CBA accepting requests for new FHLDS places by JJ Smith 30 May 2024 written by JJ Smith 30 May 2024 219 CBA will now start accepting new requests from eligible first-home buyers who are purchasing new homes to join the FHLDS: New Home Guarantee waitlist. CommBank announced today that the extension to the First Home Loan Deposit Scheme (the Scheme) will allow even more home buyers to realise the Aussie dream of owning their own property. From October 21st, 2020, eligible first-time home buyers looking to build or purchase a newly built home can request a place on CBA’s waitlist. As part of the 2020-21 Federal Budget, the Australian Government announced the New Home Guarantee, an additional 10,000 Scheme places specifically for first-time home buyers purchasing new homes with a deposit of between 5 and 20 percent of the property’s value. The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase their first home sooner. Usually first home buyers with less than a 20 per cent deposit need to pay lenders mortgage insurance. Under the Scheme, eligible first home buyers can purchase a modest home with a deposit with as little as 5 per cent (lenders criteria also apply). This is because NHFIC guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible first home buyer’s home loan. All applications for the First Home Loan Deposit Scheme need to be made directly with one of the Scheme’s participating lenders. NHFIC doesn’t accept applications directly from first home buyers.
