Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Hansard source

I thank Senator Pratt for her question—a very important question, and it's pleasing to see some sensible policy questions being asked here today.

We know that far too many Australians are struggling to buy a home, and that Australians living in regional areas have faced some of the largest drops in housing affordability, making it increasingly hard for locals to save a sufficient deposit. After almost a decade of inaction, the Albanese government is finally showing national leadership to help get more regional Australians into their first home. The Albanese government acted to deliver on our commitment to establish the Regional First Home Buyer Guarantee by October, three months earlier than promised. Ten thousand places will be available each financial year through the Regional First Home Buyer Guarantee to support regional first homebuyers to purchase new or existing homes with a deposit of as little as five per cent.

To be eligible for the Regional First Home Buyer Guarantee, applicants must be Australian citizens, must purchase outside a capital city and must demonstrate that they have been living in the region in which they're purchasing the property for at least 12 months. The regional guarantee is part of the Albanese government's ambitious housing reform agenda to support people into home ownership and to improve the supply and the quality of social and affordable housing.