Regional First Home Buyer Guarantee RFHBG
RFHBG is an Australian Government initiative to support eligible home buyers to buy a home sooner.
Eligible regional home buyers could purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance.
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Eligibility criteria
To apply for the RFHBG, home buyers must be:
– Eligible as individual or joint applicants.
– Must be Australian citizens or permanent residents at the time of loan application.
– Minimum age requirement is 18 years.
– Annual earnings should not exceed $125,000 for individuals or $200,000 for joint applicants, as indicated on the Notice of Assessment from the Australian Taxation Office.
– Must intend to occupy the purchased property as owner-occupiers.
– Applicants must not have previously owned or had an interest in a property in Australia within the ten years preceding the execution of their home loan.
– Eligible as first home buyers or previous homeowners who haven’t owned a property in Australia in the past ten years.