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. |
7.67% p.a. |
$8.00 monthly |
$0 |
||
6.84% p.a. |
7.51% p.a. |
$8.00 monthly |
$0 |
||
6.64% p.a. |
7.52% p.a. |
$8.00 monthly |
$0 |
||
6.59% p.a. |
7.37% p.a. |
$8.00 monthly |
$0 |
||
6.89% p.a. |
8.05% p.a. |
$8.00 monthly |
$0 |
||
6.84% p.a. |
7.89% p.a. |
$8.00 monthly |
$0 |
||
6.79% p.a. |
7.98% p.a. |
$8.00 monthly |
$0 |
||
6.74% p.a. |
7.82% 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 |
||
8.24% p.a. |
8.06% p.a. |
$8.00 monthly |
$0 |
||
8.04% p.a. |
7.86% p.a. |
$8.00 monthly |
$0 |
||
7.77% p.a. |
7.85% p.a. |
$8.00 monthly |
$0 |
||
7.57% p.a. |
7.65% p.a. |
$8.00 monthly |
$0 |
||
7.85% p.a. |
7.85% 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 |
||
8.57% p.a. |
8.54% p.a. |
$8.00 monthly |
$0 |
||
8.37% p.a. |
8.34% p.a. |
$8.00 monthly |
$0 |
||
8.37% p.a. |
8.45% p.a. |
$8.00 monthly |
$0 |
||
8.17% p.a. |
8.25% 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.
2965 Reviews
Not many branches local to my specific area, long waiting times on the phone customer service. However, each time I have called the operator has been quite knowledgeable and able to answer all queries.
Read full reviewNot many branches local to my specific area, long waiting times on the phone customer service. However, each time I have called the operator has been quite knowledgeable and able to answer all queries.
their home loan rates is low and competitive. Home loan processing times is one of the best. They have very good customer support system.
Read full reviewtheir home loan rates is low and competitive. Home loan processing times is one of the best. They have very good customer support system.
We’ve been with NAB for a number of years now and have never had major issues. I feel they are proactive and provide good communication.
Read full reviewWe’ve been with NAB for a number of years now and have never had major issues. I feel they are proactive and provide good communication.
After visiting two brokers prior to coming to NAB, I wasn’t very hopeful starting the home loan process. My mother had recommended NAB for my home loan as I have been with the bank for a long time. I had a meeting with home loan specialist at the bank. He went through the accounts and paper work. Asked for my preference with property and what my needs were and how they can be met by the bank. Within two days I was given a pre-approval. The whole process of buying my first home was so quick and easy. Even now I get a call from the team every 3 or 6 months to have a mini review of my finances and future financial goals. I have never had such a great experience. I opened my account with NAB when i was 16 and now I am 36. I have never till date had any bad experience!
Read full reviewAfter visiting two brokers prior to coming to NAB, I wasn’t very hopeful starting the home loan process. My mother had recommended NAB for my home loan as I have been with the bank for a long time. I had a meeting with home loan specialist at the bank. He went through the accounts and paper work. Asked for my preference with property and what my needs were and how they can be met by the bank. Within two days I was given a pre-approval. The whole process of buying my first home was so quick and easy. Even now I get a call from the team every 3 or 6 months to have a mini review of my finances and future financial goals. I have never had such a great experience. I opened my account with NAB when i was 16 and now I am 36. I have never till date had any bad experience!
Do not look after long term clients. The only correspondence is to say you loan payment has increased.
Read full reviewDo not look after long term clients. The only correspondence is to say you loan payment has increased.
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: