NAB's FHLDS Update
NAB is pleased to continue to help first home buyers purchase their first home sooner through the First Home Loan Deposit Scheme (FHLDS).
From Wednesday 1 July 2020 NAB will again be sharing access to 5,000 Scheme places, with 1,500 Scheme places being allocated solely to NAB. They have made some changes to help improve their processes for both Brokers and Customers, including digitising the end to end process. To reserve a place in the Scheme through NAB from 1 July Brokers will now need to obtain conditional approval for their customers before we can reserve a Scheme place for them.
All Brokers who currently have customers on the NAB waitlist have now been contacted and advised of our new process. For those Broker who has a customer ready to purchase, they have been advised to proceed their customers' application to a conditional approval for a Scheme places on July 1.
An overview of our process steps are below:
- Make sure customers are eligible for the Scheme
- Check the NAB Broker Portal to confirm that Scheme places are available
- Attach a copy of the customer's Medicare ID to the application
- Enter '0000-00-00000NAB0' into the FHLDS Place ID field in AOL; and
- Add a comment with customer's estimated taxable income for the financial year ending 30 June 2020.
The Resources tab on the Broker Portal has all the information Broker's need on the application and approval process. If Broker's would like a refresher on submitting an FHLDS application in Apply Online, they can view our video here.
Our latest offers and rates
In more good news, last week we reduced our Base Variable Rate (BVR) offer to a record low and dropped some of our fixed rates:
- The NAB Base Variable Rate special offer has been reduced by 0.15% p.a. to 2.69% p.a. (comparison rate 2.69% p.a.), available to owner-occupiers paying principal and interest for new lending with up to 80% LVR.
- NAB fixed rates have been reduced for both owner-occupiers and residential investors paying principal and interest. NAB Choice Package fixed rates now start at 2.19% p.a. (comparison rate 4.02% p.a.) for a two year term for owner-occupiers paying principal and interest.
With the $600 BVR application fee for new applications still being waived, now is a great time to be a first home buyer banking with NAB. Talk to your potential customers now!
*WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.