1,000 CommBank customers have already bought property using First Home Loan Deposit Scheme

Commonwealth Bank announced it hit a major milestone yesterday after 1,000 of its customers purchased a property using the First Home Loan Deposit Scheme (FHLDS), which launched at the beginning of this year.

Under the scheme, the Government will help 10,000 eligible Australians take their first steps up the property ladder by guaranteeing up to 15% of a property’s value. That means homebuyers will be able to take out a loan with a deposit of as little as 5%.

A total of 27 lenders are participating in the scheme. Of this group, CommBank and NAB are the only two major banks.

Along with the 1,000 CommBank customers that have already purchased a home via the scheme, the big bank has also helped a further 2,400 customers secure a spot.

Extensions will also be granted to customers that have reserved a place but have not yet managed to find a property. The deadline to enter a contract of sale will now be pushed back 90 days.

“There is a lot of interest and uncertainty about the impact the coronavirus will have on the Australian property market so it’s encouraging that we have crossed this exciting milestone in the current environment,” said CBA group executive retail banking services, Angus Sullivan.

“As Australia's largest home-loan lender, our Australian-based call centres remain open for business and we continue to have industry leading processing and turnaround times for home loan applications.” 

“Whether you are purchasing your first home or looking to buy a new home we want to reassure customers that we are open for business and here to help them realise their home ownership goals.”

For more information, head over to our First Home Loan Deposit Scheme guide. And if you’re on the hunt for a loan, visit our home loans comparison page or browse the selection below.

Home loan comparisons on Mozo - last updated 13 August 2022

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  • Variable Home Loan 70

    interest rate
    comparison rate
    Initial monthly repayment
    3.10% p.a. variable
    3.12% p.a.

    Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.

    Details
  • Unloan Variable

    Owner Occupier, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    3.14% p.a. variable
    3.06% p.a.

    For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.

    Details
  • PAYG Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    3.29% p.a. variable
    3.33% p.a.

    Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.

    Details
  • Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    3.79% p.a. variable
    3.79% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.

    Details

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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