Rates and fees verified as correct at 14 April, 2021. Other information correct at the time of writing. Advertiser disclosure.
The fixed rate option from NAB is a great choice if you don’t like any surprises when it comes to home loan repayments. It is available on loans with a minimum amount of $20,000 (up to a maximum 95% LVR) and allows you to lock in a rate from 1 year up to a period of 5 years. You’ll be charged a monthly service fee but you’ll get plenty of flexibility in terms of loan repayment options, including a split loan facility, interest only payment options and the ability to make up to $20,000 in extra repayments during the fixed rate period without incurring any costs. Ensure you only make extra repayments when you can afford it because you won’t have the opportunity to redraw at a later date. For added certainty, you can take advantage of the loan’s rate lock feature, which allows you to secure the quoted interest rate at the time of loan approval for up to 3 months (fees apply).
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.69% p.a. | 4.52% p.a. | $8.00 monthly | $600 | ||
| 2.08% p.a. | 4.02% p.a. | $8.00 monthly | $600 | ||
| 2.69% p.a. | 4.76% p.a. | $8.00 monthly | $600 | ||
| 2.54% p.a. | 4.57% p.a. | $8.00 monthly | $600 |
If you prefer a variable home loan, NAB offers a basic, no frills loan or a full featured variable loan with a choice of principal and interest or interest only payment options. NAB’s variable loans are available from $20,000 and allow you to borrow up to 95% of your property’s value. You can choose a repayment frequency (weekly, fortnightly or monthly) to match your pay cycle and make additional repayments whenever you have any spare change. If you need to free up funds in the future, you can use the redraw facility (minimum redraw $500) or opt for a repayment holiday. You will need to pay a monthly service charge with the full featured option but you’ll be able to take advantage of the loan’s offset account to help you save in interest over the term of your loan.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 4.02% p.a. | 3.67% p.a. | $0.00 | $0 | ||
| 3.45% p.a. | 3.45% p.a. | $0.00 | $0 | ||
| 2.69% p.a. | 2.69% p.a. | $0.00 | $0 | ||
| 3.04% p.a. | 3.04% p.a. | $0.00 | $0 | ||
| 5.09% p.a. | 4.87% p.a. | $8.00 monthly | $600 | ||
| 4.52% p.a. | 4.65% p.a. | $8.00 monthly | $600 | ||
| 3.97% p.a. | 3.97% p.a. | $0.00 | $0 | ||
| 3.29% p.a. | 3.71% p.a. | $0.00 | $0 | ||
| 3.09% p.a. | 3.09% p.a. | $0.00 | $0 | ||
| 3.34% p.a. | 3.34% p.a. | $0.00 | $0 | ||
| 5.42% p.a. | 5.36% p.a. | $8.00 monthly | $600 | ||
| 5.12% p.a. | 5.25% p.a. | $8.00 monthly | $600 |
The fixed rate Choice Package is available from NAB with a minimum borrowing amount of $20,000. For an annual package fee, you’ll get access to several benefits, including discounted lending rates and waived fees on your home loan and credit card. Depending on your circumstances you may also be eligible for insurance and margin lending benefits. The package has an extensive range of flexible features including an extra repayments facility up to $20,000 and repayment holidays.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.59% p.a. | 4.60% p.a. | $395.00 yearly | $0 | ||
| 3.59% p.a. | 4.43% p.a. | $395.00 yearly | $0 | ||
| 3.59% p.a. | 4.47% p.a. | $395.00 yearly | $0 | ||
| 1.98% p.a. | 3.83% p.a. | $395.00 yearly | $0 | ||
| 1.98% p.a. | 3.65% p.a. | $395.00 yearly | $0 | ||
| 1.98% p.a. | 3.62% p.a. | $395.00 yearly | $0 | ||
| 2.59% p.a. | 4.41% p.a. | $395.00 yearly | $0 | ||
| 2.59% p.a. | 4.44% p.a. | $395.00 yearly | $0 | ||
| 2.59% p.a. | 4.62% p.a. | $395.00 yearly | $0 | ||
| 2.44% p.a. | 4.37% p.a. | $395.00 yearly | $0 | ||
| 2.44% p.a. | 4.19% p.a. | $395.00 yearly | $0 | ||
| 2.44% p.a. | 4.16% p.a. | $395.00 yearly | $0 |
If you’re after even more flexibility in your home loan, take a look at the variable rate alternative of NAB’s Choice Package. Also available for loans above $20,000, it comes with all the benefits and features of the fixed rate option, but with a couple of extras. You’ll get unlimited extra repayments and the option to use an offset account to help you pay off your home loan faster. You can also choose either an interest only repayment option or interest and principal repayments.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 4.19% p.a. | 4.21% p.a. | $395.00 yearly | $0 | ||
| 4.24% p.a. | 4.26% p.a. | $395.00 yearly | $0 | ||
| 4.49% p.a. | 4.51% p.a. | $395.00 yearly | $0 | ||
| 3.62% p.a. | 4.03% p.a. | $395.00 yearly | $0 | ||
| 3.92% p.a. | 4.32% p.a. | $395.00 yearly | $0 | ||
| 3.67% p.a. | 4.08% p.a. | $395.00 yearly | $0 | ||
| 4.52% p.a. | 4.70% p.a. | $395.00 yearly | $0 | ||
| 4.57% p.a. | 4.75% p.a. | $395.00 yearly | $0 | ||
| 4.82% p.a. | 5.00% p.a. | $395.00 yearly | $0 | ||
| 4.22% p.a. | 4.62% p.a. | $395.00 yearly | $0 | ||
| 4.27% p.a. | 4.67% p.a. | $395.00 yearly | $0 | ||
| 4.52% p.a. | 4.91% p.a. | $395.00 yearly | $0 |
Saving on your interest payments is easy with an offset account available as part of NAB’s standard variable loan.
NAB’s fixed and variable loan options have an extra repayment facility (maximum $20,000 for fixed rate option), so you can reduce the term of your loan and interest payments by making additional repayments whenever your budget allows.
Don’t get paid weekly? No sweat! You can also choose to pay your loan back on a fortnightly or monthly basis.
Can’t make up your mind between a fixed or variable rate? NAB’s fixed, variable and line of credit loans have a split loan facility which allows you to combine a fixed and variable rate into one loan and get the best of both worlds.
If you’re worried about an interest rate hike just before your loan drawdown date, you can opt for the rate lock feature available with NAB's fixed rate loan. This way you can secure the quoted interest rate at the time of loan approval for a period up to 90 days, though fees may apply.
Mozo users have rated NAB home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
2906 Reviews
I got this loan through a trusted 3rd party broker and the local NAB branch don't want anything to do with me. When I go into the local branch for a query they just refer me to their loans help line. The 3rd party broker was much more helpful.
Read full reviewI got this loan through a trusted 3rd party broker and the local NAB branch don't want anything to do with me. When I go into the local branch for a query they just refer me to their loans help line. The 3rd party broker was much more helpful.
No annual fee, easy redraw although probably not the most competitive rate. Have gone the motions of refinancing elsewhere however it’s a really convoluted process to change all auto payments etc.
Read full reviewNo annual fee, easy redraw although probably not the most competitive rate. Have gone the motions of refinancing elsewhere however it’s a really convoluted process to change all auto payments etc.
Terrible customer service. Long waiting & kept getting cut out from their end. Never returned calls or appointment call either
Read full reviewTerrible customer service. Long waiting & kept getting cut out from their end. Never returned calls or appointment call either
NAB have been excellent for us. First time home buyer, we tried for home loan through our usual bank. Gave us such a hard time even though we had 20% deposit. Tried NAB, had the loan within 7 days. Customer service over the phone was amazing, went above and beyond to help. Shout out to Josh and Kathryn from Melbourne branch, you were both amazing. Interest rates are awesome :)
Read full reviewNAB have been excellent for us. First time home buyer, we tried for home loan through our usual bank. Gave us such a hard time even though we had 20% deposit. Tried NAB, had the loan within 7 days. Customer service over the phone was amazing, went above and beyond to help. Shout out to Josh and Kathryn from Melbourne branch, you were both amazing. Interest rates are awesome :)
We had our home loan with NAB. We were looking at refinancing to get a better interest rate and a little more money to do renos on the house. Was told no straight away, even though we have been paying more money onto the loan and have never been behind in payments. They didn't even have a look to see if we could or couldn't do it. Also we didn't change anything throughout COVID-19, still paid the some every fortnight. We have been with NAB for over 10 years and no help, the customer service was so bad I have made a complaint. We have gone with another company and NAB bank made the settlement go on for over month. They kept on saying we need more time with all the paperwork, which they had in time of the settlement. Both myself and the other bank put it down to they want the monthly interest rate that they were going to miss out on.
Read full reviewWe had our home loan with NAB. We were looking at refinancing to get a better interest rate and a little more money to do renos on the house. Was told no straight away, even though we have been paying more money onto the loan and have never been behind in payments. They didn't even have a look to see if we could or couldn't do it. Also we didn't change anything throughout COVID-19, still paid the some every fortnight. We have been with NAB for over 10 years and no help, the customer service was so bad I have made a complaint. We have gone with another company and NAB bank made the settlement go on for over month. They kept on saying we need more time with all the paperwork, which they had in time of the settlement. Both myself and the other bank put it down to they want the monthly interest rate that they were going to miss out on.
You can apply for a home loan with NAB online, via phone or in person at your local branch. To do this, you’ll need the following details and documentation at ready:
Depending on your circumstances, you may also need to provide:
