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Media Release

CBA passes First Home Loan Deposit Scheme milestone

CBA passes FHLDS milestone

A thousand Australians have now purchased a property with Commonwealth Bank under the Australian Government's First Home Loan Deposit Scheme.

The Scheme, which launched on 1 January 2020, helps eligible first homebuyers purchase a home with a deposit of as little as 5 per cent.  

In addition to the 1,000 customers who have purchased a home, CBA has helped a further 2,400 customers secure a place under the Scheme.

CBA announced at the beginning of April that customers who have reserved a place under the Scheme who have not yet found a property, can now request to extend the deadline to find a property and enter a contract of sale for another 90 days. 

This will give customers a total of six months to find a property and provide them with the peace of mind they need during this difficult period that their place under the Scheme is safe. 

CBA Group Executive Retail Banking Services, Angus Sullivan, said: “There is a lot of interest and uncertainty about the impact the coronavirus will have on the Australian property market so it’s encouraging that we have crossed this exciting milestone in the current environment. 

“As Australia's largest home-loan lender, our Australian-based call centres remain open for business and we continue to have industry leading processing and turnaround times for home loan applications. 

“Whether you are purchasing your first home or looking to buy a new home we want to reassure customers that we are open for business and here to help them realise their home ownership goals. 

“We also realise that some customers are looking for support during this difficult period and we have a range of measures to assist them including deferring repayments and reducing repayments to free up cash.” 

Rebecca Dore, a 32-year-old from Victoria, was the thousandth customer to purchase her dream home with CBA in Pakenham, Victoria.

“I was saving for a deposit but was a few years off buying a property so when my Lender contacted me and explained that I would be able to purchase a home much sooner by participating in the Scheme I was ecstatic.

As someone looking to purchase their first home it can be overwhelming but CommBank made the whole process easy to understand and I couldn’t be happier that I am now a home owner.”

We encourage customers to speak to their Lender or Broker about what options may be available to get them into their first home sooner. 

Information about support for customers impacted by the coronavirus can be found at www.commbank.com.au/coronavirus