Help & support
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).
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.
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.
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.
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.
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.
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.
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.
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.
For a Home Guarantee Scheme guarantee, you can check your eligibility on the NHFIC website. The following conditions will generally apply:
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 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.
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, book an appointment online, find a mobile lender or visit your nearest branch.
Get instant answers from our virtual assistant, or connect to a specialist to discuss your options. Make sure you have notifications for the CommBank app turned on.
Book instantly to speak to a Home Loan Specialist about a new loan at a time that suits you.
Redraw, change your repayments or loan type to better meet your needs and more.
Fast-track your call, see expected wait times and connect with a specialist in the CommBank app.
Get instant help from our virtual assistant or chat to a specialist.
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 and Family Home Guarantee. You can also download the Home Buyer Declaration.