NAB home loans

3.4
Based on 2,980 NAB home loan product reviews.
Fact Checked
Last updated

About NAB home loans

NAB is the third-largest lender in Australia, with a range of home loan options for home buyers, refinancers and property investors. Its three main options include the Base Variable Rate Home Loan, the Tailored Home Loan (variable with offset) and the Tailored Home Loan (fixed) with terms ranging from one to five years.

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Editor’s pick: NAB Base Variable Rate Home Loan

Base Variable Rate Home Loan

  • Owner Occupier
  • Principal & Interest
Interest rate
6.84 % p.a.
Variable
Comparison rate
6.88 % p.a.
Link not supplied
  • Borrow up to 95% of a property’s value

  • Extra repayments without paying a fee

  • No monthly or annual service fees

  • Flat interest rate no matter your LVR

  • Minimum redraw of $500

Our verdict

NAB’s Base Variable Rate Home Loan allows you to borrow up to 95% of a property’s value – that means you can have a deposit as little as 5% and still qualify for this home loan.

A low deposit loan such as NAB’s Base Variable can help you break into the housing market sooner, but keep in mind you’ll likely need to pay lenders mortgage insurance (LMI) if you have a deposit of less than 20%.

No matter the size of your deposit, NAB’s Base Variable has a flat interest rate of 6.84% p.a.

A flat rate makes it suited to those who’ve saved up 20% – that is, those with a loan-to-value ratio (LVR) of 80% or more – but it’s less appealing for borrowers with larger deposits because more competitive options are available.

If you do have a deposit of more than 20%, you’re better off comparing home loans from other lenders.

On the plus side, we like that NAB allows you to make additional repayments at any time on its variable rate home loans, and there’s no penalty for doing so.

There’s also no monthly or annual service fees, and no fee for accessing your home loan redraw – however, redraw amounts must be a minimum of $500.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 7 November 2024 Important disclosures and comparison rate warning*

NAB home loans

  • Tailored Home Loan

    • Owner Occupier
    • Principal & Interest
    • Fixed
    • <70% LVR
    Interest rate
    5.89 % p.a.
    Fixed 3 years
    Comparison rate
    6.62 % p.a.
    Initial monthly repayment
    $2,962
    Link not supplied

  • Tailored Home Loan

    • Investment
    • Principal & Interest
    • Fixed
    • <70% LVR
    Interest rate
    6.09 % p.a.
    Fixed 3 years
    Comparison rate
    6.89 % p.a.
    Initial monthly repayment
    $3,027
    Link not supplied

  • Tailored Home Loan

    • Owner Occupier
    • Principal & Interest
    • <70% LVR
    Interest rate
    6.79 % p.a.
    Variable
    Comparison rate
    6.87 % p.a.
    Initial monthly repayment
    $3,256
    Link not supplied

  • Base Variable Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.84 % p.a.
    Variable
    Comparison rate
    6.88 % p.a.
    Initial monthly repayment
    $3,273
    Link not supplied

  • Tailored Home Loan

    • Investment
    • Principal & Interest
    • <70% LVR
    Interest rate
    7.09 % p.a.
    Variable
    Comparison rate
    7.17 % p.a.
    Initial monthly repayment
    $3,357
    Link not supplied

  • Base Variable Rate Home Loan

    • Investment
    • Principal & Interest
    Interest rate
    7.36 % p.a.
    Variable
    Comparison rate
    7.41 % p.a.
    Initial monthly repayment
    $3,448
    Link not supplied

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NAB home loan ratings

Overall customer rating for NAB home loans

3.4
Based on 2,980 product reviews.

Customer reviews

Important disclosures

NAB products

NAB home loans: FAQs

What repayment options does NAB offer?

NAB’s home loans come with flexible repayment options, and you can choose to make your payments weekly, fortnightly or monthly. You can also choose between making principal and interest repayments or interest only repayments.

Does NAB offer repayment holidays?

A repayment holiday is when your lender temporarily pauses payments on your home loan when you are experiencing financial hardship. NAB does offer repayment holidays to eligible customers, so if you are experiencing financial difficulty, visit a branch or call NAB’s support .

How much money can I borrow from NAB?

NAB’s home loans come with a minimum loan amount of $20,000, with no maximum borrowing limit (subject to individual assessment).

Does NAB offer split home loans?

A split home loan is when you separate your loan into two portions – one part with a fixed interest rate and the other part with a variable interest rate.

NAB does offer split home loans, though there can’t be more than two borrowers on the loan to do so.

How long does NAB unconditional approval take?

Unconditional approval is when your lender has officially approved you for a home loan, with no further requirements needing to be met. It differs from home loan pre-approval, which is when the lender indicates how much it’s willing to let you borrow, under certain conditions. 

NAB has stated that customers applying for its home loans are receiving unconditional approval in two days or less on average. The bank says that in some cases, it can provide unconditional approval in less than an hour.

Does NAB offer a discount on lenders mortgage insurance?

NAB has a 5% discount called the Sustainable Home Discount Offer available to those who need to pay LMI.

To be eligible, you need to be applying for a NAB Base Variable Rate Home Loan or a NAB Tailored Home Loan, and the property you’re purchasing or refinancing must obtain either:

  • a Nationwide House Energy Rating System (NatHERS) assessment rating of 7-stars or greater, or
  • a Green Home Building Council of Australia (GBCA) Green Star Home accreditation.

For more information, visit NAB .

Home loan quick links


* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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