New figures from the National Australia Bank (ASX:NAB) showed a 16% increase in lending to first home buyers since February compared with the same period last year, while lending to all owner occupiers grew 32%, the financial services company said in a statement Tuesday.
According to Denton Pugh, NAB executive for home lending, the bank's recent reductions in both fixed and variable home lending rates are attracting more first-time buyers and a broader range of homebuyers back into the market.
Victoria is at the forefront of first-home buyer activity, seeing a 28% increase, with Western Australia and Queensland close behind, the bank said.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.