Regional First Home Buyer Support Scheme | Home Loan Experts

Labor promised a scheme for regional home buyers if it won the 2022 federal election. The Regional First Home Buyer Support Scheme will help Australians living in regional areas buy a home with a small deposit.

What Is The Regional First Home Buyer Support Scheme?

The Regional First Home Buyer Support Scheme will help 10,000 Australians who are living in regional areas buy their first home with at least a 5% deposit.

Usually, when your deposit is less than 20%, you have to pay Lenders Mortgage Insurance (LMI). Under the scheme, you could save up to $32,000 in LMI.

With the Regional First Home Buyer Support Scheme, first-home buyers can buy a home with a deposit as low as 5% of the property value and the government will guarantee the other 15%, allowing borrowers to avoid paying LMI.

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The Regional Home Guarantee that was announced during the 2022 budget was a proposal from the previous government and will not go into effect.

When Is It Available?

The scheme will start in January 2023.

What Are The Requirements?

If you meet the following requirements, you can apply for the Regional First Home Buyer Support Scheme.

  • You are an Australian citizen over 18 years of age
  • You are a first-home buyer
  • You have been living in the region for at least 12 months
  • You will live outside a capital city and live in the house purchased
  • Your taxable income is up to $125,000 for singles or $200,000 for couples.
  • You meet the price thresholds under the existing First Home Guarantee (formerly known as the First Home Loan Deposit Scheme)

What Types Of Houses Can I Buy?

  • Existing houses
  • Townhouses
  • Units
  • House and land packages
  • Off-the-plan apartments
  • Land with a contract to build

What Are The Price Caps For The Regional First-Home Buyer Support Scheme?

The table below lists the price caps for the scheme under each location and also how much you can save by not paying LMI.

Region Price Cap Maximum savings
Illawarra, Central Coast and Newcastle (NSW) $800,000 $31,939
NSW (Other) $600,000 $23,954
Geelong, Victoria $700,000 $27,946
Victoria (Other) $500,000 $14,871
Gold Coast, Sunshine Coast (Queensland) $600,000 $23,954
Queensland (Other) $450,000 $13,384
Western Australia $400,000 $11,897
Tasmania $400,000 $11,897
South Australia $350,000 $10,410
Northern Territory $500,000 $14,871

These price caps will be reviewed and updated every six months and unused guarantees will be re-allocated.

Tip: Use our LMI calculator to find out how much you can save under different price points.


What Other Schemes Are Available?

Besides the Regional First Home Buyer Support Scheme, the other schemes available are:

How Do I Apply For The Regional First Home Buyer Support Scheme?

Our mortgage brokers can help you lodge your application for a place in any scheme. Call us on 1300 889 743 or enquire online today!

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