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 ³Ô¹ÏÍøÕ¾ Guarantee Scheme.
From today, new Scheme places will be available under the Australian Government’s ³Ô¹ÏÍøÕ¾ Guarantee Scheme, including the First ³Ô¹ÏÍøÕ¾ Guarantee, Regional First ³Ô¹ÏÍøÕ¾ Buyer Guarantee and Family ³Ô¹ÏÍøÕ¾ Guarantee. Since 2020, as a participating lender, CBA has helped more than 23,000 customers access the property market through the ³Ô¹ÏÍøÕ¾ Guarantee Scheme.
CBA’s Executive General Manager ³Ô¹ÏÍøÕ¾ Buying, Michael Baumann, 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 ³Ô¹ÏÍøÕ¾ Guarantee Scheme. Under the Scheme, many customers are able to realise their property ownership dreams sooner.”
Following an announcement from the Australian Government earlier this year, from today eligibility criteria for the ³Ô¹ÏÍøÕ¾ 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 ³Ô¹ÏÍøÕ¾ Guarantee and the Regional First ³Ô¹ÏÍøÕ¾ 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 ³Ô¹ÏÍøÕ¾ Guarantee and Regional First ³Ô¹ÏÍøÕ¾ 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 ³Ô¹ÏÍøÕ¾ Guarantee, creating new avenues for home ownership,” Baumann added.
CBA customers are encouraged to contact their CommBank Lender or broker to discuss whether the ³Ô¹ÏÍøÕ¾ Guarantee Scheme might be suitable for their needs.
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