National Australia Bank is a financial services organisation and one of Australia’s big four banks with a history spanning more than 120 years. Currently, the NAB Group provides financial products and services to 12.7 million across more than 1700 stores and business banking centres globally.
If you value a home loan provider with experience, a NAB home loan might be the right choice for you. In that case, you can stick around and have a read of everything you need to know about a NAB home loan from what home loans available and the features you should keep an eye out for to how real NAB customers rate their home loan.
NAB also took out three 2017 Mozo Experts Choice Awards, for Best Offset Home Loan, Best Fixed Rate Home Loan and Best Fixed Rate Investor Loan.
Rates and fees verified as correct at 26 April, 2018. Other information correct at the time of writing.
The fixed rate option from NAB is a great choice if you don’t like any surprises when it comes to your 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 ‡ |
|---|---|---|---|---|---|
| 4.29% p.a. | 5.84% p.a. | $8.00 monthly | $600 | ||
| 4.19% p.a. | 5.49% p.a. | $8.00 monthly | $600 | ||
| 4.39% p.a. | 5.53% p.a. | $8.00 monthly | $600 | ||
| 4.04% p.a. | 5.05% 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 ‡ |
|---|---|---|---|---|---|
| 5.18% p.a. | 5.23% p.a. | $0.00 | $600 | ||
| 4.65% p.a. | 4.70% p.a. | $0.00 | $600 | ||
| 4.70% p.a. | 4.75% p.a. | $0.00 | $600 | ||
| 4.17% p.a. | 4.21% p.a. | $0.00 | $600 | ||
| 3.69% p.a. | 3.73% p.a. | $0.00 | $600 | ||
| 6.25% p.a. | 6.38% p.a. | $8.00 monthly | $600 | ||
| 5.80% p.a. | 5.94% p.a. | $8.00 monthly | $600 | ||
| 5.77% p.a. | 5.91% p.a. | $8.00 monthly | $600 | ||
| 5.24% p.a. | 5.37% 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 be spoilt for choice when it comes to the benefits you’ll receive, 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 ‡ |
|---|---|---|---|---|---|
| p.a. | n/a | $395.00 yearly | $0 | ||
| 4.19% p.a. | 5.62% p.a. | $395.00 yearly | $0 | ||
| 4.19% p.a. | 5.44% p.a. | $395.00 yearly | $0 | ||
| 4.19% p.a. | 5.41% p.a. | $395.00 yearly | $0 | ||
| 4.09% p.a. | 5.28% p.a. | $395.00 yearly | $0 | ||
| 4.09% p.a. | 5.10% p.a. | $395.00 yearly | $0 | ||
| 4.09% p.a. | 5.07% p.a. | $395.00 yearly | $0 | ||
| 4.29% p.a. | 5.13% p.a. | $395.00 yearly | $0 | ||
| 4.29% p.a. | 5.31% p.a. | $395.00 yearly | $0 | ||
| 4.29% p.a. | 5.10% p.a. | $395.00 yearly | $0 | ||
| 3.94% p.a. | 4.66% p.a. | $395.00 yearly | $0 | ||
| 3.94% p.a. | 4.63% p.a. | $395.00 yearly | $0 | ||
| 3.94% p.a. | 4.84% 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 also 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. If you’re likely to be redrawing money from your loan that’s fine, but be aware that there is a minimum redraw amount of $500.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 5.65% p.a. | 6.02% p.a. | $395.00 yearly | $0 | ||
| 5.40% p.a. | 5.77% p.a. | $395.00 yearly | $0 | ||
| 5.35% p.a. | 5.72% p.a. | $395.00 yearly | $0 | ||
| 5.20% p.a. | 5.58% p.a. | $395.00 yearly | $0 | ||
| 4.95% p.a. | 5.33% p.a. | $395.00 yearly | $0 | ||
| 4.90% p.a. | 5.28% p.a. | $395.00 yearly | $0 | ||
| 5.17% p.a. | 5.55% p.a. | $395.00 yearly | $0 | ||
| 4.92% p.a. | 5.30% p.a. | $395.00 yearly | $0 | ||
| 4.87% p.a. | 5.25% p.a. | $395.00 yearly | $0 | ||
| 4.39% p.a. | 4.78% p.a. | $395.00 yearly | $0 | ||
| 4.34% p.a. | 4.73% p.a. | $395.00 yearly | $0 | ||
| 4.64% p.a. | 5.03% p.a. | $395.00 yearly | $0 |
Are you looking to build up your future assets? NAB’s Flexiplus Mortgage is a standard line of credit loan that allows you to borrow up to 90% LVR which can be put towards purchasing shares, an investment property or your home renovation without needing to apply for extra funds. There is a yearly service fee to consider but like most line of credit loans you can withdraw at any time up to the facility limit and you only pay interest on what you’ve used. Plus, you can make repayments at any time so long as you’ve covered any interest charges.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee |
|---|---|---|---|---|
| 6.44% p.a. | n/a | $250.00 yearly | $600 | |
| 5.86% p.a. | n/a | $550.00 yearly | $0 | |
| 5.76% p.a. | n/a | $550.00 yearly | $0 | |
| 5.66% p.a. | n/a | $550.00 yearly | $0 |
‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.
| Offset accountOffset account | Saving on your interest payments is easy with an offset account available as part of NAB’s standard variable loan. |
| Extra repaymentsExtra repayments | Reduce the term of your loan and interest payments by making additional repayments whenever your budget allows. Good thing, NAB’s fixed and variable loan options have an extra repayment facility (maximum $20,000 for fixed rate option). |
| Weekly, fortnightly and monthly repaymentsWeekly, fortnightly and monthly repayments | Don’t get paid weekly? No sweat! You can also choose to pay your loan back on a fortnightly or monthly basis. |
| Split loan facilitySplit loan facility | 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. |
| Rate lockRate lock | 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 NABs 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. You may need to pay a fee. |
If you’re liking what you hear but just need a little extra convincing, head on over to our rate and review service where you’ll find hundreds of home loan reviews from real NAB customers for you to read.
* Overall rating based on reviews in the past 12 months.
Dominic (WA), reviewed 23 days ago
All banks need more personal contact with the people.
All banks need more personal contact with the people.
Peter (SA), reviewed about 2 months ago
Low interest, excellent, friendly service. Reliable, I feel financially safe.
Low interest, excellent, friendly service. Reliable, I feel financially safe.
Yvonne (QLD), reviewed about 2 months ago
Pros with this bank is rates are compatible
Pros with this bank is rates are compatible
Leanne (VIC), reviewed 2 months ago
Susan (VIC), reviewed 2 months ago
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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:
