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Illawarra Credit Union now offering Regional First Home Buyer Guarantee (RFHBG)

Illawarra Credit Union now offering Regional First Home Buyer Guarantee (RFHBG)

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In July the Illawarra Credit Union was accepted to the Australian Government’s Home Guarantee Scheme (HGS) non-major bank lender panel which is administered by NHFIC (The National Housing Finance and Investment Corporation). Since 1 July we have seen some good interest in both our First Home Guarantee (FHBG) & Family Home Guarantee (FHG) and we are delighted to announce that as of 1 October 2022 we’ll be offering the Regional First Home Buyer Guarantee (RFHBG).

The purpose of the Regional First Home Buyer Guarantee (RFHBG) is to allow eligible regional first home buyers1 to enter the housing market sooner and purchase a home in regional areas1 with a deposit as little as 5 percent (eligibility and lenders criteria apply). For the 2022-23 financial year, 10,000 RFHBG places will be available through Participating Lenders.

The introduction of the RFHBG increases the total number of annual HGS places to 50,000. Home buyers who are not eligible for the RFHBG may be eligible for the First Home Guarantee or the Family Home Guarantee. Home buyers should discuss their individual circumstances with a member of our team, you can do that by registering your interest here.

NHFIC CEO Nathan Dal Bon said, “NHFIC welcomes this targeted support for first home buyers living in regional Australia1. Making it easier for more Australians to access housing is our fundamental purpose, and programs like this are even more important as aspiring homeowners cope with increasing cost of living pressures.”

View more information on our Regional First Home Buyer Guarantee (RFHBG) offer here.

To find out more about the program, please visit NHFIC (The National Housing Finance and Investment Corporation).

Our offer for the program will go live 1 October 2022.

Important notes

^A regional area is defined as Statistical Area Level 4 (ASGS SA4 2016) areas in a State or the Northern Territory that are not a capital city of that State or Territory; and Norfolk Island; or the Territories of Jervis Bay, Christmas Island or Cocos (Keeling) Islands; as defined in the version published by The Australian Bureau of Statistics (ABS) in July 2016. The ACT and greater capital city areas of each State and the Northern Territory are excluded from the RFHBG. SA4s are based on population density and labour markets; they vary in size reflecting these criteria.

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