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.