NAB cuts home loan rates, helps 1000 more first home buyers
NAB has supported more than 1,000 Australians purchase their first home through the First Home Loan Deposit Scheme and is preparing to help thousands more as the next round of places open on 1 July.
NAB Group Executive, Personal Banking, Rachel Slade said the First Home Loan Deposit Scheme, as well as NAB’s introduction of new low rates, would help customers at a time when the coronavirus crisis had driven significant change in the property market.
“It’s great to see so many Australians purchase their first home sooner than they expected, even at a time when the coronavirus crisis has impacted the housing market,” Ms Slade said.
“We have seen a diverse range of customers access the Scheme. We’re seeing both young homebuyers in their 20s or 30s, and customers in their 50s, buying their first property.”
Ms Slade said prospective first home buyers could now apply for conditional approval through their NAB banker or broker to help prepare them to access the Scheme’s next round of places.
“On 1 July thousands more spots become available and we look forward to helping many more Australians achieve their home ownership dreams,” she said.
“Interested first home buyers can book an appointment now with our specialist team of lenders at nab.com.au/fhbscheme or with their broker, who will prepare them to access the new places as soon as they become available.
“NAB is pleased to continue partnering with the Federal Government and the National Housing Finance and Investment Corporation (NHFIC) to help customers purchase their first home via the Scheme in the next financial year.”
In a separate move, from today NAB is also lowering its simple, no fee NAB Base Variable Rate special offer to a historical low as well as reducing fixed rates for new lending on one and two-year terms.
The NAB Base Variable Rate special offer has been reduced by 0.15 per cent per annum to 2.69 per cent p.a for owner occupiers paying principal and interest who have at least a 20 per cent deposit. NAB fixed rates have been reduced for both owner-occupiers and residential investors paying principal and interest, with NAB Choice Package fixed rates now starting at 2.19 per cent p.a. for owner-occupiers and 2.49 per cent p.a. for residential investors.
“We know buying your first home is an incredibly exciting experience for many Australians. We also recognise that it can be daunting and we’re here to help our customers throughout this journey,” said Ms Slade.
First Home Loan Deposit Scheme:
- 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.
- NAB was the first lender selected to participate in the Scheme by the National Housing Finance and Investment Corporation (NHFIC) in November 2019.
- NAB supports more than 15,000 Australians into their first home every year.
- Customers can check their eligibility on the NHFIC website.
NAB Home Loan rate changes effective Thursday 18 June:
- The NAB Base Variable Rate special offer has been reduced by 0.15% p.a. to 2.69% p.a. (comparison rate 2.69% p.a.), available to owner occupiers paying principal and interest for new lending with up to 80% LVR.
- NAB fixed rates have been reduced for both owner-occupiers and residential investors paying principal and interest. NAB Choice Package fixed rates now start at 2.19% p.a. (comparison rate 4.02% p.a.) for a two year term for owner occupiers paying principal and interest.