Regional First Home Buyer Guarantee: Your Ticket to Home Ownership!

The Australian Government has announced a new Regional First Home Buyer Guarantee (RFHBG) as part of its 2022-23 budget. This scheme is designed to help first-home buyers purchase a property in regional areas.

The RFHBG is available to first-home buyers who purchase a property in a regional area that has a population of less than 100,000 people. The property must also be priced below $600,000.

In South Australia, the following regions are eligible for the RFHBG:

• Adelaide Hills
• Barossa
• Mid-North
• Murray Mallee
• Northern Areas
• South East
• Yorke Peninsula

To be eligible for the RFHBG, you must also meet the following criteria:

• You must be an Australian citizen or permanent resident.
• You must not have owned a property in the past five years.
• You must have a combined income of less than $200,000 (singles) or $300,000 (couples).
• You must make a minimum deposit of 5%.

If you are eligible for the RFHBG, you will be exempt from paying Lenders’ Mortgage Insurance (LMI). This can save you thousands of dollars.

The RFHBG is a great opportunity for first-home buyers in South Australia to get into the property market. If you are thinking about buying a property, speak to Parrington Finance mortgage brokers in Adelaide about your options. We can help you understand the RFHBG and other government initiatives that may be available to you as well as find the best loan terms for your specific needs.

Here are some other important points that first-home buyers should be aware of:

• The RFHBG is only available for a limited time. It is currently available until 30 June 2023.
• The RFHBG is subject to availability. The number of places available under the RFHBG is limited.
• The RFHBG is only available through participating lenders. You will need to speak to a mortgage broker to find out which lenders are participating in the scheme.

If you are a first home buyer in South Australia, we encourage you to speak to us about your options. Our experienced mortgage brokers can help you understand the RFHBG and other government initiatives that may be available to you. Click below to speak to us today!