Regional First Home Buyer Guarantee

As a participant lender in the Australian Government’s Home Guarantee Scheme (HGS), G&C Mutual Bank is proud to help even more home buyers realise their home ownership dreams through the Regional First Home Buyer Guarantee (RFHBG).

From 1 July 2024, 10,000 RHFBG places are available to eligible regional home buyers with a deposit of between 5 and 20 per cent of the property value.

The RFHBG can be used for regional individual or joint applicants to build a new home or purchase an existing home in a regional area, without needing to pay for Lenders Mortgage Insurance (LMI) or rely on a guarantor. For a property to be eligible, it must be a residential property as defined by the program. Home buyers must have lived (or at least one applicant if applying as joint applicants) in the regional area or adjacent regional area they are purchasing in for the preceding 12-month period to the date they execute the home loan agreement. Employees required by their employer to relocate may be eligible for an exemption and should check with us, as a Participating Lender if this applies.

The following eligibility criteria apply:

Applying as an individual or joint applicants.
Australian citizens or permanent residents who are at least 18 years of age.
A taxable income of up to $125,000 for individuals or $200,000 for joint applicants.
Applicants (or at least one applicant if applying as joint applicants) must have lived in the regional area or adjacent regional area they are purchasing in for the preceding 12-month period to the date they execute the home loan agreement.
You must be an owner occupier of the property you are purchasing.
You must be first home buyers or previous home owners who haven’t owned a property in Australia in the past 10 years.

To find out more, including your eligibility, refer to Housing Australia's website.

Regional First Home Buyer Guarantee FAQ's:

What is the Regional First Home Buyer Guarantee?

The Regional First Home Buyer Guarantee (RFHBG) is part of the Home Guarantee Scheme (HGS), an Australian Government initiative to help eligible regional home buyers to buy a home sooner, in a regional area. It is administered by the Housing Australia on behalf of the Australian Government.

Under the RFHBG, part of an eligible regional buyer’s home loan from a participating lender is guaranteed by Housing Australia. This enables an eligible home buyer to purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance.

Are you eligible for the Regional First Home Buyer Guarantee

Access Housing Australia's Eligibility Tool to help identify which Guarantee you may be eligible for.

If you're ineligible for the Home Guarantee Scheme, we'll work with you to explore other options to help you get into your first home.

What is the maximum property purchase price under the Regional First Home Buyer Guarantee?

Maximum purchase prices (property price caps set by Government legislation) are applicable for eligible properties purchased under the Home Guarantee Scheme (HGS).

The maximum property price varies depending on your location. Use Housing Australia's Property Price Cap Tool to check the property price threshold for the location in which you are looking to purchase.

What is a regional area?

For the purposes of the RFHBG, 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.

Access Housing Australia's Regional Checker which allows home buyers to enter the suburb (or postcode) of their current home and the suburb (or postcode) they would like to purchase in, so they can confirm if they would be eligible for the RFHBG.

How do you apply?

Reservations for the RFHBG through G&C Mutual Bank are available now. Places are limited, so contact us for more information.

We'll help you navigate the process, and submit a request to reserve a place on your behalf.

Should you have any queries, we're ready to help you via our online home loan application, online enquiry form, by phone on 1300 364 400, in person at one of our Service Centres, or connect with a Mobile Lender to discuss your financial circumstances at a time and place that suits you.

Other first home buyer assistance

First Home Owner Grant: The First Home Owner Grant is a government scheme providing a one-off payment for eligible first home buyers who purchase or build a residential property to live in.

Stamp duty concessions: Stamp duty is a tax levied by state or territory governments on certain purchases, including buying a home, land, or investment property. Depending on your state or territory, you may be eligible for concessions as a first home buyer.

The First Home Super Saver Scheme: The First Home Super Saver Scheme allows you to save money for your first home using your superannuation fund. This scheme, run by the Australian Taxation Office (ATO), helps first home buyers save faster by allowing them to withdraw voluntary super contributions they’ve made to their super.

Enquire about the Regional First Home Buyer Guarantee today

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Additional information and documents

A Fact Sheet and Information Guide on each Guarantee are available to download from the Housing Australia website.

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Footnotes:

¹ Eligibility criteria, terms and conditions and fees and charges apply.
² Comparison rate based on $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.