Australian banks are supporting rural Australia.
28 September 2022
The Australian Banking Association (ABA) today welcomed a government initiative to help 10,000 first home buyers purchase a home in regional Australia.
From Saturday, thousands more Australians will be able to apply for financial support under the Regional First Home Buyers Guarantee (RFHBG) scheme to assist them in purchasing a home with a deposit as small as five per cent.
““We know affordable housing is critical to the financial and social wellbeing of the community.”ABA COO Vanessa Beggs
The Australian Banking Association Chief Operating Officer Vanessa Beggs said the initiative was an important step to help address the housing challenge in Australia.
“We know affordable housing is critical to the financial and social wellbeing of the community. Home ownership remains an important financial and lifestyle goal for many Australians and policies which facilitate affordable and sustainable home ownership should remain at the centre of Australia’s housing policy agenda,” Ms Beggs said.
“We welcome the expansion of the First Home Buyers Guarantee scheme, noting that it has been particularly successful to date in supporting women and front-line workers enter the housing market. Aspiring home buyers should contact a participating lender to discuss their circumstances.”
The Regional First Home Buyer Guarantee Scheme is an expansion to the federal government’s Home Guarantee Scheme focused on homebuyers looking to buy in regional areas and will remain open until 2025.
To be eligible, home buyers must have lived in the regional area or near the regional area in which they are purchasing for the preceding 12-month period.
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”
The Treasurer has indicated that the federal government is closely monitoring the situation.