Helping you buy your first home with a smaller deposit.
Home Guarantee Scheme
40,000 Home Guarantee Scheme places are available for this financial year. The Scheme is an Australian Government initiative administered by the National Housing Finance and Investment Corporation (NHFIC) on behalf of the Government.
Note: This Scheme was formerly known as First Home Loan Deposit Scheme (FHLDS).
New Home Guarantee
The New Home Guarantee (NHG) is no longer available from 1 July 2022. An NHG place reserved on, or before 30 June 2022, will still be able to progress to settlement, subject to meeting eligibility criteria and NHG requirements and timelines.
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 Home Guarantee Scheme to help more first home buyers and single parents realise their home ownership goals.
Along with our flexible home loans and competitive interest rates, the Home Guarantee Scheme is another way we can help first home buyers and single parents into property ownership sooner.
What is the First Home Guarantee?
The First Home Guarantee is an initiative from the Australian Government designed to support eligible first home buyers purchase a home sooner.
The 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 five percent.
The Australian Government has made 35,000 First Home Guarantee places available for the current financial year through a panel of participating lenders, including the Commonwealth Bank.
Under the First Home Guarantee, you're required to contribute a minimum of five percent of the property’s value towards the deposit. The NHFIC then provides a guarantee to the lender covering up to 15% of the property’s value.
What is the Family Home Guarantee?
The Family Home Guarantee is an Australian Government initiative designed to support single parents with at least one dependent child in purchasing a family home.
The NHFIC provides a guarantee for eligible single parents on low and middle incomes so that they can purchase a home to live in with a deposit of as little as two percent, regardless of whether the single parent is a first home buyer or a previous home owner.
The Australian Government has made 5,000 Family Home Guarantee places available for the current financial year through a panel of participating lenders, including the Commonwealth Bank.
Under the Family Home Guarantee, you're required to contribute a minimum of two percent of the property’s value towards the deposit. The NHFIC then provides a guarantee to the lender covering up to 18% of the property’s value.
Are you eligible for the First Home Guarantee or Family Home Guarantee?
For a Home Guarantee Scheme guarantee, you can check your eligibility on the NHFIC website. The following conditions will generally 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). Family Home Guarantee applicants are allowed to have previously owned a home, however they must not currently have a freehold interest in property (this includes land)
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 (taxable income as shown on the Notice of Assessment issued by the Australian Taxation Office)
For the First Home Guarantee, 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
For the Family Home Guarantee, the applicant must be a single parent with at least one dependent child.
The Scheme will only apply to Owner Occupied home loans paid on a principal and interest basis (investment properties and Interest Only loans are excluded). If the loan relates both to the purchase of vacant land and to the construction of a house, the loan may still be eligible even if the terms of the construction loan agreement permit Interest Only payments for the partially funded period
For the First Home Guarantee, applicants must have a deposit of between five percent and 20% of the property’s value. For the Family Home Guarantee, applicants must have a deposit of between two percent and 20%
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 the NHFIC’s property price threshold tool.
You can only use the Guarantee once for the settlement of a home. If you were unable to purchase a property in the required timeframe, you may be able to make a new place reservation.
How do you apply?
To apply for the First Home Guarantee or Family Home Guarantee, speak to a CommBank Home Lending Specialist who will guide you through the application process. Simply book an appointment online, call 13 2224, or visit a lender at your nearest branch.
While you're on our waitlist, talk to our Home Lending Specialists about how to prepare for when you're provided a place (eligibility criteria apply).
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'll 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.
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.
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, book an appointment online, find a mobile lender or visit your nearest branch.
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.