Buy or build your own home sooner in a regional area.
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Regional First Home Buyer Guarantee available to more regional Australians
The Regional First Home Buyer Guarantee is now available to Australian permanent residents, as well as people who have not owned property in Australia in the last 10 years. Joint applications will also now be accepted from friends and family members – it’s no longer limited to just single applicants, married or de facto couples.
Welcome news for regional home buyers
With as little as 5% deposit eligible first home buyers in regional areas, and people who have not owned a property in Australia in the last 10 years, can build or purchase a property in regional areas through the Regional First Home Buyer Guarantee.
Here's how it works
Usually home buyers need to have saved 20% of the value of their property as a deposit. Alternatively, buyers need to take out Lenders Mortgage Insurance (LMI), to cover the risk of having a lower deposit.
Eligible applicants of the Regional First Home Buyer Guarantee only need a 5% deposit. The Australian Government guarantees up to 15% of the value of the property for eligible customers with Bendigo Bank.
This means you can buy your own home sooner, and potentially save thousands by avoiding LMI.
With the latest round of applications for the Guarantee now open, we are proud to be a participating lender in this great initiative.
Eligibility criteria includes:
- You need to be an Australian citizen, or permanent resident, at least 18 years old, with a Medicare card.
- You must purchase a home in the regional area where you lived during the preceding 12 month period, or an adjacent regional area.
- You need to be able to demonstrate your ability to save over time, with a minimum 5% deposit saved for the property you wish to buy.
- You must meet the income eligibility requirements, which are single buyers earning up to $125,000, or a couple/family members/friends earning up to $200,000 per year.
- There are property price thresholds that will apply in regional areas. Use the property price threshold tool to work out the maximum property purchase price in the area you're interested in under the Guarantee.
- You need to be a first home buyer, or have not owned property in Australia in the last 10 years, and be looking to buy a property that you will live in as your principal place of residency for as long as you have a Scheme-backed loan.
We’re here to help you with your application
If you meet the eligibility criteria the next step is to reach out to our team who can assist with your application. Complete our simple online enquiry form and a team member will be in contact with you shortly.
Key information about the scheme
Get home and contents insurance worth having
Insurance you can rely on is worth its weight in gold. Help protect your home by making sure you have adequate cover in place. We offer a range of options, great payment flexibility, and we have a dedicated insurance team who can assist you.
Things you should know
* Roy Morgan Single Source Australia, May 2023
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