Financing your home

At the Commonwealth Bank, we understand purchasing your first home is one of the biggest investments you’ll ever make. We can help guide you through the home financing process, from saving for a deposit and sharing a mortgage, to making repayments and the additional costs you need to keep in mind.

Home buying costs

There are costs associated with financing a home that you may not be aware of as a first home buyer. From registration fees to Lender’s Mortgage Insurance, we summarise the home buying costs you need be aware of.

6 month pre-approval

We offer 6-month pre-approval (subject to conditions) to help you with your home loan search. So when you find your ideal place you can act quickly and with confidence.

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First Home Owners Grant

This is a government-funded scheme that provides a non-means tested payment of $7,000 to eligible first home buyers. Find out how you can receive yours.

First Home Stamp Duty

Stamp duty is a state government tax payable by the purchaser of real estate, based upon the purchase price of the property. Find out how it affects you.

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Things to know

The deposit

The size of your deposit makes the biggest difference. Most mortgage lenders will recommend that you save as much as you can - 20% of the property price if possible. So the more you've saved, the less you'll need to borrow. And because you're borrowing less, your loan repayments will be lower.

If you are eligible, the First Home Owners Grant can help to boost your deposit, and there are a range of other rebates and exemptions available to first time home buyers that vary from state to state. Just ask our home loan experts what assistance you may be eligible to receive.

Saving for your deposit

To save a meaningful deposit for your home loan, you will need to budget. If you haven't already worked out a household budget, now's the time to do it. Our handy budget planner calculator can assist you.

To help you save for a deposit we offer high interest savings accounts such as NetBank Saver.

Net Bank Saver

NetBank Saver is a flexible, fee-free, high-interest earning online savings account that encourages you to save and meet your goals. Linked to your Everyday Account, NetBank Saver helps you earn high interest on your savings, while you're out hunting for that perfect first home.

Important information
As this advice has been prepared without considering your objectives, financial situation or needs, you should consider its appropriateness to your circumstances before acting on this advice. Terms and conditions for Everyday Account and NetBank Saver Account are available on request. Fees apply to the Everyday account.Please view our Financial Services Guide (PDF 68KB)