First Home Loan Deposit Scheme: 1,000 NAB customers buy property
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 loan | Conditions | Rate reduction | New rate |
---|---|---|---|
NAB Base Variable Rate Home Loan | Only for owner occupiers paying back principal and interest, with a maximum LVR of 80% | 15 basis points | 2.69% (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 points | 2.29% (4.25% comparison rate*) |
NAB Tailored Home Loan (Fixed, Choice Package), Owner Occupier | For a 2-year term, paying back principal and interest, with a maximum LVR OF 95% | 10 basis points | 2.19% (comparison rate 4.02%*) |
NAB Tailored Home Loan (Fixed, Choice Package), Investor | For a 2-year term, paying back principal and interest, with a maximum LVR of 90% | 10 basis points | 2.49% (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 - last updated January 23, 2021
Fixed Home Loan
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment
2.88% p.a.
fixed 3 years2.89% 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.
CompareCompareFixed Home Loan
This home loan is available for purchase or refinance, complete with 1, 2 or 3 year fixed rate options. Minimum 10% deposit required.
- interest rate
- 2.88% p.a.
fixed 3 years
- comparison rate
- 2.89% p.a.
- upfront fees
- $520
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free up to $10,000 p.a.
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $1,000,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Fixed Home Loan
Back to Basics Special
LVR<90%, Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment
2.69% p.a. variable2.70% 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.
CompareCompareBack to Basics Special
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.
- interest rate
- 2.69% p.a. variable
- comparison rate
- 2.70% p.a.
- upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $350.00
- Extra repayments
- Yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- -
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Back to Basics Special
Fixed Rate Home Loan
Owner Occupier, Principal & Interest, Home Loan Package
interest rate
comparison rate
Initial monthly repayment
1.99% p.a.
fixed 3 years3.64% p.a.A People’s Choice 3 year fixed home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate. There are no restrictions to the number of loans you can combine on a package. Lock in a competitive fixed interest rate with People’s Choice.
CompareCompareFixed Rate Home Loan
A People’s Choice 3 year fixed home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate. There are no restrictions to the number of loans you can combine on a package. Lock in a competitive fixed interest rate with People’s Choice.
- interest rate
- 1.99% p.a.
fixed 3 years
- comparison rate
- 3.64% p.a.
- upfront fees
- $0
- Ongoing fees
- $395.00 yearly
- Discharge Fee
- $350.00
- Extra repayments
- yes - free up to $10,000 p.a
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 95.00%
- minimum borrowing amount
- $100,000
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Fixed Rate Home Loan
Well Balanced
Owner Occupier, Principal & Interest, LVR <90%
interest rate
comparison rate
Initial monthly repayment
2.52% p.a. variable2.55% p.a.A low rate home loan for variable owner occupied loans, up to 90% LVR and no ongoing fees. Winner of a Mozo Experts Choice Award 2019 for the Best New Home Loan.^
CompareCompareWell Balanced
A low rate home loan for variable owner occupied loans, up to 90% LVR and no ongoing fees. Winner of a Mozo Experts Choice Award 2019 for the Best New Home Loan.^
- interest rate
- 2.52% p.a. variable
- comparison rate
- 2.55% p.a.
- upfront fees
- $785
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - $10 per month
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $200,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Well Balanced
Fixed Home Loan Special Offer
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment
2.19% p.a.
fixed 3 years3.03% p.a.No monthly account keeping fees & No loan establishment fee. Get up to $3,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan. T&Cs & eligibility criteria apply.
CompareCompareFixed Home Loan Special Offer
No monthly account keeping fees & No loan establishment fee. Get up to $3,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan. T&Cs & eligibility criteria apply.
- interest rate
- 2.19% p.a.
fixed 3 years
- comparison rate
- 3.03% p.a.
- upfront fees
- $0
- Ongoing fees
- $375.00 yearly
- Discharge Fee
- $350.00
- Extra repayments
- yes - free up to $500 per month
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Fixed Home Loan Special Offer
^See information about the Mozo Experts Choice Home Loans Awards
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