”
Please reach out to MC Mortgage Solutions if you would like more information about the guarantee and to see if you may be eligible.
