People in regional areas are being encouraged to take advantage of the federal government’s “regional first home buyer guarantee”.
Bendigo Bank, which has branches at Springwood, Browns Plains and Shailer Park, is leading the charge to support regional applications.
The bank’s leaders are urging regional Australians to jump onboard this important, well-targeted initiative.
The program aims to support eligible regional first home buyers to purchase their own home sooner, with 10,000 places opening tomorrow, and 10,000 being made available each financial year up until 30 June 2025.
Under federal mapping, the majority of Logan isn’t considered a regional area, however suburbs in the Jimboomba region and surrounds still have regional status. This includes a number of new housing estates in the western growth corridor.
Bendigo Bank’s Richard Fennell said as advocates for regional growth and prosperity, the bank is urging anyone looking for a home in one of Australia’s fantastic regions to get on board the latest round of the incentive program.
“With a deposit as little as 5%, your own home may be closer than you think, “ Mr Fennell said.
“Regional career opportunities are at record highs, and the number of people making the move from urban Australia is booming. People want to live where they love, and with the support of this program we hope more people can access the regional housing market and buy or build their dream home.”
He said prospective homebuyers should call to see if they were eligible.
The scheme can be used to purchase a first home with a deposit of as little as 5% with The National Housing Finance and Investment Corporation guaranteeing to a participating lender up to 15% of the value of the property purchased that is financed by an eligible regional first home buyer’s home loan.
Eligible regional first home buyers can purchase in the regional area they have lived in during the preceding 12-month period, or an adjacent regional area.
Eligible regional first home buyers can also use the guarantee in conjunction with other government programs like the First Home Super Saver Scheme or state and territory first homeowner grants and stamp duty concessions.
