Help & support
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 home buyers and single parents realise their home ownership goals.
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 (LMI) or Low Deposit Premium (LDP) or to avoid relying on a guarantor.
With our flexible home loans and competitive interest rates, the Home Guarantee Scheme is another way we can help home buyers into property ownership sooner.
Under the First Home Guarantee, you're required to contribute a deposit as little as 5% of the property’s value. Housing Australia then provides a guarantee to the lender covering up to 15% of the property’s value.
The First Home Guarantee is an initiative from the Australian Government designed to support eligible home buyers purchase a home sooner.
Housing Australia provides a guarantee for eligible home buyers on low and middle incomes so that they can purchase a home with a deposit of as little as 5%.
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 Family Home Guarantee, you're required to contribute a deposit of as little as 2% of the property’s value. The Housing Australia then provides a guarantee to the lender covering up to 18% of the property’s value.
The Family Home Guarantee is an Australian Government initiative designed to support eligible single parents or eligible single legal guardians with at least one dependent child in purchasing a family home.
Housing Australia provides a guarantee for eligible single parents or single legal guardians with at least one dependent 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 or single legal guardian 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 Regional First Home Buyer Guarantee, you're required to contribute a deposit of as little as 5% of the property’s value. Housing Australia then provides a guarantee to the lender covering up to 15% of the property’s value.
The Regional First Home Buyer Guarantee is an initiative from the Australian Government designed to support eligible regional home buyers purchase a home in regional areas.
Housing Australia provides a guarantee for eligible home buyers on low and middle incomes so that they can purchase a home with a deposit of as little as 5%.
The Australian Government has made 10,000 Regional First Home Buyer Guarantee places available for the current financial year through a panel of participating lenders, including the Commonwealth Bank.
For the Home Guarantee Scheme, you can check your eligibility on the Housing Australia website. The following conditions will generally apply:
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 Housing Australia'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.
To apply for the First Home Guarantee, Family Home Guarantee, Regional First Home Buyer 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.
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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.
The Victorian Homebuyer Fund is a shared equity scheme funded by the State Government. Commonwealth Bank will be participating in the Scheme, starting 8 December 2022.
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.
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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 Home Guarantee Scheme, download the Australian Government's Information Guides for the First Home Guarantee (PDF), Family Home Guarantee (PDF) and Regional First Home Buyer Guarantee (PDF). You can also download the First Home Guarantee Declaration (PDF), Family Home Guarantee Declaration (PDF) and Regional First Home Buyer Declaration (PDF).
