More first home buyer information is needed to battle confusion on the phasing down of the First Home Owners Grant Boost, a new survey has found.

The NAB First Home Buyers survey reveals that despite 67 per cent of first home buyers counting on the First Home Owners Grant to enter the property market, only a quarter of those who believed they were eligible knew that the First Home Owner Boost (FHOB) would be reduced from September 30.

With half of those eligible for the First Home Owners Grant saying the boost had been an added incentive to get into the property market, it came as no surprise that 48 per cent of existing property owners believe that prices of properties under $500,000 will fall when the FHOB ends.

NAB Personal Banking’s General Manager of Mortgages, Steven Shaw said the increased government assistance had helped many first homebuyers enter the property market, however the survey showed some confusion still remained amongst this segment.

“The monetary assistance provided by the government has helped enable many first home buyers to enter the property market over the last year. However our research has uncovered a level of uncertainty amongst many potential first home buyers about what amount of support is available and what type of loan would be best suited to them.”

Fixed rate mortgages were the most popular home loan type with 32 per cent of respondents saying they would opt for a fixed rate loan. This was closely followed by split loans with 31 per cent opting for the loan type and 20 per cent picking variable rate loans.

Sources: NAB, Infochoice