Rates and fees verified as correct at 9 December 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 |
|---|---|---|---|---|---|
| 3.99% p.a. | 4.59% p.a. | $8.00 monthly | $0 | ||
| 3.19% p.a. | 4.30% p.a. | $8.00 monthly | $0 | ||
| 3.69% p.a. | 5.05% p.a. | $8.00 monthly | $0 | ||
| 3.49% p.a. | 4.82% 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 |
|---|---|---|---|---|---|
| 4.02% p.a. | 3.70% p.a. | $0.00 | $0 | ||
| 3.45% p.a. | 3.49% p.a. | $0.00 | $0 | ||
| 2.29% p.a. | 2.33% p.a. | $0.00 | $0 | ||
| 2.99% p.a. | 3.03% p.a. | $0.00 | $0 | ||
| 5.09% p.a. | 4.87% p.a. | $8.00 monthly | $0 | ||
| 4.52% p.a. | 4.65% p.a. | $8.00 monthly | $0 | ||
| 3.97% p.a. | 4.01% p.a. | $0.00 | $0 | ||
| 2.99% p.a. | 3.63% p.a. | $0.00 | $0 | ||
| 2.79% p.a. | 2.83% p.a. | $0.00 | $0 | ||
| 3.34% p.a. | 3.38% p.a. | $0.00 | $0 | ||
| 5.42% p.a. | 5.36% p.a. | $8.00 monthly | $0 | ||
| 5.12% p.a. | 5.25% p.a. | $8.00 monthly | $0 |
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 |
|---|---|---|---|---|---|
| 3.89% p.a. | 4.68% p.a. | $395.00 yearly | $0 | ||
| 3.89% p.a. | 4.51% p.a. | $395.00 yearly | $0 | ||
| 3.89% p.a. | 4.54% p.a. | $395.00 yearly | $0 | ||
| 3.09% p.a. | 4.11% p.a. | $395.00 yearly | $0 | ||
| 3.09% p.a. | 3.93% p.a. | $395.00 yearly | $0 | ||
| 3.09% p.a. | 3.89% p.a. | $395.00 yearly | $0 | ||
| 3.59% p.a. | 4.66% p.a. | $395.00 yearly | $0 | ||
| 3.59% p.a. | 4.70% p.a. | $395.00 yearly | $0 | ||
| 3.59% p.a. | 4.88% p.a. | $395.00 yearly | $0 | ||
| 3.39% p.a. | 4.61% p.a. | $395.00 yearly | $0 | ||
| 3.39% p.a. | 4.44% p.a. | $395.00 yearly | $0 | ||
| 3.39% p.a. | 4.40% 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.
2923 Reviews
Having taken out a fixed rate mortgage, then AFTER completion finding the monthly payments were $140 more than agreed. Then when challenged the manager, she admitted they hadn’t communicated very well. Still she went on to lie to her boss, saying she had offered us an insurance against the rate going up before completion and we had declined! A COMPLETE AND UTTER LIE. How they get away with blatant theft, I do not know. In 40 years+ of owning property I have NEVER experienced such poor service from a bank.
Read full reviewHaving taken out a fixed rate mortgage, then AFTER completion finding the monthly payments were $140 more than agreed. Then when challenged the manager, she admitted they hadn’t communicated very well. Still she went on to lie to her boss, saying she had offered us an insurance against the rate going up before completion and we had declined! A COMPLETE AND UTTER LIE. How they get away with blatant theft, I do not know. In 40 years+ of owning property I have NEVER experienced such poor service from a bank.
NAB refinanced my home loan with offset facility. Super easy to do and got a whopping $2000 cash bonus. No brainer as they also lowered the loan rate. Super happy with the refinance process and the added savings overall.
Read full reviewNAB refinanced my home loan with offset facility. Super easy to do and got a whopping $2000 cash bonus. No brainer as they also lowered the loan rate. Super happy with the refinance process and the added savings overall.
Terrible customer service over the phone for a home loan. Whatever you ask they don’t know and transfer you to the next operator and the only answer that you hear is “I’m not sure”. Make sure don’t borrow.
Read full reviewTerrible customer service over the phone for a home loan. Whatever you ask they don’t know and transfer you to the next operator and the only answer that you hear is “I’m not sure”. Make sure don’t borrow.
Customer for 26 years - terrible customer service, terrible interest rates, glad to have finally moved away resulting in a savings of over $600/m. The only thing that keeps NAB in business is that people don't move banks, because it's such a difficult thing to do.
Read full reviewCustomer for 26 years - terrible customer service, terrible interest rates, glad to have finally moved away resulting in a savings of over $600/m. The only thing that keeps NAB in business is that people don't move banks, because it's such a difficult thing to do.
Refinanced had an existing loan with NAB and got new rate and was offered completive rates and no extra fees, very helpful and friendly service from the Loan Dept.
Read full reviewRefinanced had an existing loan with NAB and got new rate and was offered completive rates and no extra fees, very helpful and friendly service from the Loan Dept.
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: