NAB has joined Commonwealth Bank in relaxing its borrowing rules for people who have a HECS-HELP debt. The federal government asked banks and financial regulators to ease rules earlier this year to make it easier for those with student loans to get a mortgage.
From July 31, NAB has announced that having a student debt of $20,000 or less will no longer affect how much you can borrow for a home loan. That change means Aussies with a HECS-HELP debt could see a boost to their borrowing power.
NAB executive for home ownership Matt Dawson said the change would mean more people would be able to own a home faster.
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