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The major bank has apologised to brokers after a bug prevented brokers from loading Home Guarantee Scheme applications.
National Australia Bank (NAB) has apologised to brokers after they experienced “issues” lodging new submissions for the Home Guarantee Scheme in the final days of the financial year 2024.
Each financial year, participating lenders in the Home Guarantee Scheme can write loans that enable borrowers to access a loan with a low deposit without having to pay lenders mortgage insurance (LMI).
The scheme includes the First Home Guarantee (35,000 places available in FY24), the Regional First Home Buyer Guarantee (10,000 places available in FY24), and the Family Home Guarantee (5,000 places available in FY24).
While NAB has been a major participant in the scheme, brokers had begun experiencing issues lodging submissions in the middle of last week, preventing them from sending the applications in before the cut-off date for FY24 (28 June).
The bank said it had identified the issue and fixed it on Thursday (27 June), extending the cut-off time to 2pm Friday to enable brokers to lodge their final deals.
In an update, the bank apologised to brokers: “You may have noticed issues when submitting Home Guarantee Scheme applications for FY24 Scheme.
“We’ve been experiencing technical issues which have prevented some applications with a Home Guarantee Scheme component from being lodged successfully. This has now been fixed.
“We apologise for any inconvenience. If you have any questions, please reach out to your Business Development Manager or Relationship Manager.”
The scheme will continue in FY24–25.
Housing Australia is expected to make an announcement regarding the new places today (1 July).
[Related: 26k helped by Home Guarantee Scheme: Ministeer]
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