Albanese Government delivers 5% deposits for all first home buyers sooner Prime Minister of Australia

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For the average first home buyer, access to the scheme cuts years off the time it takes to save for a deposit and saves tens of thousands of dollars on Lenders Mortgage Insurance. In just the first year alone, first home buyers using the scheme are expected to avoid around $1.5 billion in potential mortgage insurance costs. Be rewarded with a variable bonus rate for saving regularly each month. The expanded scheme means a first home buyer in Brisbane can purchase a $1 million home with a $50,000 deposit. They could save up to 10 years off the time it takes to save for a deposit, save about $42,000 in mortgage insurance, and could pay up to $350,000 towards their own loan instead of paying rent. See our personal banking fees and charges and indicator rates for deposit products.

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Any advice has been prepared without considering your objectives, financial situation or needs. Before acting on any advice, you should consider whether it is appropriate for your circumstances and view the Personal Transaction and Savings Accounts Terms and Conditions. Target Market Determinations for these products are available at nab.com.au/TMD. The reasonable minimum deposits and withdrawals were also welcome, including tennis. Bonus interest applies on your combined Save account balances when the Bonus Rate Criteria is met. BOQ Group acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Custodians of the land where we live and work.

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