To encourage Australians to enter the housing market, the National Australia Bank (NAB) has recently announced giving cash bonuses to eligible borrowers.
Steve Kane, the bank’s broker distribution general manager, says that the recent announcement was to help Australians finally afford their own homes.
They are offering $1,250 bonus to eligible borrowers, which could help them pay for furniture removalists in Sydney, Melbourne, Perth, and other parts of Australia. This can also be used in buying new furniture, or adding some finishing touches to their new homes.
National Australia Bank Check In
The NAB Check in service allows customers to gain access to supporting materials for their home loans. This will help homeowners choose and decide some details regarding the properties they are buying. The bank announced that they would continue offering this program as well.
Aside from these services, other mortgage providers in the country has also offered to lower their honeymoon interest rates for home loaners even more to persuade Australians to go on with the loaning process, and hopefully, revitalise the real estate of the country that has been moving slowly recently.
How Does One Become Eligible?
To be eligible to the $1,250 bonus, borrowers simply have to submit their application for NAB’s Home Loan Banking Bundle on or before December 2 this year and be approved by March 1 next year.
Sluggish Real Estate
The Australian real estate has been slow, and experts believe that it will continue slowing down. They expect that the year may be the second consecutive year when the country suffers from low settlement volumes.
They further explain that the increase in lending from 2013 to 2016 was unsustainable, and should not be considered as a clear-cut indication of the improvements in the real estate of the country.
Lenders are often not properly informed of their mortgage plans and loans, and so the government is also pushing for more detailed explanations of the mortgage and home loans to help Australians lend and encourage them to do so.
How The NAB’s Bonus Will Help
With the inclusion of cash bonuses, prospective homeowners will have more funds to hire professional furniture removalists in Sydney, for example. They may also use it to refurbish their homes and make it their own. Ideally, the bonus will be given to give them a jump-start at homeownership.