Informaon Guide
1 July 2024
Australian Government
Home Guarantee
Scheme
Regional First Home Buyer
Guarantee
Contents
Important informaon 3
1. How the Regional First Home Buyer Guarantee works 5
2. Are you an eligible regional home buyer? 9
3. Is your lender approved for the Regional
First Home Buyer Guarantee? 19
4. Which home loans are eligible for the Regional
First Home Buyer Guarantee? 21
5. Which properes are eligible for the Regional
First Home Buyer Guarantee? 25
6. Other Regional First Home Buyer Guarantee features &
important informaon 27
7. Checklists – Your Eligibility Checks 32
8. Glossary 34
About this document
This document is dated 1 July 2024 and
relates to the Australian Government’s
Home Guarantee Scheme (HGS or Scheme) and
the Regional Home Buyer Guarantee (RFHBG).
It has been prepared by Housing Australia for
Parcipang Lenders so that they can provide
general informaon and guidance on the HGS or
RFHBG to regional home buyers.
Some terms used in this document have dened
meanings. These terms are capitalised and are
dened in the ‘Glossary’ secon on page 34.
Distribuon of this document
This document may only be distributed within
Australia and in relaon to Eligible Loans that are
oered by Parcipang Lenders.
If you are receiving this document, it will have
been provided to you by a Parcipang Lender
(or by one of their Representaves).
Providing your personal informaon to
Housing Australia
You will be asked to provide personal informaon
to Housing Australia (directly or via a Parcipang
Lender or its Representaves) if you take steps
to parcipate in the HGS or RFHBG or submit a
Home Buyer Declaraon. Please read the privacy
statement at secon 6.4 ‘Other Regional First
Home Buyer Guarantee features & important
informaon – Privacy statement’. By requesng
a Parcipang Lender to take any steps to have
your home loan covered by the HGS or RFHBG or
by subming a Home Buyer Declaraon to your
lender you consent to the maers outlined in that
privacy statement.
Providing incorrect or incomplete
informaon
As part of its role in administering and operang
the HGS, Housing Australia may verify the
informaon provided by you (or on your behalf)
in submissions for the RFHBG and in any Home
Buyer Declaraon. This is to ensure that you
are eligible to parcipate in the RFHBG. You
may be checked for former home ownership
within Australia and checks for other maers in
respect of the eligibility criteria – such as council
records, property tle informaon and your
nancial parculars – may also be undertaken.
Not providing the informaon requested
or providing incorrect or incomplete
informaon may impact upon the assessment
of your eligibility and ability to parcipate in the
RFHBG.
If it is found that you have provided false,
incorrect or misleading informaon under
a Home Buyer Declaraon and/or generally
in connecon with the RFHBG, criminal and
civil penales may apply. Also, if a guarantee
of your home loan is found to have been
issued mistakenly under the HGS or RFHBG
due to your fraudulent or wilful conduct, that
guarantee may be revoked and the lender may
also consider it as a failure by you to comply
with the terms of your home loan. If you fail to
comply with the terms and condions of your
home loan, the lender will have rights against
you – these rights may include requiring you
to renance your loan and pay some or all of
the home loan, requiring you to renance your
loan and pay for lenders mortgage insurance, an
ability to change or enforce the home loan and/
or to take other legal acon against you.
General informaon and guidance only
This document includes general informaon
and guidance in relaon to some of the features
of the HGS and RFHBG. It should not be relied
upon as being complete for any purpose.
Housing Australia is only providing this
document to Parcipang Lenders and
borrowers (via the Housing Australia website).
To the fullest extent provided by law,
this document does not create any legal
relaonship between you or any other person
and Housing Australia.
The informaon in this document is not nancial
or other advice. It has been prepared without
considering any person’s objecves, nancial
situaon or parcular needs. This document
does not relate to any products or services
provided by any Parcipang Lender. The
appointment of any person as a Parcipang
Lender is expressly not a recommendaon or
statement of approval of any such person.
It is important that you read this document
and all of the materials provided to you by
your Parcipang Lender in full, and take your
own professional advice as appropriate, before
deciding to take any steps to have your home
loan covered by the Scheme or subming a
Home Buyer Declaraon.
No independent vericaon
No Parcipang Lender or Representave
has independently veried any informaon
contained in this document and each
such person disclaims any responsibility for that
informaon. No representaon, warranty or
undertaking (express or implied) is made,
and no responsibility or liability is accepted,
by any of them, in relaon to the accuracy
or completeness of the informaon in this
document.
Enquiries & further informaon
If you have any quesons about the HGS and
RFHBG you should ask your Parcipang Lender
and/or seek advice from a professional adviser.
Further informaon on the HGS and RFHBG is
also available at ww.housingaustralia.gov.au.
Important informaon
4 | Informaon Guide – Regional First Home Buyer Guarantee
Informaon Guide – Regional First Home Buyer Guarantee | 5
1. How the Regional First Home
Buyer Guarantee works
The Regional First Home Buyer Guarantee (RFHBG) is an Australian Government
iniave to support eligible regional home buyers to buy a home sooner, in a
regional area. Under the RFHBG, part of an eligible regional home buyer’s home
loan from a Parcipang Lender is guaranteed by Housing Australia. This enables an
eligible regional home buyer to buy a modest home with as lile as 5% deposit.
1.1 Is your home loan eligible for the Regional First Home Buyer
Guarantee?
For your home loan to be eligible for the RFHBG there are a few checks that need to be sased.
They relate to:
• living in a regional area – you must have lived in a regional area or adjacent regional area to where you
are purchasing for the preceding 12-month period to the Home Loan Date – see secon 2 ‘Are you an
eligible regional home buyer?’ and secon 5 ‘Which properes are eligible for the Regional First Home Buyer
Guarantee?’^
• your personal circumstances – referred to as Your Eligibility Checks, including checks for your income, prior
property ownership, cizenship or permanent residency status, age, deposit and intenon to live in the
property you buy – see secon 2 ‘Are you an eligible regional home buyer?’ and the checklists in secon 7
‘Checklists – Your Eligibility Checks’
• the lender for your home loan – which must be a Parcipang Lender – see secon 3 ‘Is your lender
approved for the Regional First Home Buyer Guarantee?’
• the type of home loan you are applying for – which must be an Eligible Loan – see secon 4 ‘Which home
loans are eligible for the Regional First Home Buyer Guarantee?’, and
• the property you intend to purchase – which must be an Eligible Property – see secon 5 ‘Which properes are
eligible for the Regional First Home Buyer Guarantee?’.
If any one of these checks is not satisfied, you will not be able to participate in the RFHBG. Your lender will need to be
satisfied that these checks are met and will have separate criteria, processes and requirements for consideration of
your home loan application with them.
The RFHBG is open across regional areas in Australia to all eligible regional home buyers in respect of Eligible Loans.
The number of places under the RFHBG is limited and a
place may not be available even if your home loan is eligible.
See secon 1.2 ‘Other key features of the Regional First Home Buyer Guarantee – RFHBG place limits’ below for further
details.
You should discuss with your Parcipang Lender whether the RFHBG is the most appropriate program oered by
the Australian Government for you.
Secon 8 includes a Glossary of dened terms that are used throughout this Informaon Guide.
^ Employees required by their current employer to relocate may be eligible and should check with their Parcipang Lender (see secon 2.1.1)
6 | Informaon Guide – Regional First Home Buyer Guarantee
1.2 Other key features of the Regional First Home Buyer
Guarantee
The RFHBG involves the following key features.
When the RFHBG
commenced
The RFHBG commenced on 1 October 2022.
Parcipaon in the
RFHBG
You cannot apply to Housing Australia directly to have your home loan
parcipate in the RFHBG. You can only do so as part of your home loan
applicaon with a Parcipang Lender.
The eligibility of your home loan to parcipate in the RFHBG will be considered
by your lender and, if eligible, the lender will nofy you that your home loan
is able to parcipate in the RFHBG. They may also take steps to make a RFHBG
Place Reservaon – as described in secon 6.1 ‘Regional First Home Buyer
Guarantee Place Reservaons’.
Informaon on how your home loan can be covered by the RFHBG can be
obtained through a Parcipang Lender and their Representaves.
Regional area denion
A regional area is dened as:
• the Stascal Area 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 dened in the Australian Stascal Geography Standard 2016 published
by the Australian Bureau of Stascs (ABS).
The greater capital city areas of each state and the Northern Territory; and the
enre Australian Capital Territory are excluded from the RFHBG.
RFHBG place limits
10,000 home loans can be guaranteed under the RFHBG in each nancial
year (up unl 30 June 2025).
Issue of guarantees under
the RFHBG
If your home loan is covered by the RFHBG, Housing Australia will issue a
guarantee to the Parcipang Lender who made that loan to you.
The guarantee is not a cash payment or a deposit for your home loan.
Rather, the guarantee is a legal arrangement between Housing Australia and
your lender to pay up to a certain amount that you owe to your lender if
you default under the terms of your home loan and your property has been
sold (as further described below).
A guarantee issued under the RFHBG is not made to you, and you are not
able to take any acon in relaon to a guarantee of your home loan under
the RFHBG (if one applies).
Informaon Guide – Regional First Home Buyer Guarantee | 7
What a guarantee covers
Any guarantee of your home loan is for up to a maximum amount of 15% of
the Value (as assessed by your lender) of the property that you buy but may
be lesser where the deposit you are able to contribute is above 5%. If you
default on your home loan and aer your property is sold, the guarantee
can be claimed by your Parcipang Lender.
The guarantee is only able to be claimed by the Parcipang Lender for
amounts owing by you to them under your home loan aer:
• you have defaulted on your home loan
• your property has been sold
• the sale proceeds (and any other amounts available to the lender) have
been applied to pay the amounts you owe to your lender under the terms
of your home loan, and
• an amount that you owe remains outstanding.
Specically, any guarantee of your home loan under the RFHBG will not
apply to:
• help you make any payments on your home loan that you miss during the
ordinary course of your home loan
• prevent you from defaulting on your home loan
• stop the lender from taking action against you for any default under your
home loan or mortgage (including where they have rights to take
possession and sell off the property), or
• cover the payment of any amounts which remain owing by you to the lender
a
fter (1) sale proceeds and other amounts are applied to pay what you owe
on your home loan and after amounts under the guarantee have been
claimed and paid to the Participating Lender, or (2) if they do not make a
claim under the guarantee.
Circumstances where your
home loan may cease
parcipang in the RFHBG
If your home loan is covered by the RFHBG, there are certain events which
may cause the RFHBG guarantee to stop applying to your home loan. These
include where:
• it is found at any me that your home loan was not eligible to parcipate
in the RFHBG – including where it is discovered at a later me that Your
Eligibility Checks were not sased
• you no longer live in the property unless you are eligible for an
exempon (circumstances to be discussed with your lender). In this
instance, your lender may require you to pay Lenders Mortgage
Insurance (LMI) or signicant other addional costs relang to your loan,
at your own obligaon.
• you have repaid your home loan in full – including where you renance
your home loan with another lender that is not a Parcipang Lender
– see secon 6.3 ‘Other Regional First Home Buyer Guarantee features
& important informaon – Renancing your Regional First Home Buyer
Guarantee-guaranteed home loan’ for further details, or
• you have repaid your loan down to a principal balance that is 80% or less
of the original Value of your property at the me of purchase – calculated
based on your scheduled home loan repayments. Any amounts that you
prepay and can freely redraw are not counted.
8 | Informaon Guide – Regional First Home Buyer Guarantee
There are also addional events that rely upon your agreements with, and the
acons of, your Parcipang Lender. These include where:
• the terms of your home loan (or mortgage) are changed by your lender
except for changes to the interest rate, changes made to the terms that
your lender oers to all of its owner-occupied home loans, changes for
where you are in nancial hardship, changes between your lender’s
standard home loan products and other limited circumstances
• further nance is provided to you by your lender and secured against the
same property (known as a ‘top up’)
• your loan is assigned or transferred by your lender, or
• if your lender noes Housing Australia that the guarantee may be
released.
If your home loan is no longer covered by the RFHBG at an earlier me
than your lender expected, you may be subject to addional fees,
charges and expenses as set out in the terms of your home loan.
Other government
programs
If your home loan is covered by the RFHBG, you are not restricted under the
terms of the RFHBG from also accessing other government programs – such
as the Australian Government’s First Home Super Saver Scheme or First Home
Owner Grant and concessions that may be oered by State and Territory
governments.
These other programs apply their own criteria and condions, and your
eligibility or parcipaon under the RFHBG does not mean that you will
denitely be eligible and able to parcipate under another program. You
should make your own enquiries on the terms of those other programs.
You should discuss with your Parcipang Lender whether the RFHBG is the
most appropriate guarantee for you.
1.3 Geng ready – what will I need to provide to my lender?
Your Parcipang Lender or their Representave will let you know what informaon and materials you will need to
provide for your home loan applicaon and any parcipaon of your home loan under the RFHBG.
However, the following informaon will need to be submied by your lender in connecon with the inial RFHBG Place
Reservaon process. It is recommended that you collect and have this informaon available when you rst contact your
lender (directly or through their Representave):
9 your full name and date of birth
9 your Medicare number (including your posion on your card)
9 your Noce of Assessment for your taxable income for the 2023-24 income year – see secon 2.1.3 ‘Are you
an eligible regional home buyer? – What was your taxable income for the preceding income year? (Income
test)’, and
9 other details to assist the lender to assess whether you will be eligible to parcipate in the RFHBG – your
lender will conrm what these are.
If you do not have a Medicare number, or have not been issued with a Noce of Assessment for your taxable
income (because you did not earn taxable income above the tax-free threshold), your lender will conrm what other
informaon will be required to be provided by you in your circumstances.
Informaon Guide – Regional First Home Buyer Guarantee | 9
2. Are you an eligible
regional home buyer?
2.1 Your Eligibility Checks
First, you should consider whether your personal circumstances sasfy all of the
following checks. They relate to your eligibility as a regional home buyer who can
parcipate in the RFHBG.
The key checks for your personal circumstances are:
9 living and buying in a regional area – see secons 2.1.1 and 2.1.2
9 an income test – see secon 2.1.3
9 a prior property ownership test – see secon 2.1.4
9 a cizenship and permanent residency test – see secon 2.1.5
9 a minimum age test – see secon 2.1.6
9 a deposit requirement – see secon 2.1.7
9 an owner-occupier requirement – see secon 2.1.8, and
9 others – see secon 2.1.9
Some of these checks may dier depending on whether you are applying for a home
loan as an individual, as joint applicants, or whether you are an employee who has
been required by your current employer (employed for at least 12 months) to relocate.
If you do not sasfy any one of these checks – which are described in further detail
below and are together referred to as Your Eligibility Checks – you should not ask
your lender to take any steps to have your home loan parcipate in the RFHBG. This
includes that you should not ask your lender to make a RFHBG Place Reservaon. If
you are unsure of any of these maers, you should ask your lender or seek your own
independent nancial and legal advice.
Secon 7 ‘Checklists – Your Eligibility Checks’ includes checklists that are provided
to help you to record your answers as you consider the quesons for each of Your
Eligibility Checks.
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 nd out more about your eligibility, try the Eligibility Tool at
www.housingaustralia.gov.au
10 | Informaon Guide – Regional First Home Buyer Guarantee
2.1.1 Are you an eligible regional home buyer?
You will only be eligible to participate if:
• at least one borrower under your loan agreement has lived in the regional area or adjacent to the regional area
they are purchasing in for the preceding 12-month period to the Home Loan Date.
For employees who have been required by their current employer (employed for at least 12 months) to relocate,
you may be eligible if you have lived during some of the previous 12 month period in the regional area you are
purchasing in or an adjacent regional area and were only unable to complete the 12 month requirement due to the
relocaon/posng.
Please talk to your Parcipang Lender about the informaon they will require under their lending policy to verify
your eligibility. This informaon may include one of the following:
• a copy of ulity noces for the preceding 12 month period
• a copy of a rental agreement for the preceding 12 month period
• a copy of your recent Noces of Assessment where this can validate residence over the preceding 12 month
period; and
• where applicable and if the borrower is an employee who has been required by their current employer (employed
for at least 12 months) to relocate, an ocial statement conrming any relocaon required in the course of the
person performing their dues over the preceding 12 months and conrms their employment tenure with their
current employer of at least 12 months.
To help you idenfy whether you live in a regional area, and where you may be able to purchase, you can use the
Regional Checker at www.housingaustralia.gov.au
Scenario 1 - Joint applicants eligible for the RFHBG
Two people are jointly applying for the Regional First Home Buyer Guarantee to purchase in Orange (NSW) and
they sasfy all eligibility requirements for the Guarantee. One applicant lived in Orange for the preceding 14
months to the Home Loan Date, whilst the other applicant lived in Orange for the preceding 5 months. The joint
applicants are eligible for the RFHBG because one borrower has lived in the region they are purchasing in for the
preceding 12 month period. Importantly, both borrowers met all other eligibility requirements as well.
Scenario 2 - Individual applicant eligible for the RFHBG
An individual is applying for the Regional First Home Buyer Guarantee to purchase in Townsville (QLD) and
sases all requirements of the Guarantee. The applicant has lived in an adjacent regional area to Townsville
for 18 months preceding the Home Loan Date. The applicant is eligible for the RFHBG as they have sased the
requirement to have lived in the region they are purchasing in (or an adjacent region) for the preceding 12 month
period. Importantly, they met all other requirements and had validated with their lender that the region they
were purchasing in was classied as a regional centre or regional area.
Scenario 3 - Joint applicants NOT eligible for the RFHBG
Two people are jointly applying for the Regional First Home Buyer Guarantee to purchase in Geelong (VIC) and
are discussing with their lender whether they sasfy all requirements of the Guarantee. One applicant lived in
Geelong for the preceding 8 months to the Home Loan Date and the other lived in Melbourne for the past 5
years. The joint applicants are not eligible for the RFHBG because neither borrower has lived in the region they
are purchasing in for the preceding 12 month period to the Home Loan Date and neither qualify for a relocaon
exempon. They discussed their scenario with their parcipang lender, who then provided lending opons to
suit their needs. For example, they may have been eligible for another Government Guarantee (e.g., First Home
Guarantee or Family Home Guarantee) or they could wait a further 4 months for the applicant living in Geelong
to meet the 12 month requirement for the RFHBG.
Informaon Guide – Regional First Home Buyer Guarantee | 11
2.1.2 Are you buying your home in a regional area on your own
or with another person?
The RFHBG is open to individuals and joint applicants. It is not possible for a guarantee under the RFHBG to apply to
more than one home loan arrangement involving you.
Individuals
If you are looking to buy your home in a regional area as the only person named as a borrower on your home loan,
then you would apply under the RFHBG as an individual, regardless of your relaonship status.
This means that you need to sasfy each of the checks by reference to your own circumstances. Maers for joint
applicants (such as the combined income test) will not apply to you.
Joint applicants
If you are looking to buy your home in a regional area with another person, where you are both named as borrowers on
your home loan, then you would both apply under the RFHBG as joint applicants. Home loans with 3 or more borrowers
are not eligible for the RFHBG.
This means that you need to sasfy each of the checks by reference to your combined circumstances and apply
together. Maers for individuals (such as the individual income test) will not apply to you. For 2.1.1, only one
borrower under your home loan agreement has to have met the requirement for the preceding 12 month period
(as at the Home Loan Date), having lived in the regional area being purchased in or an adjacent regional area to the
regional area being purchased in.
Quesons to ask yourself
Q. Will you be applying under the RFHBG as an individual or as joint applicants?
As an individual
If your answer is ‘as an individual’, then you should pay close aenon to the checks that apply for individuals
and disregard the maers that apply for joint applicants.
As joint applicants
If your answer is ‘as joint applicants’, then
• you will need to have one borrower under your home loan agreement provide evidence as per your
Parcipang Lender’s own requirements for having lived in the regional area being purchased in or an adjacent
regional area to the regional area being purchased in, for the preceding 12 month period (as at the Home Loan
Date)
• you will need to apply for a home loan together, and
• you should pay close aenon to the checks that apply for joint applicants and disregard the maers that
apply only for individuals.
12 | Informaon Guide – Regional First Home Buyer Guarantee
2.1.3 What was your taxable income for the preceding income
year? (Income test)
The RFHBG includes an income test.
To sasfy this test:
• for individuals – your taxable income for the previous income year must not be more than $125,000, or
• for joint applicants – your combined taxable income for the previous income year must not be more than
$200,000.
For all RFHBG place applicaons made from 1 July 2024 up to 30 June 2025, the relevant income year will be the 2023-24
nancial year. Income from previous nancial years is not able to be considered for the income test.
The income test is assessed by your lender using your taxable income (as per the Income Tax Assessment Act) from
the previous income year from when you apply. This is shown on your Noce of Assessment issued to you by the
Australian Taxaon Oce.
Each income year starts on 1 July in a calendar year and ends on 30 June in the next calendar year – so if you
apply for the RFHBG with your lender between 1 July 2024 and 30 June 2025, you would need to be able to
provide your income tax assessment noce for the 2023-24 nancial year.
If you are applying under the RFHBG:
• ‘as an individual’, you will need to sasfy the income test for individuals, or
• ‘as joint applicants’, together you will need to sasfy the combined income test for joint applicants. This will be
the only income test you need to sasfy – so you can disregard the income test for individuals – and you will need
to be able to show your lender a copy of the Noce of Assessment for each of you.
Before you enter into a home loan agreement, you should consider talking with your lender (or broker) about
the potenal implicaons of changing interest rates or house prices on your individual circumstances.
Quesons to ask yourself
Q1. Do you have your Noce of Assessment for the 2023-24 income year (as issued by the Australian Taxaon
Oce)?
No, I don’t have it (or I can’t nd it)
If your answer to the above queson is ‘no’, you may not be able to sasfy the income test.
You would need to take steps to le for or obtain a copy of your Noce of Assessment for the 2023-24 income
year. Doing so does not necessarily qualify you as being able to parcipate in the RFHBG and any acon you
decide to take is your own responsibility.
If you did not receive a Noce of Assessment because your taxable income is below the tax-free threshold in the
relevant income year, you will need to conrm with your lender what informaon you would need to provide.
Yes, I do
If your answer is ‘yes’ to the above queson, you will need to be able to show a copy of your Noce of
Assessment to your lender.
The next queson for you is below.
Q2. Do you sasfy the income test?
No, I / we don’t sasfy the income test
If your answer to the above queson is ‘no’, your home loan will not be eligible under the RFHBG.
Yes, I / we sasfy the income test
If your answer is ‘yes’ to the above queson, your home loan may be eligible for the RFHBG.
Informaon Guide – Regional First Home Buyer Guarantee | 13
2.1.4 Have you held an interest in property in Australia? (Prior
property ownership test)
It is important that the RFHBG assists genuine eligible regional home buyers.
The prior property ownership test to be eligible for the RFHBG is that you have not held any of the following in the
10 years prior to your Home Loan Date:
• a freehold interest in real property in Australia (this includes owning land only)
• an interest in a lease of land in Australia with a term of 50 years (or more), or
• a company tle interest in land in Australia.
These tests apply for property interests in all States and Territories of Australia, regardless of whether the property
was residenal or commercial property, for investment or owner-occupied purposes and whether or not it was ever
lived in.
They also apply to you whether or not any of the interests listed above have been held by you on your own or together
with someone else – for example, where you held an interest in property with a former partner.
What this means is that, if you are applying under the RFHBG:
• ‘as an individual’, then you will need to sasfy the prior property ownership test, or
• ‘as joint applicants’, then you will both need to sasfy the prior property ownership test.
Note that if either of you – whether individually or with someone else, in the 10 years prior to your Home Loan
Date – have held any of the interests listed in the test, you do not sasfy the prior property ownership test as
joint applicants.
For your home loan to parcipate in the RFHBG, you will need to make a statutory declaraon that conrms you have
not held any interests of this kind in Australia in the 10 years prior to your Home Loan Date. This declaraon is made
under the Home Buyer Declaraon.
In addion, your lender, Housing Australia and others may conduct independent checks on whether or not you have
held any such interests in Australia in the 10 years prior to your Home Loan Date. They may do this at any me –
including aer you have signed a contract of sale or paid a deposit in relaon to a property and aer your home loan
has been advanced.
If you are unsure of whether or not you have held any of the kinds of interests listed above in the 10 years prior to
your Home Loan Date, you should ask a professional adviser, as you will need to be sure that you are not giving a
false declaraon.
Quesons to ask yourself
Q3. Will you sasfy the prior property ownership test at your Home Loan Date?
You should check this against each of the three types of property interest holdings that could restrict you from
being eligible.
For joint applicants, each of you must sasfy the prior property ownership test.
No, I have held an interest in property in the 10 years prior to my Home Loan Date.
If your answer to the above queson is ‘no’, you will not be able to sasfy the prior property ownership test.
Your home loan – as an individual or as joint applicants – will not be eligible to parcipate under the RFHBG.
Yes, I do, because I don’t hold an interest in property or haven’t held an in interest in property in the last 10
years (and, for joint applicants, neither does the person I’m applying with).
If your answer to the above queson is ‘yes’, you will be able to make the necessary declaraons and sasfy the
prior property ownership test.
14 | Informaon Guide – Regional First Home Buyer Guarantee
2.1.5 Are you an Australian cizen or permanent resident?
(Cizenship and permanent residency test)
The RFHBG is only open to Australian cizens and permanent residents.
The cizenship and permanent residency test for the RFHBG is that you will need to be an Australian cizen or
permanent resident at your Home Loan Date. If you are applying under the RFHBG:
• ‘as an individual’, you will need to sasfy the cizenship and permanent residency test, or
• ‘as joint applicants’, you will both need to sasfy the cizenship and permanent residency test.
You will not sasfy the cizenship and permanent residency test if at the Home Loan Date:
• you are a temporary resident of Australia (and not an Australian cizen or permanent resident)
• you are applying with an Australian cizen or permanent resident, but you are not an Australian cizen or
permanent resident
• you were formerly an Australian cizen or permanent resident, but have not resumed your cizenship or
permanent residency, or
• you have applied for, are eligible for, or have received noce of a posive decision of Australian cizenship
or permanent residency, but have not received your cizenship cercate or eligible Australian permanent
resident visa.
Quesons to ask yourself
Q4. Will you be an Australian cizen or permanent resident at your Home Loan Date?
For couples, each of you must sasfy the Australian cizenship and permanent residency test.
No, I will not be.
If your answer to the above queson is ‘no’, you will not be able to sasfy the cizenship and permanent
residency test.
Your home loan – as an individual or as joint applicants – will not be eligible to parcipate under the RFHBG.
Yes, I will be (and, for joint applicants, so will the person I’m borrowing with).
If your answer to the above queson is ‘yes’, you will be able to make the Home Buyer Declaraon and sasfy
the cizenship and permanent residency test.
2.1.6 Are you 18 years or older? (Minimum age test)
The RFHBG is only open to persons who are 18 years of age or over.
The minimum age test for the RFHBG is that you will need to be 18 years of age or over at your Home Loan Date.
If you are applying under the RFHBG:
• ‘as an individual’, you will need to sasfy the minimum age test, or
• ‘as joint applicants’, you will both need to sasfy the minimum age test.
Quesons to ask yourself
Q5. Will you be 18 years or over at your Home Loan Date?
For joint applicants, the answer must be ‘yes’ for both of you.
No, I will not be.
If your answer to the above queson is ‘no’, you will not be able to sasfy the minimum age test.
Your home loan – as an individual or as joint applicants – will not be eligible to parcipate under the RFHBG.
Yes, I will be.
If your answer to the above queson is ‘yes’, you will be able to make the necessary declaraons and sasfy the
minimum age test.
Informaon Guide – Regional First Home Buyer Guarantee | 15
2.1.7 Do you have a deposit of at least 5% of the Value of the
property (but less than 20%)? (Deposit requirement)
There is a minimum and maximum deposit requirement for the RFHBG.
Your Parcipang Lender will be able to tell you if you sasfy this requirement.
The RFHBG is to assist eligible regional home buyers who have at least 5% of the Value of an eligible property saved
as a deposit. It is a requirement of the RFHBG that you use the maximum amount of your savings as possible towards
your deposit (subject to the policies of your lender and your nancial circumstances). If you have 20% or more saved
aer paying other home purchasing costs (e.g., stamp duty, legal costs), then your home loan will not be covered by
the RFHBG.
As the RFHBG is aimed at helping eligible regional home buyers, it is important that you do not try to disadvantage
other Australians by seeking to change your circumstances just to take advantage of the RFHBG. This includes where
you have a 20% or greater deposit and legally transfer your cash and other assets in order only to access the RFHBG,
or where your 5% deposit has not been genuinely saved by you and is being provided to you only so that you can
qualify for the RFHBG.
Parcipang Lenders must comply with responsible lending pracces – if you have any quesons about these
requirements in the context of the RFHBG, please discuss these with your Parcipang Lender directly.
You should conrm with your Parcipang Lender whether any cash grants under other Australian Government,
State or Territory schemes or programs you may receive can be considered as part of genuine savings by that
Parcipang Lender.
Note: you are responsible for meeng all costs and repayments for your home loan associated with the Home
Guarantee Scheme, including but not limited to stamp duty, bank fees and legal costs.
Quesons to ask yourself
Q6. Do you have a deposit of between 5% and 20% of the Value of the property you would like to purchase?
For joint applicants, your answer should refer to your combined circumstances.
No, I won’t – I’ll have less than the 5% minimum or more than the 20% maximum
If your answer to the above queson is ‘no’, you will not be able to sasfy the deposit requirement. Your home loan –
as an individual or as joint applicants – will not be eligible to parcipate under the RFHBG.
Yes, I do or will (and, for joint applicants, this is together with the person I’m borrowing with)
If your answer to the above queson is ‘yes’, you will be able to make the necessary declaraons and sasfy the
deposit requirement.
2.1.8 Will you live in the property you buy as an owner-
occupier?
(Owner-occupier requirement)
The RFHBG assists eligible regional home buyers to buy a modest home in a regional area. Investment properes are
not being supported by the RFHBG.
Under your Home Buyer Declaraon, you will need to declare that you intend to:
• start living in the Eligible Property you purchase within 6 months from either the selement date of your loan or,
for new builds, the date an occupancy cercate is issued, and
• connue to live in that property for as long as your home loan has a guarantee under the RFHBG unless you are
eligible for an exempon (circumstances to be discussed with your lender).
16 | Informaon Guide – Regional First Home Buyer Guarantee
If you are applying under the RFHBG:
• ‘as an individual’, you will need to sasfy the owner-occupier requirement unless you are eligible for an exempon
(circumstances to be discussed with your lender), or
• ‘as joint applicants’, you will both need to sasfy the owner-occupier requirement unless either one or both of you
are eligible for an exempon (circumstances to be discussed with your lender).
If you don’t live in your property – including where you move out of the property at a later me – your home
loan may cease to be guaranteed by the RFHBG.
In these circumstances there may be terms of your home loan that require you to take certain actions – including that
you may need to pay fees and charges and/or take out Lenders Mortgage Insurance (LMI) that would not have
otherwise applied if your home loan was eligible under the RFHBG.
Quesons to ask yourself
Q7. Do you intend to reside in the property you purchase as an owner-occupier while your home loan is
guaranteed under the RFHBG?
No, I don’t (or I don’t think I will)
If your answer to the above queson is ‘no’, you will not be able to sasfy the owner-occupier requirement.
Your home loan – as an individual or as joint applicants – will not be eligible to parcipate under the RFHBG.
Yes, I do intend to live in the property as an owner-occupier
If your answer to the above queson is ‘yes’, you will be able to make the Home Buyer Declaraon and sasfy
the owner-occupier requirement.
For joint applicants, the answer must be ‘yes’ for both of you.
2.1.9 Are there any maers that could disqualify you from being
an eligible regional home buyer?
This is a nal check to make sure that you don’t provide any incorrect, untrue or misleading informaon nor make any
false declaraons in relaon to your personal circumstances. It is not an addional criteria, and is included only to
make sure you have considered all possible maers and are aware of the possible consequences for providing untrue,
incorrect, misleading or false informaon or materials.
You should consider all of the above checks carefully. If you are unsure of any maer relang to your
circumstances, or (for joint applicants) of the person you’re borrowing with, you should speak to your lender
and/or ask your professional adviser(s).
If your Parcipang Lender takes any acon for your home loan to be covered by the RFHBG – including making
RFHBG Place Reservaons or seeking to have a guarantee apply for your home loan – you will need to provide
informaon to them and make a statutory declaraon.
This informaon and declaraons you make may be invesgated at future mes. You need to be certain that you are
giving true and correct informaon and make a true statutory declaraon.
If your informaon and/or statutory declaraon are found to be untrue, incorrect, misleading or false –
including at a later me aer you have paid a deposit or the full purchase price on your property – there may be
signicant consequences.
These may include that:
• legal acon is taken against you – including for criminal penales and civil acons. If you intenonally make a false
statement in a statutory declaraon, you are guilty of an oence under secon 11 of the Statutory Declaraons Act
1959 (Cth). The maximum penalty for this oence is imprisonment for 4 years.
• your home loan is not covered by the RFHBG, and/or
Informaon Guide – Regional First Home Buyer Guarantee | 17
• there are terms of your home loan that require you to take certain acons – including you may need to pay fees
and charges and/or take out lenders mortgage insurance that would not have otherwise applied if your home loan
was covered by the RFHBG.
You should understand the terms of your home loan carefully so that you know what would happen under your
home loan if this were to happen.
Quesons to ask yourself
Q8. Are you sure there are no maers in your personal circumstances that could mean you aren’t eligible for
the RFHBG?
No, I’m not sure
If your answer to the above queson is ‘no’, you could risk signicant consequences if you give incorrect, untrue
or misleading informaon or make a false statutory declaraon.
You should speak to your lender and/or ask your independent nancial and/or legal adviser(s).
Yes, I am sure
If your answer to the above queson is ‘yes’, you will be able to make the Home Buyer Declaraon and sasfy
the eligible regional home buyer test.
You should note that all informaon and declaraons provided by you are able to be invesgated at any
me.
18 | Informaon Guide – Regional First Home Buyer Guarantee
Informaon Guide – Regional First Home Buyer Guarantee | 19
3. Is your lender
approved for the
Regional First Home
Buyer Guarantee?
3.1 Parcipang Lenders
The RFHBG is only open to Eligible Loans that are made by Parcipang Lenders. For a
lender to be a Parcipang Lender under the RFHBG they must have been approved by
Housing Australia.
A list of Parcipang Lenders is on www.housingaustralia.gov.au. Even if you are told
that a parcular instuon is a Parcipang Lender, you should check that they are
listed on www.housingaustralia.gov.au.
Parcipang Lenders may oer Eligible Loans themselves or via Representaves. If
you are unsure whether any instuon or person is a Representave of a Parcipang
Lender, you should contact the lender directly to ask.
3.2 Your home loan applicaon and your
relaonship with your lender
You are able to apply for nance for your home loan from more than one Parcipang
Lender. The terms of your home loan will be agreed between you and your lender.
Housing Australia will not be involved in any home loan applicaon procedures,
assessments or approvals nor the administraon or management of your home
loan (including in circumstances of default and enforcement).
See secon 4 ‘Which home loans are eligible for the Regional First Home Buyer
Guarantee?
for further details on which home loans qualify as Eligible Loans.
3.3 What if I have a complaint about my
lender?
General complaints about your lender should be made to your lender and/or any
relevant complaints authority.
If you are not sure who the relevant Complaints Authority is, contact the Australian
Financial Complaints Authority at afca.org.au.
20 | Informaon Guide – Regional First Home Buyer Guarantee
Informaon Guide – Regional First Home Buyer Guarantee | 21
4. Which home loans
are eligible for the
Regional First Home
Buyer Guarantee?
4.1 Eligible Loans
Not all home loans are eligible for the RFHBG.
The RFHBG is restricted to ‘Eligible Loans’, which are home loans:
• made by Parcipang Lenders to eligible regional home buyers, and
• that are for the purchase of an Eligible Property that is to be occupied by you as
the owner – see secon 5 ‘Which properes are eligible for the Regional First Home
Buyer Guarantee? for further informaon.
There are addional requirements that apply in relaon to these home loans that
rely upon the terms that you agree with your Parcipang Lender. These include
that your home loan will need to be for a term of 30 years or less, have regular
repayments of principal (with limited excepons for interest-only loans, which mainly
relate to construcon lending), include a mortgage over your purchased property,
be in Australian dollars, have appropriate lending limits to recognise the RFHBG’s
deposit requirements, sele aer your lender commences as a Parcipang Lender
under the RFHBG and comply with relevant laws and your lender’s own policies. Your
Parcipang Lender will need to ensure that the terms of your home loan arrangement
comply with these maers.
4.2 Home loan products
The RFHBG permits certain categories of home loan products to take the benet of the
RFHBG. These general categories relate to home loans for:
• the purchase of an established dwelling
• a house and land package
• a land and separate contract to build a home, and
• an ‘o-the-plan’ purchase.
If you are intending to buy vacant land and construct a dwelling on that land, you will
need to enter into a building contract to build a home on the land within six months of
the loan selement date for the eligible loan to acquire the land.
If you already own vacant land and intend to take a new home loan to construct a
dwelling on that land, your home loan is not eligible for the RFHBG. This is because you
do not sasfy the property ownership test.
You will need to contact your lender to clarify whether your home loan is eligible
under the RFHBG.
22 | Informaon Guide – Regional First Home Buyer Guarantee
The condions under the RFHBG for home loan product categories that may be Eligible Loans are as follows.
Contract & selement
dates
To be eligible for the RFHBG, the contract of sale and (if applicable) eligible
building contract may have parcular dates when they can be signed by
you (all as described further below). There are no excepons from these
required dates.
Purchase of exisng
dwelling
If you are purchasing an exisng dwelling:
• you must move into the property within 6 months of the selement of
your home loan, and
• the property must be purchased under a contract of sale that you sign on
or aer 1 October 2022.
This category does not include ‘o-the-plan’ purchases, which are
described below.
House and land packages
A house and land package is where you build a home by entering into a
contract of sale to purchase land from the same person (or persons within
the same corporate group) as the person who you enter into a contract with
to build your home.
For a house and land package, prior to the selement date for your home
loan you will need to have entered into:
• a contract of sale for the land, and
• an eligible building contract to build your home on that land.
These can either be in the same contract or two separate contracts. Your
home loan will also include a requirement for you to:
• start building your home within 12 months, and
• nish building your home within 24 months of the selement date for
your home loan.
You will also need to move into the property within 6 months of an
occupancy cercate being issued.
Informaon Guide – Regional First Home Buyer Guarantee | 23
Land and separate contract
to build a home
A land and separate contract to build a home is where you build a home
by entering into a contract of sale to acquire land from a person who is
dierent to the person you enter into a contract with to build your home.
For a land and separate contract to build a home, you will need to have
entered into a contract of sale to acquire the land under a contract of sale
or, an eligible lease instrument. You will also need to move into the property
within 6 months of an occupancy cercate being issued.
You may obtain a home loan to buy the land and nance the building of your
home. If you do so, then your Parcipang Lender will require you to enter
into an eligible building contract before the selement of your home loan
and:
• start building your home within 12 months, and
• nish building your home within 24 months of the selement date for
your home loan.
You may be able to obtain a home loan to buy the land before obtaining
a loan to nance the building of your home. If you do so, then your
Parcipang Lender will require you to:
• enter into an eligible building contract within 6 months,
• start building your home within 12 months, and
• nish building your home within 24 months, of the selement date of
your home loan to buy the land.
If you choose to buy the land before obtaining a loan to nance the building
of your home, you will need to ensure that at the me your loan agreement
is entered into to nance the building of your home, the purchase price for
your land and the cost to build your home does not exceed the price cap
that is applicable to your property. If they do exceed the price cap, then
your home loan will not be eligible for the RFHBG and your Participating
Lender may require you to obtain Lenders Mortgage I
nsurance (LMI) or
provide a higher deposit to continue with your home loan.
If you are considering entering into contracts relang to purchasing
land and for the construcon of a home, you may wish to discuss with
your Parcipang Lender (and broker, if applicable) all of the potenal
risks that may be associated with these tr
ansacons. It is worth nong
that you are required to sign a xed price building contract, and that
any amendments to this after signing, may impact the validity of the
Guarantee and your lender may require you to pay Lenders Mortgage
Insurance (LMI) or fund these addional costs yourself.
‘O-the-plan’ purchases
If you are making an ‘o-the-plan’ purchase:
• you must have signed the contract of sale before the settlement date for
your home loan, and
• the settlement date for your home loan must occur within 90 days of your
home loan being guaranteed under the RFHBG.
You will also need to move into the property within 6 months of the
selement date for your home loan.
24 | Informaon Guide – Regional First Home Buyer Guarantee
Eligible building contracts
For a building contract to be eligible under the RFHBG it must:
• be with a licensed or registered builder; and
• specify a xed price for the construcon of the dwelling.
‘Owner builder’ contracts are not eligible building contracts for the
RFHBG.
Parcipang Lenders may, or may not, oer these types of home loan products. Even if they do oer these
products, the terms of the home loan may be more limited than described above. You should contact your
lender and/or ask your professional adviser(s) about the home loan products that are oered and whether they
suit the purchase you are intending to make.
Parcipang Lenders require your land to be tled prior to the issuance of a Housing Australia guarantee,
therefore the land will need to be tled before the end of your 90 day pre-approval period.
Informaon Guide – Regional First Home Buyer Guarantee | 25
5. Which properes are
eligible for the Regional
First Home Buyer
Guarantee?
5.1 Eligible Properes
Not all properes are eligible for the RFHBG.
The key eligibility checks for any property that you want to purchase are that:
• the property is located in a regional area that is the same or adjacent to a regional
area to where you have lived for the preceding 12 months to the Home Loan Date
• it is a ‘residenal property’ – under the RFHBG this term has the same meaning as
under the Naonal Consumer Credit Protecon Act, and you should ask your lender
if there is any doubt
• the purchase price of the property is under the price cap for its locaon – see
secon 5.2 ‘Property price caps’
• the property is (1) an established dwelling, or (2) a new-build dwelling that you
purchase under a house and land package, a land and separate contract to build a
home or an ‘o-the-plan’ arrangement that is nanced under an Eligible Loan – see
secon 4 ‘Which home loans are eligible for the First Home Guarantee? for further
details, and
• at the selement date for your home loan, the borrower(s) will be the sole
registered owner of the property.
5.2 Property price caps
The price caps are outlined in the tables below. Your lender will be able to conrm
which price cap is applicable to your property by its suburb. If the purchase price, or in
the case of a new build, land and separate contract to build home, the land purchase
price and construcon costs, for your property is more than the price cap for its
locaon (as listed in the table over the page), the property will not be eligible for the
RFHBG. Note the greater capital city areas of each state and the Northern Territory;
and the enre Australian Capital Territory are excluded from the RFHBG.
26 | Informaon Guide – Regional First Home Buyer Guarantee
State Regional centre* All other
regional areas
New South Wales $900,000 $750,000
Victoria $800,000 $650,000
Queensland $700,000 $550,000
Western Australia $450,000
South Australia $450,000
Tasmania $450,000
Territory All areas
ACT Not applicable
NT Regional $600,000
Jervis Bay Territory & Norfolk Island $550,000
Christmas Island & Cocos (Keeling) Islands $400,000
* Regional centres are Newcastle and Lake Macquarie, Illawarra, Geelong, Gold Coast and Sunshine Coast.
A postcode look-up tool is available at www.housingaustralia.gov.au for general informaon on price caps per each
dierent Guarantee available under the Home Guarantee Scheme in a parcular area. You are able to use this tool to
get an idea of whether a property is in a parcular price cap area. However, you should not rely upon the informaon
provided by the tool and must conrm the price cap for any property you are thinking about purchasing with your
lender.
A Regional Checker is also available at www.housingaustralia.gov.au to assist conrming whether you live in a
regional area, and what postcodes you may be able to purchase in.
Informaon Guide – Regional First Home Buyer Guarantee | 27
6. Other Regional First
Home Buyer Guarantee
features & important
informaon
6.1 Regional First Home Buyer Guarantee Place
Reservaons
Depending upon your circumstances, your Parcipang Lender may be able to reserve
a place under the RFHBG in conjuncon with you making your home loan applicaon.
Requests for RFHBG Place Reservaons can only be made by Parcipang Lenders.
A RFHBG Place Reservaon does not guarantee that your home loan will parcipate
in the RFHBG. There are other checks and ming requirements that apply before your
home loan is able to be guaranteed under the RFHBG.
If your Parcipang Lender elects to reserve a place under the RFHBG in conjuncon
with you making your home loan applicaon, the following steps apply.
28 | Informaon Guide – Regional First Home Buyer Guarantee
Your inial home loan
applicaon
Your Participating Lender will be able to make a RFHBG Place
Reservation for up to 14 days while they assess your finance application.
This reservaon:
• is made by a Participating Lender at the same time as your home loan
application is made or is being assessed, and you will need to provide
them with some personal information for this to happen – see section 1.3
‘Getting ready – what will I need to provide to my lender?’
• is for a set period (usually, 14 days but your lender will advise you if the
period is different) from when it is first made by any Participating Lender
–
you can make home loan applications to more than one Participating
Lender in this period, but the 14-day reservation is counted from the day
when the first lender makes the reservation – see Scenario 1 below for an
illustration of how this works
• will be able to be extended by your lender if finance pre-approval is given
for your home loan – see ‘Getting finance pre-approval’ below, and
• will expire if (1) you are not pre-approved for finance from a Participating
Lender during this period, or (2) if you are pre-approved for finance and
your lender does not let Housing Australia know to extend the reservation
by the end of the 14-day period.
Scenario 1 – inial reservaon
Annabel makes a home loan inquiry with Lender A on 1 July 2024, and
Lender A makes an inial RFHBG Place Reservaon on that date. The
reservaon period for Annabel and her home loan is open for 14 days
and will expire at 11.59 pm (Sydney me) on 15 July 2024. This will be
the expiry me for all RFHBG Place Reservaons that are submied
for Annabel’s home loan applicaons by Parcipang Lenders in that
reservaon period.
She also makes another home loan applicaon with Lender B on 5 July
2024 and Lender B makes another inial RFHBG Place Reservaon on
that date. The reservaon period for Annabel and her home loan is
already open and so Lender B has 10 days to take necessary acons
before the period expires.
For the reservaon to be extended (see ‘Geng nance preapproval’
below), Lender A or Lender B will need to provide nance pre-approval
to Annabel and take the necessary acon to extend the reservaon
before the expiry me of 11.59 pm (Sydney me) on 15 July 2024.
Geng nance
pre-approval
If your lender has given you a nance pre-approval, your RFHBG Place
Reservaon can be extended for a further 90 days (starng on the rst date
that it is extended by a Parcipang Lender) – see Scenario 2 below for a
further illustraon of how this works.
This further reservaon period is to allow you to nd and sign a contract of
sale for an Eligible Property that you want to buy.
If during this 90-day reservaon period:
• you are unable to nd an Eligible Property that you want to buy, or
• your lender withdraws your nance pre-approval or believes that you are
not likely to enter into a home loan for an Eligible Property, the RFHBG
Place Reservaon for your home loan will expire.
Informaon Guide – Regional First Home Buyer Guarantee | 29
Scenario 2 – pre-approval reservaon
In considering Annabel’s home loan applicaon, Lender A provides her
with a nance pre-approval on 14 July 2024 and takes the necessary
steps to extend the RFHBG Place Reservaon for her home loan on
that date. The RFHBG Place Reservaon is then extended by 90 days
from the day that Lender A takes those steps. This extension will
apply for both Lender A and Lender B, to now expire at 11.59 pm on
12 October 2024.
Lender B does not provide Annabel with pre-approval before the expiry
me for the inial reservaon but because Lender A has extended
her RFHBG Place Reservaon, Lender B will have unl 11.59 pm on 12
October 2024 to provide Annabel with nance pre-approval.
Signing your contract
for sale
Once you have signed a contract for sale to purchase an Eligible Property,
your RFHBG Place Reservaon can be extended for an addional 30 days
from the signing date.
This addional period is to enable you and your lender to nalise the
paperwork and checks for your home loan. Your lender may ask you to
provide informaon and materials in a shorter period than the 30 days.
To ensure that this extension applies, you will need to tell your lender
immediately once you have signed your contract for sale so that your lender
can nofy Housing Australia.
If you are unable to nalise your loan within this period, the RFHBG Place
Reservaon for your home loan will expire.
Before entering into a contract of sale, you should consider discussing
your lending needs with your relevant Parcipang Lender, broker or
nance professional.
You should also consider discussing the impacts of any amendments to
this contract aer signing, and how they may potenally impact your
RFHBG place.
What happens if a
reservaon expires
If any reservaon period expires without being extended, the RFHBG Place
Reservaon for your home loan will lapse and your Parcipang Lender
would need to make a new reservaon under the RFHBG.
With the number of places under the RFHBG being limited, there may not
be a place under the RFHBG that is available to be reserved or taken up at
that later me and you may need to wait unl the next nancial year to
apply for a place.
In all circumstances, the decision to enter into a home loan arrangement with a Parcipang Lender, and the
choice of property to purchase, is your own responsibility. Even though the availability of the RFHBG for home
loans is limited – by number of places and the me periods for the reservaon process – you should seek your
own independent nancial and legal advice as to whether a parcular home loan or property, and the terms of
the RFHBG suit your personal circumstances and objecves.
6.2 Home Buyer Declaraon
A Home Buyer Declaraon is provided to you by a Parcipang Lender for the purposes of them applying to Housing
Australia for your home loan to be covered by the RFHBG. You must sign and submit your Home Buyer Declaraon to
your lender in accordance with their instrucons.
Housing Australia will not take any acon or steps in relaon to a Home Buyer Declaraon that is delivered to it
by any person (including you) or instuon that is not a Parcipang Lender (or a Representave or agent of it).
It is recommended that you provide the completed and signed declaraon to your lender as soon as possible. A copy
of this declaraon will also be provided by your lender to Housing Australia, who will retain the copy as a record.
You should be aware that this form is separate to (1) your applicaon for a home loan from your lender, and (2) any
forms that you are required to submit in relaon to any other home buyer schemes or programs.
Before compleng a Home Buyer Declaraon, you should carefully read all secons and informaon contained in the
form and ask your lender and/or your professional adviser(s) if anything is unclear.
You must ensure that all informaon contained in your Home Buyer Declaraon is complete and correct. If you are
unsure about any of your obligaons or informaon that is required as part of any applicaon for your home loan to
be covered by the RFHBG it is important that you contact your lender for claricaon.
You must nofy your lender if you believe that you cease at any me to meet the eligibility requirements of the
RFHBG or if there is any change to the informaon provided in the Home Buyer Declaraon aer you have signed and
submied it.
Penales may apply for a false Home Buyer declaraon.
6.3 Renancing your Regional First Home Buyer Guarantee-
guaranteed home loan
If you have a home loan that is already parcipang under the RFHBG, you may be able to renance your home loan
with another Parcipang Lender and connue to have the benet of the RFHBG.
Any such renancing is subject to condions, and you should contact your new lender for further details if you are
considering renancing your exisng RFHBG home loan with another Parcipang Lender.
It is not possible for your home loan to connue to have the benet of the RFHBG if it is renanced with another
lender that is not a Parcipang Lender.
6.4 Privacy statement
Your personal informaon may be used by your lender, Housing Australia and/or the Australian Government for
the
administraon and operaon of the RFHBG and assessing your eligibility under the RFHBG.
By requesng a Parcipang Lender to take any steps to have your home loan covered by the RFHBG or by
compleng and subming a Home Buyer Declaraon, you consent to your lender, Housing Australia and/or the
Australian Government collecng, using and disclosing your personal informaon for the abovemenoned purposes
and any other incidental or related purpose.
Your lender, Housing Australia and/or the Australian Government may disclose your personal information to any party
engaged in the assessment or administration of the RFHBG.
Your lender, Housing Australia and/or the Australian Government will store personal informaon collected through
your home loan applicaon process (including informaon to assess your eligibility under the RFHBG), supporng
documents, the loan agreement and any monitoring, research and evaluaon acvies in compliance with their
respecve obligaons under the Privacy Act and any other privacy legislaon applicable in their jurisdicon.
Your personal informaon will not be disclosed overseas. You may access or correct your personal informaon at any
me by contacng your lender.
Further informaon about your lender’s privacy policy and Housing Australia’s privacy policy, including rights of
access and complaints handling, may be accessed at your lender’s website or
www.housingaustralia.gov.au (as applicable).
30 | Informaon Guide – Regional First Home Buyer Guarantee
Informaon Guide – Regional First Home Buyer Guarantee | 31
7. Checklists – Your Eligibility
Checks
The following checklists are to assist you to work through Your Eligibility Checks. You should refer back to the relevant
secons of this document for further informaon on each check.
7.1 Inial check – eligibility as an individual or as joint applicants
No. Queson
RFHBG Guide
secon Your answer
Q. Will you be applying under the RFHBG as an
individual or as joint applicants?
2.1.2
Individual
You should
complete the
checks for
individuals at
secon 7.2
Joint
applicants
You should
complete the
checks for joint
applicants at
secon 7.3
7.2 Checks for individuals
The following checks are applicable for individuals. If you answer ‘no’ to any of the quesons, you will not be eligible
to parcipate in the RFHBG.
No. Queson
RFHBG Guide
secon Your answers
Q1. Have you lived in a regional area for the preceding
12 month period?^
2.1.1
Yes No
Q2. Is the property you intend to buy located in
the regional area you live in or an adjacent
regional area?
2.1.1 & 2.1.5
Yes No
Q3. Do you have your Noce of Assessment for the
2023-24 income year (as issued by the Australian
Taxaon Oce) (or did you earn less than the tax-
free threshold)?
2.1.3
Yes No
Q4.
Do you satisfy the income test (for individuals) at
your Home Loan Date?
2.1.3
Yes No
Q5. Will you sasfy the prior property ownership test
at your Home Loan Date?
2.1.4
Yes No
Q6. Will you be an Australian cizen or permanent
resident at your Home Loan Date?
2.1.5
Yes No
Q7. Will you be 18 years or over at your Home
Loan Date?
2.1.6
Yes No
Q8. Do you have a deposit of at least 5% and less
than 20% of the Value of the property you would
like to buy?
2.1.7
Yes No
32 | Informaon Guide – Regional First Home Buyer Guarantee
No. Queson
RFHBG Guide
secon Your answers
Q9. Do you intend to reside in the property you buy
as an owner-occupier while your home loan is
guaranteed under the RFHBG?
2.1.8
Yes No
Q10. Are you sure there are no maers in your personal
circumstances that could mean you aren’t eligible
for the RFHBG?
2.1.9
Yes No
7.3 Checks for joint applicants
The following checks are applicable for joint applicants.
If either of you answer ‘no’ to any of the quesons, you will not be eligible to parcipate in the RFHBG.
No. Queson
RFHBG Guide
secon
Your answer
Applicant 1 Applicant 2
Q1. Have either of you lived in a regional area for the
preceding 12 month period?^
2.1.1
Yes No Yes No
Q2. Is the property you intend to buy located in
the regional area you live in or an adjacent
regional area?
2.1.1 & 2.1.5
Yes No Yes No
Q3. Do you have your Noce of Assessment for the
2023-24 income year (as issued by the Australian
Taxaon Oce) (or did you earn less than the tax-
free threshold)?
2.1.3
Yes No Yes No
Q4. Do you (together) sasfy the income test (for
joint applicants) at your Home Loan Date?
2.1.3
Yes No Yes No
Q5. Will you sasfy the prior property ownership test
at your Home Loan Date?
2.1.4
Yes No Yes No
Q6. Will you be an Australian cizen or permanent
resident at your Home Loan Date?
2.1.5
Yes No Yes No
Q7. Will you be 18 years or over at your Home
Loan Date?
2.1.6
Yes No Yes No
Q8. Do you (together) have a deposit of at least 5%
and less than 20% of the Value of the property
you would like to buy?
2.1.7
Yes No Yes No
Q9. Do you intend to reside in the property you buy
as an owner-occupier while your home loan is
guaranteed under the RFHBG?
2.1.8
Yes No Yes No
Q10. Are you sure there are no maers in your
personal circumstances that could mean you
aren’t eligible for the RFHBG?
2.1.9
Yes No Yes No
^ Employees required by their current employer to relocate may be eligible and should check with their Parcipang Lender (see secon 2.1.1)
Informaon Guide – Regional First Home Buyer Guarantee | 33
8. Glossary
Eligible Loan A home loan made by a Parcipang Lender that is eligible to parcipate
under the RFHBG.
Eligible Property A residenal property that is eligible to parcipate under the RFHBG.
Home Buyer Declaraon The form of statutory declaraon provided to you by your Parcipang
Lender in relaon to the RFHBG.
HGS Home Guarantee Scheme.
Home Loan Date The date when you sign your home loan agreement with your Parcipang
Lender.
You will need to conrm what this date is with your Parcipang Lender, as it
may dier between you and another home buyer and may be dierent from
other lenders and for parcular purposes, depending upon their procedures
for loan approvals and how they parcipate under the RFHBG.
Income Tax Assessment Act Income Tax Assessment Act 1997 (Cth).
Naonal Consumer Credit Protecon Act Naonal Consumer Credit Protecon Act 2009 (Cth).
Parcipang Lender Each eligible lender that has been approved by Housing Australia, as listed
on the Scheme webpage at www.housingaustralia.gov.au. These include
the Major Bank Lenders and the Non-Major Lenders. A reference in this
document to “your lender” is a reference to your Parcipang Lender.
Permanent resident An Australian permanent resident has the same meaning as in the Australian
Cizenship Act 2007 (Cth)
Privacy Act Privacy Act 1988 (Cth).
Real property “Real property” means the land, everything permanently aached to it, and
all of the interests, benets, and rights inherent in the ownership of real
estate.
Representave For any Parcipang Lender, any third-party broker or other person that is
authorised by the Parcipang Lender to suggest that Eligible Borrowers
may apply for, or to assist Eligible Borrowers to apply for, Eligible Loans with
the Parcipang Lender.
Regional First Home Buyer Guarantee The Regional First Home Buyer Guarantee (RFHBG) is part of the Home
Guarantee Scheme.
RFHBG Place Reservaon A reservaon made by a Parcipang Lender for a guarantee to apply for
your home loan under the RFHBG.
Scheme The Australian Government’s Home Guarantee Scheme (HGS).
Scheme Webpage The Scheme Webpage for the Home Guarantee Scheme is at
www.housingaustralia.gov.au
Informaon in relaon to the Scheme that is included on or available
through the Scheme Webpage is general informaon only and it does not
form part of this document.
Value The ‘Value’ of the property you purchase as assessed by the Parcipang
Lender for your home loan in accordance with the requirements of the
RFHBG.
^ Employees required by their current employer to relocate may be eligible and should check with their parcipang lender (see secon 2.1.1)
LDS 1200 06/24