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:
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.
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!