Today’s announcement comes as CBA has already helped around 10,000 customers under the Government’s Home Guarantee Scheme.

Dr Michael Baumann, Executive General Manager of Home Buying said: “As we enter the new year, it’s exciting that even more customers will be able to realise their home ownership dreams with CommBank with a deposit of as little as two per cent. This is particularly important as first homebuyers are increasingly faced with affordability challenges with rising house prices and a rising external rate environment.” 

“We help more customers into their first home than any other lender, and in addition to the Government’s Home Guarantee Scheme, it’s important that lenders support customers with innovative lending solutions that help them get onto the property ladder, like our Property Share feature.”

Property Share might be appealing to customers who are looking for new ways to be able to afford a property by enabling them to split the cost of buying a house with friends or family while keeping their finances, ownership and repayments separate.

Recent research from CommBank revealed a quarter of Australians have considered buying with a ‘non-traditional’ partner, including parents, siblings or friends, because of affordability concerns.

Customers are encouraged to visit the website over the coming weeks for updates about when they can apply for a First Home Loan Deposit Scheme place.

CBA is currently accepting applications for the New Home Guarantee and Family Home Guarantee, and customers are encouraged to contact their CommBank lender or broker to discuss whether this might be suitable for their needs.