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Regional First Home Guarantee (RFHBG)
The Regional First Home Guarantee is a type of Home Guarantee Scheme provided by the Australian government which helps a first home buyer buy their first home sooner with a 5% deposit without paying LMI.
Eligibility Criteria for Regional First Home Guarantee (RFHBG)
- Minimum 5% deposit required. However, the participating lenders may require more deposits depending on the individual’s financial circumstances.
- Apply as an individual or joint applicants.
- Applicants need to be Australian citizens or Australian Permanent residents.
- Need to be at least 18 years of age.
- The Notice of Assessment (NOA) of the last financial year for individual applicants should be no more than $125,000 and $200,000 for joint applicants.
- Applicants should intend to live on the property.
- Applicants should be either First Home Buyers or someone who has not owned a property in the last 10 years, including any vacant land.
You can click here to check your eligibility for Home Guarantee Schemes such as First Home Guarantee, Family Home Guarantee, or Regional First Home Buyer Guarantee.
What types of properties can be bought under RFHBG?
- An established house, townhouse, or apartment.
- A land and construction package.
- Land and a separate building contract.
- An off-the-plan apartment or townhouse.
Which are the participating lenders for Home Guarantee Schemes (HGS) such as First Home Guarantee (FHBG, Regional First Home Guarantee (RFHBG) and Family Home Guarantee (FHG)?
- Commonwealth Bank of Australia
- NAB
- Westpac Bank
- BankSA
- Bak of Melbourne
- St George
- Australian Military Bank
- Australian Mutual Bank
- Auswide Bank
- Bank Australia
- Bankfirst
- Bank of Heritage Isle
- Bank of Us.
- Bendigo Bank
- Beyond Bank Australia
- Border Bank
- Community First Bank
- Credit unionsa
- Defence Bank
- Firefighters Mutual Bank
- G & C Mutual Bank
- Gateway Bank
- Great Southern Bank
- Health Professionals Bank
- Indigenous Business Australia
- Illawarra Credit union
- IMB Bank
- Mortgageport
- MyStateBank
- Newcastle Permanent
- People’s Choice
- Policebank
- QBank
- Queensland Country Bank
- Regional Australia Bank
- Teachers Mutual Bank
- The Mutual Bank
- UniBank
- Unity Bank
What is defined as a regional area for RFHBG?
A regional area is defined as:
- Level 4 (ASGS SA4 2016) areas in a State or the Northern Territory that are not a capital city of that State or Territory; and
- Norfolk Island, or the Territories of Jervis Bay, Christmas Island, or Cocos (Keeling) Islands, as defined in the version published by The Australian Bureau of Statistics (ABS) in July 2016.
- Each state’s greater capital city areas, the Northern Territory, and the entire Australian Capital Territory are excluded from the RFHBG. Home buyers in these areas may be eligible for the First Home Guarantee or Family Home Guarantee.
You can click here to check if your postcode is eligible for RFHBG.
Regional First Home Guarantee (RFHBG) Property Price Cap Table
State | Capital City and Regional Centre * | Rest of State |
NSW | $ 900K | $750K |
VIC | $800K | $650K |
QLD | $700K | $550K |
WA |
| $450K |
SA |
| $450K |
TAS |
| $450K |
Territory # |
| Regional Area |
ACT |
| Not Applicable |
NT Regional |
| $600K |
Jervis Island and Cocos (Keeling) Islands |
| $550K |
Christmas Island and Cocos (Keeling) Islands |
| $400K |
*Regional centres are Newcastle and Lake Macquarie, Illawarra, Geelong, Gold Coast, and Sunshine Coast.
# The greater capital city areas of the States and the Northern Territory; and the entire Australian Capital Territory are excluded from the RFHBG