Government incentives helping Australians enter the housing market, says NAB

By Maria Gil · · 2 min read
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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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* 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. You can change the loan amount and term in the input boxes at the top of this table. 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.

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