Bendigo Bank backing Regional First Home Buyer Guarantee

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Bendigo Bank backing Regional First Home Buyer Guarantee

 Friday 30 September 2022

Bendigo Bank is putting the call out to eligible aspiring first homeowners across Australia’s regional areas to secure their place in the Regional First Home Buyer Guarantee.

As Australia’s only regionally headquartered ASX listed financial institution, with more than half its branches situated in rural or regional areas, Bendigo Bank is urging regional Australians to jump onboard this important, well-targeted initiative.

The Regional First Home Buyer Guarantee (RFHBG) is an Australian Government program that aims to support eligible regional first home buyers to purchase their own home sooner, with 10,000 places opening tomorrow, and 10,000 being made available each financial year up until 30 June 2025.

Bendigo Bank Chief Customer Officer for Consumer Banking, Richard Fennell said as advocates for regional growth and prosperity, the Bank is urging anyone looking for a home in one of Australia’s fantastic regions to get on board the latest round of the Federal Government’s incentive program.

“With a deposit as little as 5 per cent, your own home may be closer than you think, “ Mr Fennell said.

"Regional career opportunities are at record highs, and the number of people making the move from urban Australia is booming.  People want to live where they love, and with the support of this program we hope more people can access the regional housing market and buy or build their dream home.

“From Rockhampton in sunny Queensland, to picturesque Port Lincoln in South Australia, from Stanley and Strahan to Southport and St Mary's in beautiful Tasmania or our Bank’s beautiful hometown of Bendigo; for those wanting to secure their first home in regional towns and cities, now’s the time,” Mr Fennell said. 

“As a proud Participating Lender in previous government programs, I urge anyone interested in the RFHBG to get in contact with their local Bendigo Bank Branch from next week, visit our website or call us to see if you’re eligible.

“Bendigo and Adelaide Bank has helped thousands of first homeowners into their new homes across various government programs, and we’re hoping to help thousands more into the future,” Mr Fennell concluded. 

The RFHBG can be used to purchase a first home with a deposit of as little as 5 per cent with The National Housing Finance and Investment Corporation (NHFIC) guaranteeing to a Participating Lender up to 15 percent of the value of the property purchased that is financed by an eligible regional first home buyer’s home loan. 

Eligible regional first home buyers can purchase in the regional area they have lived in during the preceding 12-month period, or an adjacent regional area.

Eligible regional first home buyers can also use the RFHBG in conjunction with other government programs like the First Home Super Saver Scheme or state and territory first homeowner grants and stamp duty concessions.