NAB preps FHBs ahead of 1 July marker

by Madison Utley22 Jun 2020

After helping over 1,000 Australians purchase a home through the initial round of the First Home Loan Deposit Scheme (FHLDS) , a major bank has begun to prepare aspiring homebuyers to snag a spot when the next round of places open on 1 July.

NAB has told prospective first home buyers to apply for conditional approval through their banker or broker now to best prepare them to access the scheme’s second round of spots.

“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,” said NAB group executive of personal banking, Rachel Slade.

“We have seen a diverse range of customers access the scheme, [from] young homebuyers in their 20s or 30s to customers in their 50s.”

“NAB is pleased to continue partnering with the federal government and the National Housing Finance and Investment Corporation (NHFIC) to help customers purchase their first home via the Scheme in the next financial year.”

The bank also last week lowered its no-fee base variable rate special offer to a record low, in addition to reducing fixed rates for new lending on one and two-year terms to bring more Australians within reach of home ownership.

“We know buying your first home is an incredibly exciting experience for many Australians. We also recognise that it can be daunting and we’re here to help our customers throughout this journey,” Slade concluded.