For many of us dreaming of buying our first home and getting on the property ladder can feel daunting. Property prices are rising, deposits are hard to save, and lenders’ requirements can be strict. The Regional First Home Buyer Guarantee is here to change that – making it easier for first-time buyers in regional Victoria to purchase sooner.
What is the regional First Home Buyer Guanentee?
Part of the Australian Government’s Home Guarantee Scheme, this program helps first-time buyers in regional areas by reducing one of the biggest barriers: the deposit.
Key points to note:
- Only 5% deposit required.
- The Government provides a guarantee to the lender, allowing you to borrow up to 95% of the property value without paying lenders mortgage insurance (LMI).
- Available exclusively for regional areas, giving priority to those outside Melbourne and major metropolitan zones.
In short: save less, borrow more, and get into your regional Victorian home faster.
Who can apply in regional Victoria?
Eligibility focuses on first-time buyers who want to live in regional Victoria. Here’s what you need to know:
| Criteria | Requirement |
|---|
| Location | Property must be in a regional Victorian area e.g. Bendigo |
| Residency | You (or your joint applicant) must have lived in that region for at least 12 months before applying |
| Citizenship | Must be an Australian citizen or permanent resident |
| Income cap | Individual: $125,000/year, Joint: $200,000/year |
| Deposit | Minimum 5% of the property value |
| First home buyer | Must not have owned property in Australia in the last 10 years |
| Owner-occupier | Must live in the property (cannot rent out) |
| Age | Must be at least 18 years old |
| Price Cap | Home must be under $650,000 |
How to Apply
- Talk to a Participating Lender – the Government works through banks and lenders; you cannot apply directly.
- Reserve your Guarantee place – lenders hold your place for 14 days.
- Find your home – you have 90 days to sign a contract and get loan approval.
- Settle and move in – once approved, move into your new home and enjoy the benefits.
Take the first step
Owning a home in regional Victoria is now more achievable than ever. The Regional First Home Buyer Guarantee helps you overcome financial barriers, get into your first home faster, and start building your future today.