Government incentives helping Australians enter the housing market, says NAB

first time homeowners in front of their new home

Through government initiatives like the First Home Super Saver Scheme (FHSS) and the Federal Government Home Loan Deposit Scheme, many Australians are more likely to buy a home than two years ago, new NAB research shows.

Even amidst a global pandemic the demand for property continues to rise. 

“Despite the current lockdowns impacting the lives of many Australians, there is still an appetite for conversations with customers to buy a home,” says Andy Kerr, NAB executive of home ownership.

Even with house prices still on the rise, Kerr says that home loan applications are not slowing down. 

“We expect low rates and government programs like the First Home Loan Deposit Scheme to continue to drive a strong housing market,” he says. “We recently saw our strongest month of home lending on record in June which is a sign of very strong demand.”

Government initiatives like the FHSS allows Aussies to build up to a $50,000 deposit within their super. Depending on the state, potential home owners can apply to different grants letting them get the foot in the market earlier. 

While Aussies are keen to buy homes and put in applications, recent CoreLogic auction data shows that 74.8% of homes in the last week were actually sold, which is down on higher numbers seen earlier in the year. Its report also found that the number of available houses went down from 2,153 to 1,849, a decent drop

If you are thinking of entering the housing market, check out Mozo’s first time home buying guides.

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