Thursday, 28 September 2023

CBA offers new places through Australian Home Guarantee Scheme

5 min read

More Australians will have the opportunity to purchase their home with Commonwealth Bank after thousands of new Scheme places were released via the Australian Government’s Home Guarantee Scheme.

From today, new Scheme places will be available under the Australian Government’s Home Guarantee Scheme, including the First Home Guarantee, Regional First Home Buyer Guarantee and Family Home Guarantee. Since 2020, as a participating lender, CBA has helped more than 23,000 customers access the property market through the Home Guarantee Scheme.

Michael Baumann, executive general manager of home buying at CBA, said the new Scheme places could help more Australians into their homes sooner.

“We understand it’s a challenging time to be saving for a deposit and to enter the property market, which is why we are proud to be able to continue to support more Australians as a lender under the Australian Government’s Home Guarantee Scheme. Under the Scheme, many customers are able to realise their property ownership dreams sooner," Baumann said.

Following an announcement from the Australian government earlier this year, from today eligibility criteria for the Home Guarantee Scheme will be expanded.

The expanded eligibility criteria mean that friends, siblings and other family members can now apply as joint applicants under the First Home Guarantee and the Regional First Home Buyer Guarantee. These two guarantees will also accept eligible home buyers who haven’t owned a property in Australia in the past 10 years. Under the expanded eligibility criteria Australian permanent residents will also be able to apply for all Guarantees, in addition to Australian citizens.

“The expansion of eligibility criteria for joint applicants under the First Home Guarantee and Regional First Home Buyer Guarantee will provide even more opportunities for first home buyers and those who have been unable to re-enter the property market. For families, we are pleased to see that eligible borrowers who are single legal guardians of dependents, such as aunts, uncles and grandparents will now be able to apply for the Family Home Guarantee, creating new avenues for home ownership,” Baumann added.

CBA customers are encouraged to contact their CommBank lender or broker to discuss whether the Home Guarantee Scheme might be suitable for their needs.

Re-disseminated by The Asian Banker

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