More than 360 regional Australians have already taken advantage of the Albanese Government’s Regional First ³Ô¹ÏÍøÕ¾ Buyer Guarantee just a month after its launch on October 1.
The Regional First ³Ô¹ÏÍøÕ¾ Buyer Guarantee provides a government guarantee of up to 15 per cent for eligible first home buyers, so regional Australians with a deposit of as little as 5 per cent can avoid paying lenders’ mortgage insurance.
This targeted support assists regional Australians into home ownership sooner and helps with the cost of living which is why the Government brought forward the Guarantee’s launch.
Australians living in regional areas have faced some of the largest drops in housing affordability, making it increasingly hard for locals to save a sufficient deposit.
The Guarantee delivers on an election commitment and commenced three months earlier than promised.
The Regional First ³Ô¹ÏÍøÕ¾ Buyer Guarantee is part of the Albanese Government’s ambitious housing reform agenda highlighted in last week’s Budget which includes:
- A new ³Ô¹ÏÍøÕ¾ Housing Accord, a shared ambition to build one million new well-located homes over five years from 2024;
- $350 million in additional Federal funding to deliver 10,000 affordable homes over five years from 2024 as part of the Accord;
- Widening the remit of the ³Ô¹ÏÍøÕ¾ 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 ³Ô¹ÏÍøÕ¾ Housing Supply and Affordability Council to advise the Government on housing supply and affordability;
- A ³Ô¹ÏÍøÕ¾ Housing and ³Ô¹ÏÍøÕ¾lessness Plan to set 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.
Quotes attributable to Minister for Housing, Julie Collins MP:
“It’s fantastic that so many regional Australians have already taken advantage of the Albanese Government’s targeted support for first home buyers.
This Guarantee fulfils a commitment we made before the election and forms part of the Albanese Labor Government’s ambitious housing reform agenda.
We know how important affordable housing is for Australians dealing with the increasing cost of living, which is why we are acting and delivering.”
