An Albanese Labor Government will create the Regional First Home Buyer Support Scheme to help 10,000 Australian families a year, in regional areas like Ipswich and the Somerset Region, buy their first home. 

Federal Member for Blair, Shayne Neumann said this triples the number of places that Australians living in regional areas received last year under the current First Home Loan Deposit scheme.

“It is harder to buy a house today than ever before,” Mr Neumann said.

“Last year, regional house prices jumped by 26 per cent on average and in Ipswich it was almost 28 per cent.

“With house prices having skyrocketed and a sharp drop in affordability, first home buyers in regional areas like Ipswich and the Somerset Region need and deserve their own dedicated scheme to support them to buy a home. 

“To get the benefit of this scheme, applicants need to have lived in our community for at least the previous 12 months.”

The Government’s own review of National Housing Finance and Investment Corporation called for the First Home Loan Deposit Scheme to be expanded in the regions last year.

The Regional First Home Buyer Support Scheme will help first home buyers get into a house sooner with a deposit of just 5 per cent without the need to pay Lenders Mortgage Insurance, saving locals thousands of dollars.

“In Ipswich and the Somerset Region eligible first home buyers could save up to $13,384 on mortgage insurance,” he said.

“This is possible because the government will guarantee up to 15 per cent of the value of the property.

“To access the scheme, locals will apply through an eligible bank or loan provider and be approved under the standard loan assessment criteria for their capacity to service the mortgage.

“An Albanese Labor Government will also improve the operation of the current scheme by reviewing and updating the price caps on a six-monthly basis and improving the process of reallocating unused guarantees.”