NAB is looking forward to helping even more Australians get into the property market for the first time after being selected by the National Housing Finance and Investment Corporation (NHFIC) to offer mortgages under the Federal Government's First Home Loan Deposit Scheme.
"We are proud to be chosen to partner with the Federal Government and NHFIC on the First Home Loan Deposit Scheme," NAB Chief Customer Officer Consumer Banking Mike Baird said.
"Every year our bankers help more than 15,000 Australians achieve their dream of owning their first home. This Scheme is a fantastic way of helping even more customers, allowing them to potentially save thousands of dollars on their mortgage."
The Scheme will be operational from 1 January 2020.
Ahead of this date, customers can check their potential eligibility on the NHFIC website, with updates to be provided on the NAB website in the lead-up to January 1.
Mr Baird said NAB was the only major bank to have a special rate for first homebuyers - currently 2.88% p.a. fixed for two years.
"We see this appointment as a great endorsement of NAB's home loan offering and our support of Australians looking to buy their own home for the first time," Mr Baird said.
Background
- The First Home Loan Deposit Scheme is a new initiative of the Australian Government to support eligible first home buyers purchase a home sooner. The Scheme will provide a guarantee to allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 per cent.
- As NHFIC has made clear in its RFP documentation, the competitiveness of loan products offered by a bank, including interest rates and other fees, is a key evaluation criterion for selection as a participating lender in the scheme. The quality of the customer experience has also been a paramount consideration for NHFIC in selecting participating banks.
- In support of the Scheme and NAB's commitment to first home buyers, NAB will not charge eligible customers higher interest rates than equivalent customers outside of the Scheme.
- The average loan size for First Home Buyers is $300,000.
- Since March 2017, NAB has been the only major bank to have a special rate for first home buyers, with the rate currently 2.88% p.a, fixed for two years.
