Why Are People Choosing CBA over NAB for The First Home Loan Deposit Scheme?

I noticed that far more people took home loans out with CBA compared to NAB for the First Home Loan Deposit Scheme.

I was confused as the NAB rates are at 3.09% (comparison) with a $2000 cash back. The CBA rates were something like 3.3% with no cash back. NAB were also first to join the program and have had more advertising etc.

Any reason why more people are choosing CBA? Are they just not looking at the rates and going with who they already bank with?

Related Stores

Commonwealth Bank
Commonwealth Bank
National Australia Bank Group (NAB)
National Australia Bank Group (NAB)

Comments

  • -2

    The CBA is more trustworthy.

  • +3

    C is before N in the yellow pages.

  • +10

    Dollarmites

    • +1

      That's perfect, banks marketing to children finally paying off.

    • Yeah once they've gotten the young ones a significant proportion will never be effed to change, even if other banks offer far better rates etc.

      Some will also justify their choice of bank and say the app/internet banking is far superior but I don't see what all the rage is about at all after using it for a year (most other bank apps have been perfectly fine also, except for that ghastly HSBC one)

  • Curious from the source of info. Was it from asking around?

    I heard Weatpac was not part of the scheme because it’s dealing with the money laundering problem..not sure true or not

    • +1

      some home owners are also require gluten free home loans

    • +2

      Pretty sure this is true. It was bad media which govt didn’t want linked to the scheme

  • +1

    Lower loan approval requirements.

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