Bank commits $30bn to first home lending

National Australia Bank (NAB) CEO Andrew Irvine today announced a plan that aims to support 55,000 loans for first home buyers.

One of Australia’s biggest banks wants to lend $60bn in the next five years to help ease Australia’s housing crisis.

National Australia Bank (NAB) CEO Andrew Irvine today announced a plan that aims to lend $30bn to first home buyers and another $30bn to support the construction of 50,000 new homes.

Calli at Rangeview Road, Upper Coomera on the Gold Coast has blocks from $800,000.

“Housing is Australia’s biggest societal and policy challenge,” Mr Irvine said.

“We are not building enough homes to provide access to housing for all Australians, let alone achieve the dream of home ownership.  

“NAB recognises and embraces the opportunity we have to address this challenge.”  

The ambition could potentially support 55,000 loans for first home buyers as well as 50,000 homes in projects including build-to-rent, student accommodation, land lease, and community housing.

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NAB wants to lend $60 billion in the next five years to help Australia’s housing crisis.

The Albanese Government has a goal of building 1.2 million new homes in five years, or 240,000 per year, however the current rate of construction shows a significant shortfall.

The NAB announcement comes a few weeks after the Federal Government’s expanded first-home buyers’ scheme came into play where all first-home buyers, regardless of income, can purchase a home with a five per cent deposit without having to pay lenders mortgage insurance.

The average first home buyers loan is $545,056.

According to ABS data, the average first home buyers loan across the country is $545,056.

Local: Residential, a build-to-rent platform, is working with NAB to institutionalise the sector and ensure it can continue to supply the Australian housing market.

Co-founder and co-CEO Matt Berg said NAB’s $60b ambition was a bold commitment to addressing Australia’s housing crisis.

“Our focus is on delivering homes that make a real difference in resident’s lives,” Mr Berg said.

“Convenience, amenity and lifestyle are fantastic by-products of build-to-rent – but first and foremost we are putting a secure roof over people’s head and delivering housing at scale.”

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