Charlotte Dru Ziegeler wasn't expecting her home ownership journey to move so quickly. Within two weeks of receiving pre-approval for a home loan from NAB, she'd found a home, made an offer and started packing.
Charlotte is one of the growing number of first home buyers re-entering the market as conditions continue to improve.
Lending to first home buyers has jumped 16% since February, while lending to all owner occupiers is up 32% over the same period, new NAB data shows.
Victoria is leading the way, with first home buyer activity climbing 28%, closely followed by Western Australia (+22%) and Queensland (+21%).
The 33-year-old children's librarian, who works in Geelong, had been watching the market for a while but wasn't sure if buying was something she could yet do with the deposit she had saved.
"Back in February I saw NAB had lowered their variable home loan rate, so I decided it was time to take another look at my options.
"I spoke to a banker, got pre-approved in less than an hour and then not long after, the right house came up," Charlotte said.
That house was in St Leonards, a quiet coastal town just out of Geelong, and close to where Charlotte grew up. She recruited both her mother and brother to help with the move which happened only six weeks after talking to her NAB banker.
"It all happened so fast. It was really exciting, and a huge 'pinch me' moment," Charlotte said.
"I grew up around here, so that made the whole process a little less daunting, and I'm the first of my siblings to buy a home so I've had a lot of support from my family."
NAB Executive for Home Lending Denton Pugh, said with NAB making cuts to both its fixed and variable home lending rate, the bank is seeing more first home buyers, and home buyers more broadly re-enter the market.
"We're seeing momentum return, especially with people like Charlotte who've been saving or waiting for the right time to take that jump into home ownership," said Mr Pugh.
"And that momentum could carry through winter, which is usually a quieter time with less sellers listing over the cooler months.
"Despite recent rate cuts, borrowing costs remain relatively high, limiting property value increases. Slower price increases benefit first home buyers by reducing the pressure of rapidly rising house prices.
"Lower rates are helping first home buyers, as are initiatives such as the government's Home Guarantee Scheme, but housing affordability and supply aren't problems we can solve quickly.
"There's no silver bullet when it comes to housing – it will take business, government and communities all working together."
