More than 10,000 people in regional Australia have taken advantage of the Albanese Government’s Regional First Home Buyer Guarantee in just its first year.
The Regional First Home Buyer Guarantee was delivered three months ahead of schedule in October 2022.
The Guarantee provides a government guarantee of up to 15 per cent for eligible home buyers, so regional Australians with a deposit of as little as 5 per cent can avoid paying lenders’ mortgage insurance.
The Albanese Government has expanded eligibility criteria for the Regional First Home Buyer Guarantee to help even more Australians.
From 1 July this year, friends, siblings, and other family members have been eligible for joint applications under the Regional First Home Buyer Guarantee.
The Guarantee has also be expanded to non-first home buyers who haven’t owned a property in Australia in the last ten years. This will support those who have fallen out of homeownership, often due to financial crisis or relationship breakdown.
The Albanese Government has helped more than 73,000 people into home ownership since the election across the Home Guarantee Scheme.
The state breakdown of regional buyers helped into home ownership through the Regional First Home Buyer Guarantee Scheme in its first year is:
In addition to the Regional First Home Buyer Guarantee, the Albanese Government’s ambitious housing reform agenda also includes:
As at October 2, 2023.