Action description:
The Regional First Home Buyer Support Scheme will help 10,000 first home buyers a year in regional Australia to buy a home. The Scheme will provide a government guarantee of up to 15 per cent of the purchase price of a home for eligible first home buyers. This will enable eligible applicants with a 5 per cent deposit to avoid paying Lenders Mortgage Insurance.
Outcome:
Outcome 09
Status:
Existing
Is this Indigenous specific?:
No
Indicators:
Home ownership rate (including by location and tenure type)
Responsible Ministers:
Minister for Homelessness
Minister for Housing
Resourcing:
Costs are to be absorbed within existing resources
Delivery timeframe:
From 1 October 2022, 10,000 Regional First Home Buyer Guarantee places were made available to eligible regional first home buyers. 10,000 guarantees are available annually, but likely to cease each year once 10,000 places have been allocated.
Agency:
Treasury