What is Labor’s Regional First Home Buyer Support Scheme?

a couple standing in front of their first home

With housing affordability on many Aussies’ minds, it’s no surprise that Labor has proposed several housing policies to combat skyrocketing property prices. 

One proposal is to aid regional first time home buyers by helping them avoid paying lenders mortgage insurance. 

Under the Regional First Home Buyer Support Scheme, the government will guarantee up to 15% of a property’s value to 10,000 eligible first home buyers per year.

Am I eligible for the Regional First Home Buyer Support Scheme?

To qualify for this housing scheme, you will need to:

  • Live outside a capital city.
  • Be an Australian citizen over 18.
  • Be a first time home buyer.
  • Live in the house bought.
  • Have an annual taxable income of up to $125,000 for singles or $200,000 for couples (married or de-facto).
  • Have been living in the region for at least 12 months.
  • Meet the property price threshold for the region under the current First Home Loan Deposit Scheme.

Are there any price caps?

woman on a couch checking on home loans

There is a price cap on the property you can buy under the scheme. However, the cap depends on which state or territory you live in and where within the states. The table below shows how much you might be eligible for.

Eligible RegionProperty Price Cap
NSW – Illawarra, Central Coast & Newcastle$900,000
NSW - Other$750,000
VIC - Geelong$800,000
VIC - Other$650,000
QLD - Gold and Sunshine Coast$700,000
QLD - Other$550,000
WA$450,000
TAS$450,000
SA$450,000
NT$600,000

Other Labor housing proposals

As part of the election campaign, Labor proposed several housing plans to help with the affordability issue. We’ve highlighted some below:

The Help to Buy Scheme

Potentially the ALP’s most ambitious proposal, the Help to Buy scheme is a shared equity program in which the government will make an equity contribution of up to 40% on the price of a new home and up to 30% on the cost of existing homes. 

According to the ALP, the arrangement will reduce the deposit size needed by homebuyers and their ongoing mortgage repayments.

National Housing Supply and Affordability Council

The new government wants to set up a council to tackle the housing supply issue in Australia. It will be advised by experts from a range of fields and will report on issues such as land use, housing supply and demand, construction of affordable housing, and rental affordability.

Housing Australia Future Fund

The Labor government aims to establish a $10 billion fund to help build 30,000 new social and affordable housing properties and support 21,500 full-time jobs over five years.

If you’re a first time home buyer looking to buy your first house, be sure to check out our first time buyer guides for tips. Alternatively, if you’re ready to buy, use our home loan comparison table below.

Home loan comparisons on Mozo

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Last updated 16 June 2024 Important disclosures and comparison rate warning*
  • Basic Home Loan

    • Owner Occupier
    • LVR 90-95%
    • Principal & Interest
    Interest rate
    7.19 % p.a.
    Variable
    Comparison rate
    7.22 % p.a.
    Initial monthly repayment
    $4,747
    Go to site

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR 80-95%
    Interest rate
    6.75 % p.a.
    Fixed 3 years
    Comparison rate
    7.09 % p.a.
    Initial monthly repayment
    $4,540
    Go to site

    Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.

  • Basic Home Loan

    • Owner Occupier
    • LVR 90-95%
    • Principal & Interest
    Interest rate
    7.19 % p.a.
    Variable
    Comparison rate
    7.22 % p.a.
    Initial monthly repayment
    $4,747
    Go to site

  • Offset Home Loan

    • Owner Occupier
    • LVR 90-95%
    • Principal & Interest
    Interest rate
    7.19 % p.a.
    Variable
    Comparison rate
    7.43 % p.a.
    Initial monthly repayment
    $4,747
    Go to site

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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