Commonwealth Bank helps more Australians own their own home than any other bank. So as a first time buyer (and down the track, who knows - an investment home buyer or renovator!) you can be sure we'll help you find the right loan.
There's plenty of choice, from fixed and variable rate loans to low doc home loans and lines of credit. Whatever home loan will best suit your needs, we'll help you find it.
You'll find details of all our home loans, including a range of useful tools to help you select the loan that's right for you, and calculators to help you determine how much you can afford to borrow and how much your repayments would be right here.
If you're buying your first home or unit, you may be eligible for the First Home Owner Grant.
The Commonwealth Bank is an official agent for this government assistance program, which means we can handle all the paperwork for you. Plus we include the value of the grant when helping you work out how much you can borrow.
We can lend up to 90-95% of the value of the property with depending on your relationship with us. If you need to borrow more than 85% of the value of the property, remember, you'll need to be able to contribute a minimum 5% of the property purchase price in the form of genuine savings, held in an account for at least 3 months. For loans that exceed 80% of the property value, you'll need to pay Lenders Mortgage Insurance, however this added to the loan amount to a maximum of 97% of the property value (conditions apply). And the First Home Owner Grant can be used as part of the deposit for your new home (conditions apply). It means that you could be ready to purchase your first home right now!
Most state and territory governments also offer various means-tested packages to assist first home buyers. Plus you may be eligible for discounts on stamp duty.
For more information on the First Home Owner Grant or other government assistance programs, visit the government web site or speak to your solicitor.
If you're strapped for cash but want to buy a place of your own, you could still be able to with Family Support or Property Share. Family Support is a home buying solution unlike any other. It allows you to make use of family assistance to borrow more funds than you may otherwise have been able to. The central idea is that both you and your family help secure and fund the home loan and/or repayments, together. For more details on Family Support click here.
Alternatively with Property Share, you can split the cost of a home or investment property with friends and keep your finance separate. For more details on Property Share, click here.
When it comes to researching property prices, we've done a lot of the groundwork for you. Our online Property Value Guide gives you updated house and unit price information for the area you're interested in, including price changes over the past few years, as well as a demographic profile and information on local amenities.