Are you dreaming of owning your first home in a regional area? The new financial year, FY25, brings exciting changes that could make your homeownership dreams a reality. Let’s explore these opportunities and how they can benefit you as a first-time buyer in regional Australia.
The Enhanced First Home Guarantee Scheme: Your ticket to homeownership
The standout opportunity in FY25 is the improved First Home Guarantee Scheme, effective from July 1, 2025. This initiative is a game-changer for regional first home buyers like you.
Here’s what you need to know:
- More chances to break through: With 35,000 places available, your odds of securing a spot have significantly improved.
- Low deposit, big savings: You can buy your first home with just a 5% deposit, and you won’t have to pay Lender’s Mortgage Insurance (LMI). This could save you thousands!
- Flexible options: Whether you’re eyeing a charming country house, a modern regional apartment, or a block of land to build your dream home, this scheme has you covered.
- Accessible income caps: With limits of $125,000 for singles and $200,000 for couples, many regional workers will qualify.
Are You Eligible? You might be eligible if you:
- Are an Australian citizen or permanent resident
- Are 18 years or older
- Haven’t owned property before (or haven’t owned in 10+ years)
- Plan to live in the property (it must be owner-occupied)
Why this matters for regional first home buyers
As a first home buyer in a regional area, this scheme offers unique advantages:
- Affordability: Regional property prices are often lower than in major cities, meaning your 5% deposit could go further.
- Lifestyle benefits: Combine the Australian dream of homeownership with the space and community feel of regional living.
- Potential for growth: Many regional areas are seeing increased investment and development, potentially boosting your property’s value over time.
Other recent changes to keep in mind
While the First Home Guarantee Scheme is the headline act, other FY25 changes could affect your home-buying journey:
- Tax Cuts: New tax legislation could increase your take-home pay, helping you save for your deposit faster.
- Wage Increases: A 3.75% increase in minimum and award wages might boost your income, improving your borrowing capacity.
- Energy Rebate: A $300 energy rebate ($75 off each of your next four quarterly power bills) could help manage living costs as you save for your home.
As your local mortgage broker specialising in regional first home buyers, I’m here to help you navigate these exciting opportunities. Here’s how we can work together:
- Assess your eligibility: Let’s determine if you qualify for the First Home Guarantee Scheme and explore other first home buyer incentives specific to your region.
- Understand your borrowing capacity: We’ll look at how the tax cuts and potential wage increases affect what you can borrow.
- Navigate the application process: From scheme applications to mortgage paperwork, I’ll guide you every step of the way.
Don’t let this chance slip away. Let’s chat about how we can turn your regional homeownership dreams into reality.