From next week, the Albanese Government is expanding the 5 per cent Deposit Scheme to make home ownership more accessible for all Australians, including regional Australians.
Starting 1 October, there will be no caps on the number of regional Australians who can access the scheme – meaning every eligible first home buyer outside our major cities can get support.
This is about backing regional Australia. This Government won’t accept that your postcode should determine whether you can achieve home ownership.
The expansion includes three key changes:
- Unlimited places for regional buyers – no more missing out because caps have been reached.
- Higher price caps that reflect what it actually costs to buy a home in regional markets.
- More choice with more community‑owned and regional lenders expected to join the panel.
Already over 60,000 regional Australians have been supported into home ownership through this scheme. This expansion means thousands more will get their keys.
By bringing more lenders onto the panel, we’re ensuring benefits don’t just flow to the big banks. Regional and customer‑owned banks will have the backing of a nationally significant program to expand their services.
The message to regional Australia is clear: this Government backs you. Whether you’re a teacher in Tamworth, a nurse in Bendigo, or a tradie in Bunbury – if you want to buy your first home, we’ll help you get there.
Since coming to office, we’ve helped more than 185,000 Australians into homeownership through our housing programs. We’ve delivered the biggest increase in Commonwealth Rent Assistance in decades. And we’re delivering 55,000 social and affordable homes across the country.
The expansion of the Home Guarantee Scheme is the latest example of this Government’s commitment to making homeownership a reality for more Australians, no matter where they live.
Quotes attributable to Minister for Housing, Homeless & Cities Clare O’Neil
“If you’re a first home buyer in regional Australia and you’re ready to take that step, this Government will back you all the way.
“We’re not just opening doors for home buyers – we’re opening up real competition in the banking sector. By bringing smaller, community‑owned and regional lenders onto the panel, we’re making sure the big banks don’t have all the power. Regional families deserve choice, and regional banks deserve a fair go.
“This expansion means thousands more Australians will get the keys to their first home. We’ve already helped 59,000 regional Australians into home ownership, and now there’s no limit to how many more we can support. That’s what happens when government actually decides to be ambitious about solving problems instead of just talking about them.”
Quotes attributable to Customer Owned Banking Association CEO Michael Lawrence
“We welcome the inclusion of more customer‑owned banks on Housing Australia’s lending panel. Mutual banks and credit unions look forward to offering fair, tailored solutions to diverse communities, and we are committed to working with the Government to ensure this initiative truly delivers for consumers – both individually by providing more choice and collectively by creating a more competitive banking landscape.”