Regional Australians having difficulty getting into the housing market may be able to access a new federal government grant from October 1.
In July, the Labor government introduced the Regional First Home Buyer Guarantee (RFHBG) scheme as an expansion of the Home Guarantee Scheme in an effort to boost home ownership in the country.
The scheme was initially scheduled to come into effect in January 2023. However, Prime Minister Anthony Albanese said the government would start it three months earlier.
How Does the Scheme Work
Under the scheme, the federal government will provide a guarantee of up to 15 percent for regional first-home buyers so that people with only a five percent deposit do not have to pay mortgage insurance when purchasing a home….
Source: The Epoch Times