A regional area is defined as the Australian Bureau of Statistics Statistical Area Level 4 (ASGS SA4 2016). These are areas in a state or the Northern Territory that are not a capital city. Also included are Norfolk Island; the Territories of Jervis Bay, Christmas Island or Cocos (Keeling) Islands.
The ACT and greater capital city areas of each state and the Northern Territory are excluded.
To confirm whether you live in a regional area and where you may be able to purchase, access the Regional Checker on the Housing Australia website.
Maximum price caps apply and vary by location. Price caps are the same for all Guarantees. Both the purchase price and property value must not exceed the price cap for the property’s location. For new builds with land and a separate build contract, the combined land purchase price and build cost must also stay under the price cap.
For regional centres in NSW (for example Newcastle) the price cap is $900,000 and for other areas (for example Maitland) it is $750,000.
Home buyers can use the Postcode Search Tool on Housing Australia’s website to check the price cap for the location they want to buy in. The tool is only a guide – home buyers should confirm the price cap with our Lenders.
Lenders Mortgage Insurance (LMI) is a one-off premium added to your home loan if you do not have a 20% deposit. It is an insurance policy which covers the lender against the losses they may suffer if the borrower can no longer meet loan repayments. If a borrower defaults on their mortgage, LMI means the lender can recover what is owed to them by repossessing the property the home loan is tied to. If the property’s value has fallen, the lender can suffer a loss. This is the risk LMI covers.
Yes. Eligible first home buyers may also be able to take advantage of the Australian Government’s First Home Super Saver Scheme and may also be eligible for other NSW Government grants and concessions.
You can visit the Housing Australia website to find out more about the Regional First Home Buyer Guarantee.
View the Regional First Home Buyer Guarantee Information Guide.
View more Frequently Asked Questions about the Regional First Home Buyer Guarantee
