10,000 spaces available from Saturday under the Regional First Buyer Guarantee

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From Saturday 1 October 2022, 10,000 new places will be available under the Australian Government’s Home Guarantee Scheme (HGS), allowing thousands more Australians living in regional areas to enter the housing market faster.

The new Regional First Home Buyer Guarantee (RFHBG) supports eligible first-time home buyers living in regional areas1 Buy a modest home in a local area with a down payment of just five percent.

To be eligible, home buyers (or at least one borrower if applying as a couple) must have lived in the regional area or adjacent regional area in which they are purchasing for the prior 12 months prior to the date of signing their home loan agreement.

Members of the Australian Defense Force may be eligible for a partial exemption. Different eligibility and lender criteria apply, as well as HGS real estate price caps.

The introduction of the RFHBG increases the total number of annual HGS places to 50,000. Home buyers who are not eligible for the RFHBG may be eligible for the First Home Guarantee or the Family Home Guarantee. Homebuyers should discuss their individual circumstances with a participating lender.

Beginning Saturday, regional homebuyers can access detailed information about the RFHBG on the National Housing Finance and Investment Corporation (NHFIC) website. Interested regional first-time buyers can check eligibility, browse the areas where they can buy, and applicable property price caps. An information guide and information sheet will also be available.

[1] A regional area is defined as Statistical Area Level 4 (ASGS SA4 2016) areas in a state or the Northern Territory that are not a capital of that state or territory; and Norfolk Island; or the territories of Jervis Bay, Christmas Island or Cocos (Keeling) Islands; as defined in the version published by the Australian Bureau of Statistics (ABS) in July 2016. The ACT and major metropolitan areas of each state and the Northern Territory are exempt from the RFHBG. SA4 are based on population density and labor markets; They vary in size and reflect these criteria.

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