NAB welcomes the Federal Government’s announcement today of a range of new measures to help Australians buy their first home sooner.
Commenting on the expansion of the First Home Loan Deposit Scheme, NAB Group Executive Personal Banking Rachel Slade said:
“We are strong supporters of the Scheme and have seen first-hand how it has helped thousands of Australians purchase their first home earlier than they thought possible.
“Customer interest has been beyond our expectations from day one.
“We’re excited by the new initiative for single parents, recognising that buying a home is often a major challenge for Australians on a single income. We expect the Family Home Guarantee will provide hope and build confidence for single parents to enter, or in some cases re-enter, the property market.
“We also strongly support the addition of more places for newly built homes. There has been significant interest in the New Home Guarantee since it became available late last year. We expect this to continue, while also providing a further boost to the construction industry and importantly adding to housing supply.
“In less than 18 months we’ve supported 5,500 Australians buy their first home through the Scheme. During this time first home buyers have entered the market at levels we haven’t seen for a decade. We look forward to supporting thousands more in partnership with the Federal Government and NHFIC.”
The Family Home Guarantee is available through NAB. For more information on the FHLDS, or to book an appointment with our specialist team of lenders, please visit nab.com.au/firsthome.
Background
- Customers can apply for the First Home Loan Deposit Scheme or Family Home Guarantee through our branch, telephone and mobile bankers, or our broker network.
- The First Home Loan Deposit Scheme is an initiative by the Australian Government to support eligible first home buyers purchase a home sooner. The Scheme provides a guarantee to lenders to allow eligible first home buyers on low and middle incomes to purchase a home with a deposit as low as 5 per cent of the purchase price.
- More details about the Scheme and eligibility requirements can be found on the NHFIC website.
- NAB was the first lender selected to participate in the FHLDS by the National Housing Finance and Investment Corporation (NHFIC) in November 2019.The Scheme commenced on 1 January 2020.
- NAB supports more than 15,000 Australians into their first home every year. First homebuyers represented ~15% of NAB home loans in the past six months, as against ~9 per cent of the total home loan book.
