First Home Loan Deposit Scheme: 1,000 NAB customers buy property

By Olivia Gee ·

Today NAB announced the major milestone of 1,000 customers purchasing property through the First Home Loan Deposit Scheme (FHLDS).

The scheme aims to help first home buyers get a foot in the property ownership door by allowing those with as little as a 5% deposit to take out a home loan without having to pay Lenders Mortgage Insurance (LMI). This is enabled by the Federal Government guaranteeing up to 15% of the deposit.

It was launched at the beginning of the year with 10,000 applications open to eligible borrowers across 27 financial institutions. Commonwealth Bank, which is the only other major lender involved, saw 1,000 customers purchase homes via the FHLDS in April, while the 20 customer owned banks involved in the scheme collectively passed this milestone in May.

After 1 July, additional loans will be available under the scheme, with NAB offering up to 5,000 each financial year. 

NAB group executive, personal banking, Rachel Slade said they’re seeing a diverse customer base reaching their property ownership goals through the scheme despite the economic impacts of the pandemic.

“We’re seeing both young homebuyers in their 20s or 30s and customers in their 50s buying their first property,” Slade said.

“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.” 

NAB variable and fixed home loan rates drop

Alongside this announcement, NAB also dropped rates across a number of its home loan offerings today. Check out some of the changes below.

Home loanConditionsRate reductionNew rate
NAB Base Variable Rate Home LoanOnly for owner occupiers paying back principal and interest, with a maximum LVR of 80%15 basis points2.69% (2.69% comparison rate*)
NAB Tailored Home Loan (Fixed)Only for owner occupiers paying back principal and interest for a 2-year term, with a maximum LVR of 95%10 basis points2.29% (4.25% comparison rate*)
NAB Tailored Home Loan (Fixed, Choice Package), Owner OccupierFor a 2-year term, paying back principal and interest, with a maximum LVR OF 95%10 basis points2.19% (comparison rate 4.02%*)
NAB Tailored Home Loan (Fixed, Choice Package), InvestorFor a 2-year term, paying back principal and interest, with a maximum LVR of 90%10 basis points2.49% (comparison rate 4.55%)

If you are approaching the first rung on the property ladder, see if you’re eligible for the First Home Owners Grant in your state or territory. Then start investigating home loans with the options below.

Compare first home loans today - rates updated daily

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Fixed Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.88% p.a.
    fixed 3 years
    2.89% p.a.

    This home loan is available for purchase or refinance, complete with 1, 2 or 3 year fixed rate options. Minimum 10% deposit required.

    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Well Balanced

    Owner Occupier, Principal & Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    2.52% p.a. variable
    2.55% p.a.

    A great value low rate home loan for variable owner occupiers. Free extra repayments and free redraw facility. No ongoing fees. Option for a split account available. Up to 90% LVR. Winner of the Offset Home Loan Expert's Choice Award for 2021.

    Go to site
    Details
  • placeholder
    Back to Basics Special

    LVR<90%, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.59% p.a. variable
    2.60% p.a.

    No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply. Minimum 10% deposit.

    Go to site
    Details
  • placeholder
    Discount Great Rate Home Loan (Fixed, Owner Occupier, Principal & Interest)

    LVR<80%, over $150k

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a.
    fixed 3 years
    3.35% p.a.

    Get one of the lowest rates on the market with this fixed rate mortgage. Available with just a 10% deposit. Guarantor option available. NSW, QLD and ACT residents only. Mozo Experts Choice Awards - Home Lender Bank of the Year 2020.

    Go to site
    Details
  • placeholder
    Low Rate Home Loan

    Owner Occupier, Principal & Interest, 80-90% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    2.59% p.a. variable
    2.61% p.a.

    Get smart, flexible and cost-effective rates from homeloans.com.au. Complimentary 100% offset account and free online redraw. Unlimited additional repayments. Zero application or annual fees. Fast online application process. Only 10% deposit required.

    Go to site
    Details

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

**Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loans Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.