29IBARegional First Home Buyer Guarantees

29IBA Regional First Home Buyer Guarantees

Additional guarantees for the 2022-23 financial year (1) In addition to the guarantees that Housing Australia may issue under section 29I, 29IA or 29IB, Housing Australia may issue up to 10,000 additional guarantees (Regional First Home Buyer Guarantees) for the 2022-23 financial year. Additional guarantees for each of the financial years 2023-24 to 2025-26 (2) In addition to the guarantees that Housing Australia may issue under section 29I, 29IA or 29IB, Housing Australia may issue additional guarantees (Regional First Home Buyer Guarantees) 2023‑24, 2024‑25 and 2025‑26 financial years. (3) The total number of additional guarantees that may be issued for a financial year under subsection (2) must not exceed the sum of the following: (a) 10,000; (b) the number determined under paragraph (4)(b) for the financial year. Roll over of guarantees to next financial year (4) If a number of Regional First Home Buyer Guarantees that could have been issued for the 2022-23 financial year under subsection (1), or for the 2023-24 and 2024-25 financial years under subsection (2), were not issued under that subsection for that financial year: (a) Housing Australia must notify the Minister of the number of the guarantees for that financial year that were not issued; and; (b) the Minister may determine, by written notice given to Housing Australia, the number of those guarantees that may be issued for the next financial year.

Note: A determination may be made for guarantees that could have been issued but were not issued for each of the 2022‑23, 2023‑24 and 2024‑25 financial years. As the Regional First Home Buyer Guarantee will cease in the 2025‑26 financial year, guarantees not issued for that year will not be rolled over to the following financial year.

(5) In making a determination under paragraph (4)(b), the Minister must take into account the performance of the Regional First Home Buyer Guarantee, and any unique circumstances influencing the uptake of Regional First Home Buyer Guarantees. (6) Notification for the purposes of paragraph (4)(a): (a) must be given, in writing, on the 100th day after the end of the financial year (or as otherwise directed by the Minister in writing); and (b) must include a detailed breakdown of the guarantees that were not issued for the financial year, as assessed at the time of giving the notice, including: (i) the number of guarantees that were not issued; and (ii) the respective numbers of those guarantees that are reserved, lapsed and expired; and (iii) any other information requested in writing by the Minister. Counting of Regional First Home Buyer Guarantees (7) For the purposes of this section: (a) subject to subsection (8), a Regional First Home Buyer Guarantee is issued for the financial year during which its issue is approved by Housing Australia, even if the arrangement relating to the guarantee is entered into in a later financial year; and (b) a Regional First Home Buyer Guarantee issued in relation to a loan that satisfies subsection 29C(4) is disregarded. (8) Paragraph (7)(a) does not apply to guarantees that are the subject of a determination under paragraph (4)(b). Regional First Home Buyer Guarantees cannot be issued on or after 1 October 2025 (9) Housing Australia must not issue any Regional First Home Buyer Guarantees on or after 1 October 2025.