Home buyers set to receive additional support

More Australians will be able to purchase a home sooner with Commonwealth Bank, after thousands of new Scheme places were made available via the Australian Government’s Home Guarantee Scheme.

From today, new Scheme places for both the First Home Guarantee and Family Home Guarantee will be released.

CBA has helped thousands of customers buy or build a new home under the Australian Government’s Home Guarantee Scheme since 2020, and is one of only two major lenders offering Scheme places to eligible home buyers – including first-time buyers and single parents.

CBA’s Group Executive Retail Banking, Angus Sullivan, said the additional Scheme places would help even more Australians realise their property ownership ambitions.

“We understand our customers are facing rising cost of living pressures, so the release of additional places is welcome news as it will help more customers achieve their property ownership dreams sooner rather than later, with some only needing a deposit of as little as 2 per cent.”

To further help Australians manage cost of living pressures, Mr Sullivan said the bank was also offering eligible customers exclusive offers through its strategic partners, like More Telecom.

In partnership with More, CBA is offering conditionally pre-approved home loan customers with access to a free nbn plan for three years. The 36-month nbn plan could save eligible home owners over $2,700.

“We want to support home loan customers where we can, and that includes longer-term savings on essential and ongoing bills and commitments like internet,” Mr Sullivan said.

Other options available to single borrowers facing affordability challenges include Property Share – helping siblings or partners buy together by providing a structure that keeps their ownership, obligations and finances separate.

CBA is currently accepting applications for the First Home Guarantee and Family Home Guarantee, and customers are encouraged to contact their CommBank lender or broker to discuss whether this might be suitable for their needs.

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