The NAB Housing Monitor July 2026 reports falling dwelling prices, slower demand and continued pressure in rental and construction markets.
Geelong siblings turn shared dream into first homes - NAB
20 January 2025
Housing
Co-buying helps achieve home ownership sooner
- NAB reveals 15% increase* in first home buyers this year in Victoria
- 30% increase* in Home Guarantee Scheme participation by NAB customers
- Sisters Madi and Issy use Home Guarantee Scheme to realise their Geelong dream
When Issy’s (19) housemate situation fell apart earlier this year her older sister Madi (23) moved in to help cover the lease. It was only meant to be temporary, so when their lease ended a few months later they found themselves back in their childhood bedrooms at their parents’ house in Geelong.
“It was fine for a while,” Madi said of their return to the family home.
“But we needed a plan, we couldn’t stay there forever.”
Sisters Madi (L) and Issy (R) use Home Guarantee Scheme to purchase their first home together.
Sisters Madi (L) and Issy (R) use Home Guarantee Scheme to purchase their first home together.
One night, during dinner at the kitchen table, the sisters floated an idea: what if they bought a house together?
“We didn’t think it was something we could do,” Madi said.
“But we decided to visit our local NAB branch just to see if it was even possible.”
After a long conversation with local lender Nicole Butler, the sisters learnt about the Australian Government’s Home Guarantee Scheme. The program allows eligible buyers to purchase a home with as little as a 2% deposit**, with the government acting as guarantor to avoid the extra cost of lenders’ mortgage insurance.
Suddenly, home ownership felt within reach for the sisters.
And they’re not alone. NAB data shows a 15% increase in Victorian first home buyers this year, while participation in the Government’s Home Guarantee Scheme has jumped 30%.
With combined savings of $35,000, Issy and Madi were pre-approved for a loan and set a budget of $505,000. Their focus quickly narrowed on Leopold, a suburb of Geelong where they had grown up. The location was ideal – not only was it close to their parents, but it also kept them near work and friends.
“It felt like the right place to settle,” Issy said.
“It wasn’t just about finding a house. It was about staying connected to the community we’ve always known.”
The sisters inspected five properties before landing on a three-bedroom brick home in Leopold with a backyard. Listed at $530,000, it ticked all their boxes: affordable, move-in ready, and big enough for their current needs.
“We ended up getting the place for $505,000 – nothing flashy, but it’s ours,” Madi said.
The sisters’ journey inspired their older brothers, Jordan (26) and Josh (25) who decided to follow suit and buy a house together. The brothers pooled their savings and recently purchased their own home – also in Leopold, not far from their sisters.
NAB lender Nicole Butler said areas like Geelong were thriving for both locals and city-leavers, showing the growing appeal of regional hubs that balance lifestyle benefits, strong infrastructure and economic opportunities.
“Geelong has been booming – our data shows Geelong was the sixth most popular regional market for property purchases in 2024,” Ms Butler said.
Ms Butler added that demand for homes in Australia was still going strong, although recent property data from CoreLogic shows average values across the country have barely moved.
“For buyers who’ve been feeling locked out of the market, this could signal a chance to enter, especially as we start a new year where more housing stock will enter the market,” she said.
NAB local lender, Nicole Butler.
For Issy and Madi, the process wasn’t without its hiccups. On settlement day, they arrived to find the key in a lockbox they didn’t have the code for. Undeterred, Issy crawled through the dog door to unlock the house from the inside.
“It wasn’t the grand entrance we imagined,” Issy laughed.
“It’s definitely a memory we won’t forget!”
Since moving in, they’ve focused on making the house their own. There’s talk of adding built-in wardrobes and eventually an ensuite. For now, though, the sisters are simply enjoying the independence that comes with owning their own home.
“It’s still sinking in,” Madi said.
“We went from living at home to sharing ownership of a house in the space of only a few months. It’s a big step – it all started as a conversation at the table, now we’re homeowners.”
Their brothers Jordan and Josh are also excited about their own milestone, with the siblings enjoying the opportunity to build their futures close to family while staying connected to the community they’ve always called home.
Notes to editors:
- * January – November 2024, vs the year prior (Victoria)
- ** From as little as 2% (Family Home Guarantee) and 5% (First Home Guarantee and Regional First Home Buyer Guarantee)
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