Commonwealth Bank has welcomed the announcement from the Government today to extend its support for homebuyers to single parents looking to purchase their first home or re-enter the property market with a deposit of as little as 2 per cent.

The new Family Home Guarantee will provide 10,000 guarantees over four years to single parents with dependants commencing 1 July 2021.

Commonwealth Bank Chief Executive Officer Matt Comyn said: “We know how challenging it can be for single parents to support their family and save for a deposit for a home. This announcement will come as a welcome relief for hard working single parents, particularly those working in essential services such as education, health care and public safety, looking to buy their first home or re-enter the property market.

“We have helped 5,750 customers purchase or build their first home under the Government’s First Home Loan Deposit Schemes. Along with our lowest ever 2 year fixed rate, award winning Property app and features including Home Loan Compassionate Care, the new Family Home Guarantee is another way we can help customers own their own home.”

The Government has also announced that an additional 10,000 spots will be made available for eligible first homebuyers under the First Home Loan Deposit Scheme (New Homes) from 1 July 2021. This is in addition to the 10,000 spots under the First Home Loan Deposit Scheme (FHLDS).

Customers can find more information about the new Family Home Guarantee including eligibility criteria here. We will also update with more information.

Eligible customers are encouraged to apply for the new Family Home Guarantee, the FHLDS and FHLDS (New Homes) via their CommBank lender or broker from 1 July 2021.