Latest update

  • Home Guarantee Scheme

    The Australian Government has announced it will expand the eligibility criteria of the Home Guarantee Scheme, effective 1 July 2023. These changes include:

    • All guarantees will also become available to eligible borrowers who are Australian permanent residents
    • First Home Guarantee and Regional First Home Buyer Guarantee will be expanded to non‑first home buyers who haven’t owned a property in Australia in the past 10 years
    • Under the First Home Guarantee and the Regional First Home Buyer Guarantee, friends, siblings, and other family members will be eligible for joint applications
    • Family Home Guarantee eligibility will be expanded from single, natural or adoptive parents at least one dependent to include eligible borrowers who are single legal guardians of a dependent, such as aunts, uncles and grandparents

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 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 home buyers 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 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 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.

  • 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 (LMI) or Low Deposit Premium (LDP) or to avoid relying on a guarantor.

    Under the First Home Guarantee, you're required to contribute a deposit as little as five percent of the property’s value. Housing Australia 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 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.

  • 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 (LMI) or Low Deposit Premium (LDP) or to avoid relying on a guarantor.

    Under the Family Home Guarantee, you're required to contribute a deposit of as little as two percent of the property’s value. The Housing Australia then provides a guarantee to the lender covering up to 18% of the property’s value.

What is the Regional First Home Buyer Guarantee?

  • 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 five percent.

    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.

  • 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 (LMI) or Low Deposit Premium (LDP) or to avoid relying on a guarantor.

    Under the Regional First Home Buyer Guarantee, you're required to contribute a deposit of as little as five percent of the property’s value. Housing Australia then provides a guarantee to the lender covering up to 15% of the property’s value.

Are you eligible for the First Home Guarantee, Family Home Guarantee or Regional First Home Buyer Guarantee?

  • For the Home Guarantee Scheme, you can check your eligibility on the Housing Australia website. The following conditions will generally apply:

    • Australian citizens and Australian permanent residents who are at least 18 years of age. 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) in the past 10 years. Family Home Guarantee applicants are allowed to have previously or currently own a home, however at the time they become the registered owner of the property being purchased must not 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 and Regional First Home Buyer Guarantee, co-borrowers are eligible including married, in a de facto relationship, siblings, parent/child or friends
    • For the Family Home Guarantee, the applicant must be a single parent or single legal guardian with at least one dependent child
    • The Guarantee 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 and Regional First Home Buyer Guarantee, applicants must have a deposit of between five percent and 20% of the property’s value and contribute the maximum amount of funds available to them. For the Family Home Guarantee, applicants must have a deposit of between two percent and 20% and contribute the maximum amount of funds available to them.
    • For the Regional First Home Buyer Guarantee, at least one applicant must have lived in the region (ASGS SA4 2016) or an adjacent region for the entire previous 12 months
    • Refer to the Housing Australia Regional Checker to see if your postcode is eligible under the Regional First Home Buyer Guarantee

    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.

How do you apply?

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.

1. Prepare

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 Home Guarantee Scheme.

3. Move in

Move in and enjoy your new home.

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Other 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.

  • Victorian Homebuyer Fund

    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'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, book an appointment online, find a mobile lender or visit your nearest branch.

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