Family Support (Family Equity)

Keep it in the family

Family Support offers a range of financing options that can help you buy and/or repay your home sooner with the help of your family. With the assistance of close relatives, you can secure and/or repay your loan together.

Family Support allows you to:

• Obtain family help to buy your first home, or enter the market as a property investor using any of the Bank's home loan products (subject to eligibility)
• Borrow more funds than you may have been eligible for, without family assistance
• Help your children or other family members to buy their first home using the equity in your place

The main ways in which your family can assist with your home purchase are:

• As guarantors providing security support
• As guarantors providing servicing support
• As guarantors providing both security and servicing support

 

Once your loan has been approved, you can obtain our Draft Forms of Agreement, free of charge, that can help you and your family members formalise an agreement about how you will repay them.

 

Important information

• Whilst the loan is marketed as Family Support, the Bank's offer documents will show the name of the loan as the name of the product selected. The Family Support facility is based on our existing product as described in our offer documents.
• The Draft Forms of Agreement are intended to assist your legal advisers in drafting a document to suit your individual needs. Commonwealth Bank of Australia (the Bank) does not offer legal advice and this document is not intended to be completed without the intervention of a legal practitioner. There are matters in the document which may be complex and/or which may not suit your individual circumstances. You should obtain the advice of a solicitor or other legal practitioner to assist you in preparing any documentation to govern your relationship with the other parties to the proposed agreement. The Bank does not require you to enter into an agreement with any other party and the form of any such agreement is entirely a matter for yourself and the other party.
• Any proposed transaction can have unintended or unexpected financial and taxation consequences. Those consequences will vary from party to party according to their individual circumstances. Gifts may affect present or future entitlements to social security benefits in some circumstances. Undertakings to make payments or repay loans may not always be honoured or may be difficult to enforce. Regular payments may be liable to income tax and capital gains tax in some cases may be payable on disposal of assets (including releasing contractual obligations). Such payments may also be non-deductible to the payer even though they are assessable to the recipient. Some amounts may be taxable even though not yet received (such as where they are due in more than 12 months' time) where an estimate can be made. The Bank strongly recommends that you seek appropriate financial and taxation advice before entering into any transaction.
• Applications are subject to the Bank's normal credit approval. Full terms and conditions will be included in our loan offer. Fees and charges are payable.
• View the User Terms & Conditions