Under the Government’s Home Guarantee Scheme, more Australians are achieving their homeownership goals sooner than planned. The Scheme comprises the First Home Guarantee, the Family Home Guarantee, and now the new Regional First Home Buyer Guarantee, all of which offer significant assistance to those looking to purchase a home.
In this article, we will discuss the new Regional First Home Buyer Guarantee that the Government announced and its benefits.
If you're a first-time home buyer in regional Australia, the government's new guarantee can help you get your own home sooner.
Just recently, the Government announced that they will be launching the new Regional First Home Buyer Guarantee to support Australians in regional areas purchase their first home.
Starting on October 1, the guarantee will provide up to 10,000 guarantees each financial year to June 30, 2025, to help first-time regional buyers who have saved a deposit of as little as 5%. (source: commbank)
Furthermore, the Government also wants to help Australians manage the ongoing challenges brought on by the cost of living pressures while also providing them with real value and advantages beyond the home loan.
There are numerous benefits to getting a Regional first home buyer guarantee. Perhaps the most obvious benefit is that it can help you save money on your mortgage. By guaranteeing a portion of your loan, lenders may be more willing to offer you a lower interest rate which can save you thousands of dollars over the life of your loan.
Another key benefit is that these programs can help you get into your first home sooner. Since this will make it easier for you to qualify for a mortgage and you may be able to purchase your dream home sooner than you thought possible.
Finally, these guarantees can give you peace of mind. Knowing that you have some financial assistance, and can take away some of the stress and anxiety that comes with buying a home. So if you're looking to buy your first home, be sure to research all of your options and you can also get help from a lender or broker.
To qualify for the new Regional Home Buyers Guarantee, you must: (source: brokernews)
With the guarantee in place, you'll be able to access more affordable home loan products and enter the property market with confidence. So if you're ready to make the move, now is a great time to do it.
Talk to your lender or broker about whether you're eligible for the Regional First Home Buyer Guarantee and start planning your move today!