You could buy your first home sooner

Saving a deposit for your first home can be challenging. That’s why we're proud to work alongside the Australian government on the First Home Loan Deposit Scheme to help more first home buyers realise their home ownership goals.

Along with our flexible home loans, competitive interest rates and award-winning Property app, the First Home Loan Deposit Scheme is another way we can help first home buyers get into their first home.

What is the First Home Loan Deposit Scheme?

The First Home Loan Deposit Scheme is an initiative from the Australian Government designed to support eligible first home buyers purchase a home sooner.

The National Housing Finance and Investment Corporation (NHFIC) provides a guarantee for eligible first home buyers on low and middle incomes so that they can purchase a home with a deposit of as little as 5%.

The Scheme supports up to 10,000 home loans each financial year through a panel of participating lenders, including the Commonwealth Bank.

Why this is great news for you

If you want to buy a property today you typically need to save at least 20% of the property’s value in order to secure a home loan and avoid paying Lenders Mortgage Insurance or Low Deposit Premium or to avoid relying on a guarantor.

Under the First Home Loan Deposit Scheme, you're required to contribute a minimum of 5% of the property’s value towards the deposit. The NHFIC then provides a guarantee covering up to 15% of the property’s value.

Are you eligible for the First Home Loan Deposit Scheme?

You can check your potential eligibility on the NHFIC website. As well as income thresholds and property prices, the following conditions will generally also apply:

  • Australian citizens who are at least 18 years of age. Permanent residents are not eligible
  • Applicants must not have previously owned or had an interest in a residential property, either separately or jointly with someone else (this includes residential strata and company title properties, regardless of whether it was an investment or owner-occupied property and whether it was ever lived in)
  • Only singles with a taxable income of up to $125,000 per annum and couples with a combined taxable income of up to $200,000 per annum may be eligible
  • Couples are only eligible for the Scheme if they are married or in a de facto relationship. Other persons buying together, including siblings, parent/child or friends, are not eligible
  • The Scheme will only apply to Owner Occupied home loans paid on a principal and interest basis (property investment and Interest Only loans are excluded). If the loan relates both to the purchase of vacant land to the construction of a house on the land, the loan may still be an eligible loan even if the terms of the loan agreement permit Interest Only payments for a specified period
  • Applicants must have a deposit of between 5% and 20% of the property’s value
  • Your maximum property purchase price is subject to the suburb and postcode of your new property. You can check the property price threshold for your property’s suburb and postcode using NHFIC’s property price threshold tool

You can only receive the Government Guarantee once. If you have entered the Scheme but were unable to purchase a property in time, you can request another place.

Latest update

We're proudly supporting the First Home Loan Deposit Scheme. However, due to the popularity and number of places available under the Scheme, we are not currently accepting new requests to join our waitlist.

If you're already on our waitlist, our Home Lending Specialists can guide you through the application process and provide you with available options  – see How do you apply? for contact details. 

How do you apply?

While we are not currently accepting new requests to join our waitlist, we continue to provide new places to customers on our existing waitlist as they become available. If you have already requested a place, your CommBank Home Lending Specialist will contact you when you reach the top of the waitlist to guide you through the application process.

1. Prepare

While you're on our waitlist, talk to our Home Lending Specialists about how to prepare for when you are provided a place.

2. Submit your application

Our Home Lending Specialists will help you with the documents required, lodge them on your behalf and keep you up to date on the progress of your application.

You will need to purchase your home within 90 days of approval on the Scheme.

3. Move in

Move in and enjoy your new home.

Book a time with a Home Lending Specialist, instantly 

Other first home buying assistance grants & concessions

First Home Owners Grant

The First Home Owner Grant is a government scheme that was introduced in 2000 to offset the effect of Goods and Services Tax (GST) on buying or building a home. It’s a one-off payment for eligible first home buyers who purchase or build a residential property to live in. Eligibility isn’t based on financial considerations such as your income.

To find out how it works, visit the First Home Owners Grant website.

Stamp duty concessions

Stamp duty is a tax levied by state or territory governments on certain purchases, including buying a home, land, or investment property. Depending on your state or territory, you may be eligible for concessions as a first home buyer.

In NSW from 1 August 2020 and for a 12-month period, the threshold above which stamp duty is charged on new homes for first home buyers increased from $650,000 to $800,000, with the concession reduced on higher values before phasing out at $1 million. The stamp duty threshold on vacant land rose from $350,000 to $400,000 and phases out at $500,000. Note: these threshold changes only apply to newly built homes and vacant land in NSW.

The First Home Super Saver Scheme

The First Home Super Saver Scheme allows you to save money for your first home using your superannuation fund. This scheme, run by the Australian Taxation Office (ATO), helps first home buyers save faster by allowing them to withdraw voluntary super contributions they’ve made to their super.

For more information, visit the ATO website.

We're here to help

We understand that saving a deposit for your first home can be challenging and we’re here to help. When applications open, speak with a Home Lending Specialist to see what options are available to you. Call 13 2224 8am to 8pm (Sydney time), book an appointment online, find a mobile lender or visit your nearest branch.

Things you should know

Applications are subject to credit approval. Full terms and conditions will be set out in our loan offer, if an offer is made. Fees and charges are payable. Once our allocation of loans under the scheme has been exhausted, standard lending approval criteria, including the need for LMI and LDP where appropriate, will apply.

To find out more about the First Home Loan Deposit Scheme, download the Australian Government's FHLDS Scheme Information Guide. You can also download the First Home Buyer Declaration.