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.

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.