The Hon Stephen Jones MP
Assistant Treasurer and Minister for Financial Services
Member for Whitlam
Alison Byrnes MP
Member for Cunningham
Tuesday 27 September 2022
Regional First Home Buyer Guarantee Hits Home
From 1 October, residents in Whitlam and Cunningham will be helped into their first home through the Albanese Government’s Regional First Home Buyer Guarantee - three months earlier than promised.
The scheme will help first home buyers across the Illawarra purchase new or existing homes with a deposit of as little as five per cent.
The Regional First Home Buyer Guarantee will provide a government guarantee of up to 15 per cent for eligible first home buyers, so regional Australians with a 5 per cent deposit can avoid paying mortgage insurance.
Quotes Attributable to Stephen Jones, Member for Whitlam:
“The Regional First Home Buyer is this Government’s promise to the Illawarra: we’re committed to helping locals buy their first home,”
“We understand the pressure families not just in the Illawarra but across Australia are facing and we want to help them achieve the Australian dream of owning their own home – sooner.”
Quotes attributable to Alison Byrnes, Member for Cunningham:
“The Regional First Home Buyer Guarantee will help aspiring first homebuyers living in regional Australia realise home ownership sooner by overcoming the deposit hurdle,”
“This targeted assistance is an important part of our ambitious plan to tackle the housing affordability crisis we inherited.”
To be eligible for a Regional First Home Buyer Guarantee, applicants must be Australian citizens, purchase outside a capital city, and demonstrate they have been living in the region in which they are purchasing the property (or adjacent regional area) for at least 12 months.
Property price caps and income caps will be consistent with the existing First Home Guarantee, administered by the National Housing Finance and Investment Corporation (NHFIC).
The Regional First Home Buyer Guarantee is part of the Albanese Government’s ambitious housing reform agenda to support people into home ownership and improve the supply and quality of social and affordable housing, which includes:
- 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 increase housing supply and improve affordability;
- A National Housing and Homelessness Plan to set and deliver 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 by up to 40 per cent for 10,000 Australians a year.
For more information on The Regional First Home Buyer Guarantee can be found here: https://www.nhfic.gov.au/what-we-do/support-to-buy-a-home/