The RFHBG can be used to purchase a modest home with a deposit of as little as 5 per cent. This is because National Housing Finance and Investment Corporation (NHFIC) guarantees to a Participating Lender like Australian Mutual Bank up to 15 percent of the value of the property purchased that is financed by an eligible regional first home buyer’s home loan. The Guarantee is not a cash payment or a deposit for a home loan.
Eligible regional first home buyers can use the RFHBG in conjunction with other government programs like the First Home Super Saver Scheme or state and territory first home owner grants and stamp duty concessions.
The following eligibility criteria apply:
What type of property can be bought?
Search the property price threshold for a suburb or postcode using the Property Price Cap Tool at nhfic.gov.au. You can find more information about the RFHBG and eligibility criteria on the NHFIC website.
Loan applications can be submitted online and Guarantee places are strictly limited.
Once received we will assess your loan for suitability and whilst doing so temporarily reserve a Guarantee place for you for a period of 10 days.
Once we have verified that you meet our lending requirements and the requirements set out by the Guarantee, your loan will be approved and we will go about securing you a Guarantee place for a further 90 days.