Am I eligible for the Regional First Home Buyer Guarantee?

The Regional First Home Buyer Guarantee (RFHBG) is similar to the First Home Guarantee (FHBG) but is specifically for first-home buyers purchasing a home in regional areas of Australia. It allows you to buy with as little as 5% deposit without paying Lenders Mortgage Insurance (LMI).

Eligibility Criteria (2024)

To qualify, you must meet the following:

✅ Be a first-home buyer – You must not have previously owned a home in Australia.
✅ Be an Australian citizen or permanent resident – At least one applicant must be an Australian citizen or PR.
✅ Be over 18 years old.
✅ Meet the income cap:

• Single applicants: Max $125,000 per year

• Couples (married or de facto): Max $200,000 per year

• Based on taxable income from the last financial year
  ✅ Live in a regional area – The property must be in an eligible regional area where you have lived for at least 12 months before purchasing.
  ✅ Minimum deposit of 5% – You must have between 5% and 20% of the property’s value saved.
  ✅ Loan requirements – The loan must be for a residential home, and you must be eligible for a standard home loan with a participating lender.

Regional Eligibility

• You must purchase a property in a designated regional area as per the Housing Australia regional map.

• You must have lived in the region for at least 12 months before applying.

You can use the below Price Cap Tool to see if your postcode qualifies as a regional area.