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 |
|---|---|---|---|---|---|
|
6.89% p.a. |
7.05% p.a. |
$8.00 monthly |
$0 |
||
|
6.84% p.a. |
6.89% p.a. |
$8.00 monthly |
$0 |
||
|
6.04% p.a. |
6.80% p.a. |
$8.00 monthly |
$0 |
||
|
5.99% p.a. |
6.65% p.a. |
$8.00 monthly |
$0 |
||
|
6.89% p.a. |
7.26% p.a. |
$8.00 monthly |
$0 |
||
|
6.84% p.a. |
7.10% p.a. |
$8.00 monthly |
$0 |
||
|
6.79% p.a. |
7.23% p.a. |
$8.00 monthly |
$0 |
||
|
6.74% p.a. |
7.08% p.a. |
$8.00 monthly |
$0 |
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 |
|---|---|---|---|---|---|
|
7.94% p.a. |
7.37% p.a. |
$0.00 |
$0 |
||
|
6.84% p.a. |
6.88% p.a. |
$0.00 |
$0 |
||
|
7.46% p.a. |
7.27% p.a. |
$8.00 monthly |
$0 |
||
|
7.26% p.a. |
7.07% p.a. |
$8.00 monthly |
$0 |
||
|
6.99% p.a. |
7.07% p.a. |
$8.00 monthly |
$0 |
||
|
6.79% p.a. |
6.87% p.a. |
$8.00 monthly |
$0 |
||
|
6.99% p.a. |
7.07% p.a. |
$8.00 monthly |
$0 |
||
|
8.27% p.a. |
7.81% p.a. |
$0.00 |
$0 |
||
|
7.36% p.a. |
7.41% p.a. |
$0.00 |
$0 |
||
|
7.49% p.a. |
7.46% p.a. |
$8.00 monthly |
$0 |
||
|
7.29% p.a. |
7.26% p.a. |
$8.00 monthly |
$0 |
||
|
7.29% p.a. |
7.37% p.a. |
$8.00 monthly |
$0 |
||
|
7.09% p.a. |
7.17% p.a. |
$8.00 monthly |
$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.
Have had a fairly good experience with NAB. The home loan specialists have been informative and patient while also providing a competitive product.
Read full reviewHave had a fairly good experience with NAB. The home loan specialists have been informative and patient while also providing a competitive product.
Really supportive though COVID and then job loss.
Read full reviewReally supportive though COVID and then job loss.
Easy internet banking Familiar with banking and products Can usually speak with someone
Read full reviewEasy internet banking Familiar with banking and products Can usually speak with someone
We have had our home loan for 12 years. It was a 20 year loan and we could have paid it off years ago but the redraw system is fantastic for renovations etc. Our bank manager is fabulous. We hadnt seen her for years but she remembered us - even our names. The online banking is easy and as I've mentioned, we could have ended our relationship years ago but chose not to.
Read full reviewWe have had our home loan for 12 years. It was a 20 year loan and we could have paid it off years ago but the redraw system is fantastic for renovations etc. Our bank manager is fabulous. We hadnt seen her for years but she remembered us - even our names. The online banking is easy and as I've mentioned, we could have ended our relationship years ago but chose not to.
I have recently attained restructuring at my full-time employment and don't have a current position available for employment. I've been off on unapproved workers compensation for some time and my payments ceased due to exhausted leave etc. My wife unwent chemotherapy just over 2 years again as she has cancer in the stomach and had her stomach removed. She works luckily 2 days a week. No income, a mortgage, the cost of living and our 8 year old son. Due to bo finances I called customer care at NAB and discussed the situation. With great appreciation and respect, they've frozen nortage Repayment until my return to employment hopefully at the end of August 2024. NAB customer care will call me on the 28th August to check in to see how i am. I can't express how grateful we are in being understood and shown some compassion with the costs and situation at hand. NAB customer service and communication/s is paramount.
Read full reviewI have recently attained restructuring at my full-time employment and don't have a current position available for employment. I've been off on unapproved workers compensation for some time and my payments ceased due to exhausted leave etc. My wife unwent chemotherapy just over 2 years again as she has cancer in the stomach and had her stomach removed. She works luckily 2 days a week. No income, a mortgage, the cost of living and our 8 year old son. Due to bo finances I called customer care at NAB and discussed the situation. With great appreciation and respect, they've frozen nortage Repayment until my return to employment hopefully at the end of August 2024. NAB customer care will call me on the 28th August to check in to see how i am. I can't express how grateful we are in being understood and shown some compassion with the costs and situation at hand. NAB customer service and communication/s is paramount.
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: