Regional First Home Buyer Guarantee (Historical)
Introduction
If you’ve landed on this page searching for the Regional First Home Buyer Guarantee, here’s what you need to know: this scheme no longer exists as a standalone program. It was rolled into the main First Home Guarantee in October 2025.
The good news? The replacement scheme is actually better for most regional buyers.
What was the Regional First Home Buyer Guarantee?
The Regional First Home Buyer Guarantee ran from 2022 until late 2025. It was specifically designed to help first home buyers purchase property in regional areas with just a 5% deposit – without paying Lenders Mortgage Insurance (LMI).
The scheme worked the same way as its metro counterpart. The government guaranteed a portion of your loan, which meant lenders didn’t require LMI despite the smaller deposit. For most buyers, this saved somewhere between $16,000 and $30,000.
Regional buyers in Geelong qualified under this scheme because Greater Geelong is classified as a regional centre.
Why did it end?
On 1 October 2025, the Australian Government made the biggest-ever changes to the Home Guarantee Scheme. They simplified the whole structure by merging the regional program into the main First Home Guarantee.
But they didn’t just merge it – they improved it significantly. The income caps that previously knocked out many applicants ($125,000 for singles, $200,000 for couples) were completely eliminated. The annual place limits that caused buyers to miss out were scrapped. And property price caps jumped substantially – Geelong went from $800,000 to $950,000.
What replaced it?
The First Home Guarantee now covers both metro and regional buyers under one scheme. If you were previously looking at the regional program, you’ll want to check out the main scheme instead.
Here’s what’s changed for Geelong buyers specifically:
The price cap increased from $800,000 to $950,000. That’s a significant jump that brings most Geelong suburbs within reach. Entry-level areas like Corio, Norlane and Whittington sit comfortably under the cap. Even mid-range suburbs in Armstrong Creek and Leopold now work for scheme buyers.
Income is no longer a barrier to eligibility. Previously, plenty of Geelong buyers earned just slightly too much to qualify. That’s no longer an issue.
There’s no longer a scramble for limited places. The old system released 10,000 regional places each financial year, and they went fast. Now there’s no cap at all.
Still have questions?
The First Home Guarantee has plenty of nuances – especially around construction loans, couple eligibility and the specific price cap boundaries that apply to different areas around Geelong.
If you’re a first home buyer in Geelong, the Bellarine, or surrounding areas, we can walk you through exactly how the scheme works for your situation. Contact us to chat through your options.
About The Author
Known to most as “Pato”, Andrew Paterson is an award-winning, Licensed Mortgage Broker with over 15 years’ experience in finance and real estate. He works with first home buyers, refinancers and upgraders, making the process clear, calm and practical.
He’s been a finalist for Best Regional Broker, Best Finance Broker and Thought Leader at the Better Business Awards. A lifelong learner and advocate for the industry, he speaks at national events and represents Aussiewide on the world stage internationally.
