Commonwealth Bank of Australia : CommBank proud to be first major lender to offer Victorian Homebuyer Fund

8 December 2022

CommBank proud to be first major lender to offer Victorian Homebuyer Fund

Commonwealth Bank is the first major lender to accept applications for the Victorian Homebuyer Fund.

Launched in October 2021, the Victorian Homebuyer Fund is a shared equity scheme that has been designed to help more Victorians enter the property market sooner rather than later.

Through the Fund, the Victorian Government provides eligible potential home buyers who have a deposit of 5 per cent, up to 25 per cent of the purchase price in exchange for an equivalent share in the property. Participants then have the option to buy back the government's share in the property over time. This can be achieved through savings, refinancing the home, or upon sale of the property.

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Commonwealth Bank Executive General Manager Home Buying, Michael Baumann, said: "At CBA, we help more Australians buy their first home than any other bank and we're so pleased to be able to help even more home buyers into the market by utilising the Victorian Homebuyer Fund."

"We understand it's a very challenging time to be saving for a deposit, which is why we support the Victorian Homebuyer Fund which can help customers into their home sooner and could potentially save them thousands."

In October, the Victorian Government announced its plans to super-size the Fund, committing a further $1.1 billion to triple the amount of available support.

So far, the Fund has helped more than 2,000 Victorians buy a home, with an additional 1,000 applicants approved to start house-hunting. The new investment is set to help a further 7,000 Victorians.

"We want to support buyers right across the country, and the Victorian Homebuyer Fund is yet another way we can help Australians navigate the current environment to secure a home and invest in their future," Dr Baumann said.

To further help Australians manage ongoing cost of living pressures, Dr Baumann said the bank was providing customers with real value and benefits beyond the home loan.

"In partnership with More Telecom, we have extended our offer of a free nbn plan for three years by six months, meaning conditionally approved home loan customers who settle a home loan of at least $250,000 with CBA by 30 June 2023 can access the offer. The 36-month nbn plan could save eligible home owners who maintain their home loan with us for 3 years over $2,700*," Dr Baumann said.

Customers will be able to discuss their eligibility and apply for the Victorian Homebuyer Fund from today.

Things you should know
Media releases are prepared without considering an individual readers objectives, financial situation or needs. Readers should consider the appropriateness to their circumstances. Visit Important Information to access Product Disclosure Statements or Terms and Conditions which are currently available electronically for products of the Commonwealth Bank Group, along with the relevant Financial Services Guide. Target Market Determinations are available here. Loan applications are subject to credit approval. Interest rates are correct at the time they are published and are subject to change. Fees and charges may apply. Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit licence 234945.

Victorian Homebuyer Fund Terms and Conditions:Participants must meet all eligibility requirements, have an approved loan from a participating lender and have sufficient funds to pay all acquisition costs associated with the purchase to be eligible for the Victorian Homebuyer Fund. Eligible participants must become registered owners of the property they buy. Further details including full eligibility requirements can be found at https://www.sro.vic.gov.au/homebuyer

More Offer Terms & Conditions: *Offer of $77/mth off the More XL Speed Boost nbn™ plan standard price for 3 years is for customers with conditional pre-approval of an eligible home loan who then find a property and fund $250,000 or more between 31 May 2022 and 30 June 2023. Offer is not available for Construction Loans. Offer must be claimed by 31 December 2023. Customers may upgrade to a faster More nbn™ plan at any time, in which case the customer must pay the additional plan fees above the $77/mth discount. If a customer wishes to select a cheaper plan, they will pay $0/mth for 3 years but will not receive a cashback for the difference. If the More XL Speed Boost nbn™ or any plan of the customer's choosing has its features or pricing changed, customers will be notified. In the event that the customer's plan of choice is no longer available, they will be notified and switched over to a comparable More nbn™ plan with terms and pricing closest to their existing plan and the offer will be applied to that plan. The offer may not apply in conjunction with other offers or discounts. Limit of one offer code per borrowing entity (e.g. individual, joint borrowers, company) and per customer. Limit of one offer code per joint application. Customers must maintain their home loan with CommBank and sign up with and maintain a CommBank credit card or debit card as the online bill payment method in order to continue to receive the discount. Any customer who doesn't maintain these requirements will no longer be eligible for the offer and access to the offer will be revoked with effect from the following month, with the cost of your plan reverting to the Recommended Retail Price (RRP) current at that time. This offer does not have to be used at the property that is being funded, the customer can choose to use the discount at any address where a More nbn™ service is confirmed as available. The promotional period commences from the day that your nbn™ service is activated on the nbn™ network. After 3 years the cost of your plan will revert to the Recommended Retail Price (RRP) current at that time. The RRP of More nbn™ plans are subject to change. The offer does not apply in relation to any modem charges, nbn™ New Development Fee or nbn™ New or Subsequent Copper Line charges or any fees in respect of additional services or usage. If you sign up, More will be your service provider for your nbn™ and will handle all technical enquiries, complaints and servicing. The provision of your nbn™ service will be subject to More's standard terms of service and policies, which are available here on the More website. We reserve the right to withdraw or substitute this offer at any time.

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