Working together to support Australia’s first home buyers

While recent COVID-19 lockdowns present many challenges for families and businesses, NAB data* shows there is still strong momentum and confidence in the housing market.

While headwinds in slower population growth and the impact of rising house prices remain, NAB expects low rates and government programs like the First Home Loan Deposit Scheme to continue to drive a strong housing market. 

With rising house prices now having a bigger impact, NAB’s Q2 Australian Residential Property Survey also found more than 1 in 2 First Home Buyers are more willing to build or buy new builds now compared to two years ago. 

Appetite at an all-time high 

Over the past year NAB has seen record demand from first homebuyers with NAB lending increasing by 67 per cent in the first four months of 2021, compared to the corresponding period last year.

NAB is proud to support customers interested in buying their first home through the First Home Loan Deposit Scheme (FHLDS). Demand for the scheme remains strong and NAB has now supported 6,350 customers to purchase their first home through the FHLDS. 

“Despite the recent lockdowns impacting the lives of many Australians and the impact of rising house prices, there is still appetite for conversations with customers to buy a home. Brokers are uniquely positioned to help support first home buyers and take the stress out of one of the most important financial decisions of their lives,” said Phil Waugh, NAB Executive, Broker Distribution. 

NAB’s commitment to supporting brokers: a focus on simplification and digital 

NAB understands that price is just one factor when getting a home loan and we continue to improve and simplify the home lending experience for all our customers.

Phil Waugh, NAB Executive, Broker Distribution, reinforced NAB’s focus on simplification and providing a consistent level of service for customers. 

“Our next priority over the coming months is around the simplification of our Loan Documentation, condensing these down to just a few pages and providing a streamlined, consistent customer experience, regardless of which channel they choose. 

“NAB has also made significant financial investment to ensure the origination process, the end-to-end process for broker-introduced loans, is best in market. We want to be the most reliable bank for brokers and ensure consistent service across all channels.”

A new single mortgage origination process for all application channels, including NAB’s broker network - will be unveiled later in the year. The process will enable greater use of technology, minimising potential for errors and rework by brokers, and provide faster processing times.

Critical role of brokers in supporting customers across every segment of the market

While buyer behaviour and shifts towards digital tools are all changing rapidly, one thing remains constant, and that is the essential role brokers play in helping Australians navigate some of the most important financial milestones of their lives. This guidance is even more critical in a fast-moving property market, where housing prices are growing rapidly and customers need to feel greater confidence, whether purchasing a new home, refinancing or growing their investment portfolio.

NAB is open for business and continues to have competitive offers for every customer in market from first home buyers, empty nesters to investors – including our extended $2,000 Refinance Cash Bonus and our highly competitive variable rate and extended LMI waivers (refer to your BDM or the NAB Broker portal for more information).

As the bank behind brokers, we remain committed to backing the growth of broker businesses by providing the insights and tools you need to deliver great outcomes and support your customers. 

*NAB saw its strongest month of home lending on record in June 2021

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Written by NAB

Last Updated: 16 March 2022

Published: 11 August 2021