Record low levels of first home buyers have driven a major bank to offer a $1000 rebate to those looking to enter the property market for the first time.
CBA announced yesterday it would offer the incentive for loans above $100,000 with an LVR of less than 90%.
“Since the reduction of the various Government incentives for First Home Buyers, the proportion of them entering the housing market has declined. Our $1,000 rebate is designed to assist customers with the initial costs associated with home ownership,” the lender said in a statement.
Applications must be submitted before March 31 and funded before June 30. Brokers must also state that the client is eligible for the rebate in the application.
“We are excited to be the only financial institution with an offer like this in the market and we are proud to support the first home buyers segment with a range of home loans,” said CBA.
The announcement was released simultaneously with the withdrawal of the $700 rebate for customers refinancing to CBA from another financial institution, which will end on January 31.
