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. 

The table below displays a selection of variable-rate home loans on offer, featuring a low-rate pick from each of the following three categories: the big four banks, the top 10 customer-owned banks, and the larger non-banks.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
Principal & Interest
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

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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