Major extends first home buyer rebate

by Calida Smylie28 May 2014
High demand from first home buyers for a $1,000 rebate has prompted a major bank to extend its offer until the end of June.

Commonwealth Bank announced in January it would offer the incentive for loans above $100,000 with an LVR of less than 90%.

Record low levels of first home buyers drove CBA to offer the rebate to those looking to enter the property market for the first time.

CBA believes it is the only financial institution with an offer like this in the market, and after a good take-up decided to extend it.

“We have extended the first home buyer rebate to support more Australians with the initial costs associated with the purchase of their first property. To date, the rebate has been very well supported,” a bank spokeswoman said.

The bank declined to give figures of the take-up rate.

The loan can also be used to purchase of an investment property, as long as it is the first home loan that the applicant has had with any Australian lender, except where the prior loan was to buy vacant land.
Applications must be submitted by 28 June and will be funded by 30 September. Home Seeker Loan applications created before 20 January are also eligible for this offer.

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