NAB Supporting First Home Buyers

By: | 21 Apr, 2023


NAB Supporting FHB


[House + Land Expo 2022] How NAB are supporting First Home Buyers - Mirza Baig (NAB)


National Australia Bank (NAB) is committed to helping first-time homebuyers with their goal of homeownership. With market-leading turnaround times and its unmatched service, the bank has been helping first-time homebuyers for years, with a goal of helping as many as possible. Mirza Baig, who has been in the finance and construction industry for 18 years, is a mobile banker based in Melbourne, Victoria, and virtually across Australia. 

NAB has become the bank of choice for many Australians because of its property insight, home loan calculators, competitive interest rates, and the convenience of having mobile bankers working seven days between the hours of 9 am to 9 pm. These mobile bankers can meet customers at their offices, residences, or over the phone, making it easy for them to get the service they need.

The bank offers various schemes to assist first-time homebuyers. The First Home Deposit Scheme is a government-backed scheme that helps Australians get into the property market earlier. This scheme is for first-time buyers who have a five percent deposit and no LMI, covering the costs associated with the property. The Eligible Single Parent Scheme is for single parents who have a minimum of two percent deposit and costs. NAB can also cater to them.

There are three schemes that the bank offers at present.

  1. The First Home Guarantee is for new and existing homes, and a single or joint application can be made. Income caps must be adhered to for this scheme, with no more than $125,000 for a single applicant and $200,000 for a joint application. The government puts a security against the property, which covers the buyer's five percent deposit.
  2. The Family Home Guarantee works differently, with a two percent deposit for new and existing homes. This scheme targets single parents with one dependent who previously had a house but had to sell due to divorce or separation.
  3. The Regional Home Guarantee is the same as the First Home Guarantee, but the buyer must reside in a regional area for a minimum of 12 months.

Once the eligibility criteria are met, four or five steps must be followed to get closer to the first home. An approval must be put together, and the scheme approval requested. The buyer has 90 days to find a property and bring the contract to NAB to prepare for settlement.

NAB is committed to helping first-time homebuyers achieve their dreams of homeownership. The bank's schemes are government-backed, making it easier for Australians to get into the property market. NAB's mobile bankers are available seven days a week, making it easy for buyers to get the service they need.