The First Home Loan Deposit Scheme may not kick off until 1 January 2020, but that hasn't stopped one lender from allowing interested first home buyers to put their hands up.
From today, NAB will begin taking expressions of interest from first home buyers wanting to participate in the First Home Loan Deposit Scheme.
NAB is one of 27 lenders who will be offering loans under the scheme which is set to allow eligible first home buyers the chance to get into the housing market with a deposit as low as 5% under a special government guarantee. Property price caps will also apply under the scheme.
The scheme will be limited to 10,000 loans each year on a first in, best dressed basis, with major lenders NAB and CommBank allocated up to 5,000 of these.
When you consider that for the month of October alone, there were 10,238 home loan commitments made by first home buyers (according to new ABS figures out today), many hopeful buyers are likely to miss out on the scheme.
NAB Chief Customer Officer for Consumer Banking Mike Baird said NAB was proud to support Aussie first home buyers.
"We understand buying your first home is both an exciting and daunting process and we're here to help our customers throughout this journey," Mr Baird said.
"So far this year, our bankers have supported 18,000 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 and enter the property market sooner."
Eligible first home buyers applying for the scheme through NAB may also be eligible for a $2,000 cash bonus (conditions apply).
Prospective first home buyers can submit their enquiries online or via phone to a specialised team on 13 60 50.
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