One thousand regional Australians have already taken advantage of the Albanese Government’s Regional First Home Buyer Guarantee just weeks after its launch on 1 October.
The Regional First Home Buyer Guarantee provides a government guarantee of up to 15 per cent for eligible first home buyers, so regional Australians with a deposit of as little as 5 per cent can avoid paying lenders’ mortgage insurance.
The first settlement under the new Guarantee occurred in Queensland, helping eligible first homebuyers Abbey and Corhan to purchase their home.
The Albanese Government brought the targeted support forward three months to assist more regional Australians into home ownership, sooner.
Australians living in regional areas have faced some of the largest drops in housing affordability, making it increasingly hard for locals to save a sufficient deposit.
The Regional First Home Buyer Guarantee is part of the Albanese Government’s ambitious housing reform agenda which includes:
- A new National Housing Accord, a shared ambition to build one million new well‑located homes over five years from 2024.
- $350 million in additional Federal funding to deliver 10,000 affordable homes over five years from 2024 as part of the Accord.
- Widening the remit of the National Housing Infrastructure Facility, making up to $575 million available to invest in social and affordable housing;
- A $10 billion Housing Australia Future Fund which will build 30,000 new social and affordable housing properties in its first five years;
- A National Housing Supply and Affordability Council to advise the Government on housing supply and affordability;
- A National Housing and Homelessness Plan to set short, medium and long term goals to improve housing outcomes across Australia; and
- The Help to Buy program, which will reduce the cost of buying a home.