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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.
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.
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.
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:
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.
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.
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.
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 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 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 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.
Call us on 13 2224 8am to 8pm (Sydney/Melbourne time), any day.
Book a time that suits you to speak to one of our Home Lending Specialists instantly.
Our Mobile Lenders will meet you at a time and place that suits you.
Our Home Lending Specialists can be found at more than 950 branches across Australia.
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.
