2024 Guide to the Regional First Home Buyer Scheme
The Regional First Home Buyer Scheme can allow first time home buyers in some regional areas the ability to purchase a property with as little as a 5% deposit without incurring additional fees such as Lenders Mortgage Insurance (LMI).
What is the Regional First Home Buyer Scheme?
Who can use the Regional First Home Guarantee?
applying as an individual or two joint applicants
an Australian citizen(s) or permanent resident(s)* at the time they enter the loan
at least 18 years of age
earning up to $125,000 for individuals or $200,000 for joint applicants, as shown on the Notice of Assessment (issued by the Australian Taxation Office)
intending to be owner-occupiers of the purchased property
home buyers who have not previously owned, or had an interest in, a real property in Australia (this includes owning land only) or in the ten years prior to the date they execute their home loan.
To apply for the Regional First Home Buyer Scheme home buyers must be:
In the scheme, a regional area is defined as:
the Statistical Area Level 4 (ASGS SA4 2016) areas in a State or the Northern Territory that are not a capital city 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 greater capital city areas of each state and the Northern Territory; and the entire Australian Capital Territory are excluded from the RFHBG. Home buyers in these areas may be eligible for the First Home Guarantee or Family Home Guarantee.
What is a Regional Area?
What properties are eligible for the Regional First Home Buyer Scheme?
| State/territory | Capital City/Regional Centre | Rest of state |
|---|---|---|
| NSW | $900,000 | $750,000 |
| VIC | $800,000 | $650,000 |
| QLD | $700,000 | $550,000 |
| WA | $450,000 | |
| SA | $450,000 | |
| TAS | $450,000 | |
| ACT | N/A | |
| NT | $600,000 | |
| Jervis Bay Territory & Norfolk Island | $550,000 | |
| Christmas Island & Cocos (Keeling) Island | $400,000 |
The Regional First Home Buyer Scheme limits the amount you’re able to purchase your property for while using the scheme. The maximum acceptable purchase price depends on the state and location of your purchase. We’ve summarised the maximum price caps for each location below:
Source: Housing Australia Property Price Caps
Not sure which category your property falls into? Reach out to your mortgage broker at Australian Finance Brokerage who will confirm.
How do you secure a spot on the Regional First Home Buyer Scheme?
We make securing your spot on the Regional First Home Buyer Scheme easy, reach out to your mortgage broker at Australian Finance Brokerage to begin the process. There are 33 lenders across Australia offering places in the Regional First Home Buyer Scheme.
Your mortgage broker will help you review the lenders and secure your spot on the Regional First Home Buyer Scheme.
FAQ
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No, you cannot currently use any of the Federal Government Home Guarantees to purchase an investment property. Speak to one of our friendly mortgage brokers to learn what great investment loan options may be available, or to learn more about the Federal Guarantee Schemes.
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Even if you don’t qualify for your preferred Federal Guarantee Scheme, Australian Finance Brokerage may be able to match you with a great First Home Buyer offer from one of our lenders. If you’re looking for an investment property, we’ll be able to help with that as well.
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The Federal Home Guarantee Schemes were designed to promote and enable eligible home buyers the opportunity to purchase without the 20% deposit most lenders require without additional fees. This allows first time buyers and other eligible borrowers the opportunity to buy their homes sooner.
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The friendly team at Australian Finance Brokerage is here to guide you through your home buying journey. Buying your new home is a huge milestone that we’re excited to share with you. It’s never too early to say hello and get an understanding of the next steps for your new home.
What makes Australian Finance Brokerage different?
We work in your best interests
(not the banks)
Access to 30+ lenders in one place
Fast Turn Around Times
Ongoing support and guidance once your loan has settled
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