The new Regional First Home Buyer Guarantee will allocate up to 10,000 Guarantees each financial year to 30 June 2025 to regional first time buyers with a deposit of as little as 5 per cent.
Commonwealth Bank's Executive General Manager Home Buying, Dr Michael Baumann, said: "Australia's property landscape has evolved since the pandemic, with Australians reconsidering where they live and work. As cost of living pressures also increase, some Australians are faced with the prospect of having to delay their home ownership ambitions. This announcement will come as a welcome relief to those regional first home buyers who have wanted to get their foot on the property ladder, but haven't previously been able to do so."
Dr Baumann said under the Government's entire Home Guarantee Scheme - which comprises the First Home Guarantee, the Family Home Guarantee and now the Regional First Home Buyer Guarantee - the Commonwealth Bank has helped thousands of Australians realise their property ownership ambitions sooner rather than later.
"We want to support buyers right across the country, and the new Regional First Home Buyer Guarantee is another way we can help Australians navigate the current environment to secure their first home and invest in their future."
To further help Australians manage the ongoing cost of living pressures, Dr Baumann said the bank was providing customers with exclusive offers through its strategic partners - offering customers real value and benefits beyond the home loan. In partnership with More Telecom, CBA is offering conditionally pre-approved home loan customers who settle a home loan of at least $250,000 with CBA by the end of the year a free nbn plan for three years. The 36-month nbn plan could save eligible home owners over $2,700.
Moreover, last month the bank started piloting its new Fuel Finder feature in the app to 250,000 New South Wales residents. The feature utilises AI technology to nudge customers about the cheapest fuel locations at a time that aligns with when they might need to refuel based on their previous fuel spending patterns.
Eligible customers are encouraged to apply for the new Regional First Home Buyer Guarantee via their CommBank lender or broker from 1 October 2022.
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