Help for regional home buyers

The Mutual Bank is proud to play a part in helping make home ownership a reality for regional residents.

The Mutual Bank is one of a limited number of participating lenders appointed by Housing Australia to offer the Regional First Home Buyer Guarantee which is part of the Australian Government’s Home Guarantee Scheme.

The Regional First Home Buyer Guarantee (RFHBG) initiative aims to support eligible regional residents to buy a home in a regional area.

Under this Guarantee there’s no Lenders Mortgage Insurance to pay which enables you to purchase your home sooner.

A limited number of places are available over four financial years to 30 June 2025.

The RFHBG is open to eligible buyers over the age of 18 who are Australian Citizens or permanent residents.

Home Guarantee Scheme Eligibility Criteria apply and the Eligibility Tool on the Housing Australia website helps home buyers to determine which guarantee/s they may be eligible for.

We can help you through the application process. To register your interest for a place in the Regional First Home Buyer Guarantee please enquire now or talk to us on 1300 688 825.

The Regional First Home Buyer Scheme has an annual allocation of 10,000 places from 1 October 2022 until 30 June 2025.

  • A regional area is defined as the Statistical Area Level 4 areas in a State or the Northern Territory that are not a capital city of the State or Territory and

  • Norfolk Island or the Territories of Jervis Bay, Christmas Island or Cocos (Keeling) Islands

As defined by the Australian Bureau of Statistics in July 2016.

The greater capital city areas of each state and 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 the Family Home Guarantee.

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.

The RFHBG assists eligible regional first home buyers to buy a modest home in regional areas. Maximum purchase prices (property price caps set by Government legislation) are applicable for eligible properties purchased under the Regional First Home Buyer Guarantee.

You can find more information about price caps and search property price caps by suburb on the Housing Australia webiste.

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 pay 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.

Learn more about Lenders Mortgage Insurance

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.

Note: If you are eligible for the RFHBG, you are not eligible for the First Home Guarantee. Home buyers who are not eligible for the RFHBG, may be eligible for the First Home Guarantee or the Family Home Guarantee. To help you work out which Guarantee you may be eligible for, try the Eligibility Tool at Housing Australia.

Important Information

Eligibility criteria, terms and conditions apply to the Regional First Home Buyer Guarantee. Eligibility criteria, terms, conditions, fees, and charges apply to all loans and are available on application. Issued by Maitland Mutual Limited trading as The Mutual Bank, ABN 94 087 651 983, AFSL / Australian credit licence 238139.