Great Southern Bank welcomes additional support for regional homebuyers
1 October 2022
Great Southern Bank confirmed today that it was looking forward to helping more Australians outside of the nation’s capital cities to buy their own home, through the Australian Government’s Home Guarantee Scheme (HGS).
The government is making an additional 10,000 places available under the Scheme from October, through the newly created Regional First Home Buyer Guarantee (RFHBG). The Guarantee allows eligible first home buyers to purchase a modest home in a regional area with a 5% deposit, without the borrowers incurring the additional cost of Lenders’ Mortgage Insurance.
Lenders including Great Southern Bank now share in a total of 50,000 places available through the Home Guarantee Scheme each year to help Australians to buy their own home, including:
- 35,000 places available through the First Home Guarantee, which supports eligible first-time buyers to purchase a home with as little as 5% deposit;
- 5,000 places available through the Family Home Guarantee, which supports single parents to buy a home with as little as 2% deposit
Great Southern Bank Chief Customer Officer Megan Keleher said: “We welcome the Regional First Home Buyer Guarantee, which will provide much-needed support to help home buyers overcome barriers to entering the regional property market.
“From Wollongong to the Hunter Valley and regional Queensland, the introduction of the Guarantee is a clever way to help more buyers purchase a first home that meets their needs, outside of our capital cities.”
“Great Southern Bank is committed to helping all Australians own their own home, wherever they live, and we recognise that regional areas can be more affordable and have unique lifestyle benefits. We know saving for a deposit remains the most significant challenge for many first homebuyers and the support offered through the Home Guarantee Scheme is helping many more Australians begin their home-ownership journey.”
“Over the past 2½ years, we’ve helped almost 4,500 people buy their own homes with the assistance of the Government’s Home Guarantee Scheme, amounting to nearly $1.4 billion in lending. We look forward to helping even more regional Australians become home-owners too.”
Borrowers interested in using the RFHBG to purchase a home can speak to a home loan specialist at their nearest branch or by phoning 133 282.
About Great Southern Bank
For over 75 years, we’ve been putting our customers first, and today we look after the financial needs of more than 381,000 Australians. We have changed our name from CUA to Great Southern Bank but we remain customer owned and firmly focused on helping all Australians own their own homes.
Media contact:
Laurel-Lee Blain
Senior Manager, External Communications
Mobile: 0428 602 508
Email: Laurel-Lee.Blain@gsb.com.au