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For many Australians priced out of capital city markets, buying a first home in a regional area is an increasingly smart strategy. Regional median house prices sit at roughly $550,000–$650,000 nationally - compared to $900,000–$1.4 million in capital cities. This means smaller de
Regional areas are defined by the ABS as being outside the Greater Capital City Statistical Areas. This includes cities like Newcastle, Wollongong, Geelong, Gold Coast (parts), Ballarat, Bendigo, Toowoomba, Launceston, and all rural areas. The full list of eligible postcodes is available through the National Housing Finance and Investment Corporation (NHFIC) website.
Yes. The RFHBG (which eliminates LMI on a 5% deposit) and the First Home Owner Grant (which provides a cash grant) are separate programs that can be combined. You can also combine them with stamp duty concessions. This stacking of benefits is one reason regional first home buying is so financially attractive.
The 10,000 annual places typically don't run out within the financial year, but availability can vary by lender. Some participating lenders exhaust their allocation early while others have places remaining. Apply as early as possible in the financial year (July) for the best chance, and check multiple participating lenders.
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