Queensland Country Bank has funded the first settlement under the new Regional First Home Buyer Guarantee, which launched on 1 October 2022.
Under the Regional First Home Buyer Guarantee, the government guarantees up to 15 per cent, meaning eligible regional Queenslanders can purchase their first home with a deposit of as little as 5 per cent and still avoid paying lenders’ mortgage insurance. There are 10,000 places available.
Our CEO, Aaron Newman, said “Queensland Country is extremely proud to be funding one of the first ever home loans under the new Guarantee, helping eligible first home buyers like Abbey Walters and Corhan Remfrey to purchase their home.
“As a member-owned organisation, it’s our commitment to support our Members in regional communities of Queensland to achieve long-term financial security by helping them reach their financial goals such as purchasing their own home.
“One of the ways we are doing this is being one of the select group of financial institutions to offer the Home Guarantee Scheme which the Guarantee is a part of, making home ownership more affordable,” said Mr Newman.
Abbey Walters and Corhan Remfrey, the first successful recipients of the Regional First Home Buyer Guarantee said, “from the commencement of our application process, Queensland Country Bank jumped hurdles for us to get us to where we wanted to be, to gain our first home.
“We have been working immensely hard over the last few years to be able to tick this off our bucket list and Queensland Country Bank were more than helpful every step of the way to get us across the line.”
The banking needs of Members, particularly the first home buyer segment, and investment in continuing to grow a regional footprint is at the forefront of Queensland Country Bank’s initiative, said Mr Newman.
“A key differentiator for Queensland Country is that we are member-focussed, providing in person experience via our branch network to over 100,000 Members across regional Queensland, as opposed to closing branches in regional centres.
“We will continue to assess opportunities like the Guarantee that align with our core purpose and growth journey to become a major regional Queensland bank, delivering competitive banking services, home loans, and personal loans to Members,” said Mr Newman.
Ms Walters and Mr Remfrey said, “we are absolutely stoked at how Queensland Country Bank managed the entire process with us and had it all sorted for us within just three weeks.
“We couldn’t be any happier as we get to move into our new home together very soon! Thank you very much Queensland Country Bank!”
The Minister for Housing, Julie Collins MP, said the Albanese Government has pushed forward the Guarantee’s launch by three months to assist with the cost of living and provide targeted support to regional Queenslanders to purchase a home sooner.
“It’s fantastic that so many regional Queenslanders have already taken advantage of the Albanese Government’s targeted support for first home buyers.
“This Guarantee fulfils a commitment we made before the election and forms part of the Albanese Labor Government’s ambitious housing reform agenda.
“We know how important affordable housing is for Queenslanders dealing with cost of living pressures, which is why we are acting and delivering,” said Ms Collins.
Mr Newman said, “as an organisation, we’re committed to supporting regional Queensland for many years to come.”
The Regional First Home Buyer Guarantee is available until 30 June 2023.