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.
Rates and fees verified as correct at 12 August, 2020. 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 ‡ |
|---|---|---|---|---|---|
| 2.69% p.a. | 4.76% p.a. | $8.00 monthly | $600 | ||
| 2.69% p.a. | 4.61% p.a. | $8.00 monthly | $600 | ||
| 3.68% p.a. | 4.85% p.a. | $8.00 monthly | $600 | ||
| 2.39% p.a. | 4.10% 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 ‡ |
|---|---|---|---|---|---|
| 3.97% p.a. | 3.97% p.a. | $0.00 | $0 | ||
| 4.02% p.a. | 3.67% p.a. | $0.00 | $0 | ||
| 3.45% p.a. | 3.45% p.a. | $0.00 | $0 | ||
| 3.40% p.a. | 3.75% p.a. | $0.00 | $0 | ||
| 2.69% p.a. | 2.69% p.a. | $0.00 | $0 | ||
| 3.04% p.a. | 3.04% p.a. | $0.00 | $0 | ||
| 3.14% p.a. | 3.14% p.a. | $0.00 | $0 | ||
| 3.34% p.a. | 3.34% p.a. | $0.00 | $0 | ||
| 5.42% p.a. | 5.36% p.a. | $8.00 monthly | $600 | ||
| 5.12% p.a. | 5.25% p.a. | $8.00 monthly | $600 | ||
| 5.09% p.a. | 4.87% p.a. | $8.00 monthly | $600 | ||
| 4.52% p.a. | 4.65% 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 ‡ |
|---|---|---|---|---|---|
| 2.59% p.a. | 4.62% p.a. | $395.00 yearly | $0 | ||
| 2.59% p.a. | 4.44% p.a. | $395.00 yearly | $0 | ||
| 2.59% p.a. | 4.41% p.a. | $395.00 yearly | $0 | ||
| 2.59% p.a. | 4.41% p.a. | $395.00 yearly | $0 | ||
| 2.59% p.a. | 4.23% p.a. | $395.00 yearly | $0 | ||
| 2.59% p.a. | 4.20% p.a. | $395.00 yearly | $0 | ||
| 3.58% p.a. | 4.46% p.a. | $395.00 yearly | $0 | ||
| 3.58% p.a. | 4.60% p.a. | $395.00 yearly | $0 | ||
| 3.58% p.a. | 4.43% p.a. | $395.00 yearly | $0 | ||
| 2.29% p.a. | 3.73% p.a. | $395.00 yearly | $0 | ||
| 2.29% p.a. | 3.69% p.a. | $395.00 yearly | $0 | ||
| 2.29% p.a. | 3.91% 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 ‡ |
|---|---|---|---|---|---|
| 4.82% p.a. | 5.00% p.a. | $395.00 yearly | $0 | ||
| 4.57% p.a. | 4.75% p.a. | $395.00 yearly | $0 | ||
| 4.52% p.a. | 4.70% p.a. | $395.00 yearly | $0 | ||
| 4.52% p.a. | 4.91% p.a. | $395.00 yearly | $0 | ||
| 4.27% p.a. | 4.67% p.a. | $395.00 yearly | $0 | ||
| 4.22% p.a. | 4.62% p.a. | $395.00 yearly | $0 | ||
| 4.49% p.a. | 4.51% p.a. | $395.00 yearly | $0 | ||
| 4.24% p.a. | 4.26% p.a. | $395.00 yearly | $0 | ||
| 4.19% p.a. | 4.21% p.a. | $395.00 yearly | $0 | ||
| 3.67% p.a. | 4.08% 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 |
‡ 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.
Staff were extremely helpful. They walked me through every step and are very easy to get in contact with. Online site very easy to navigate.
Staff were extremely helpful. They walked me through every step and are very easy to get in contact with. Online site very easy to navigate.
Janet, Queensland, reviewed about 19 hours ago
I have two mortgage accounts. Offset linked to home loan. Can pay above set rate easily and as much as one wants online. I have the app on phone and transferring funds between accounts or different banks etc is easy. Redraw facilities excellent....
I have two mortgage accounts. Offset linked to home loan. Can pay above set rate easily and as much as one wants online. I have the app on phone and transferring funds between accounts or different banks etc is easy. Redraw facilities excellent. Get personal phone calls every year from local branch regarding review of loans.
Derek, New South Wales, reviewed 5 days ago
The bank is competitive with rates and is great. In saying that the lack of customer service and upkeep of documents is off putting. Just for getting pirvrates changed took us 5 months to get it right in which time we've had to sign new documents...
The bank is competitive with rates and is great. In saying that the lack of customer service and upkeep of documents is off putting. Just for getting pirvrates changed took us 5 months to get it right in which time we've had to sign new documents 4 or 5 times because they changed systems and couldn't locate them. We've sent the documents to 3 different people and none of them saved the files so it's been a real inconvenience just to change rates.
Melisa, New South Wales, reviewed 13 days ago
There are some very helpful staff but sometimes finding a branch can be difficult.
There are some very helpful staff but sometimes finding a branch can be difficult.
Narelle, Queensland, reviewed 23 days ago
I recently changed to NAB from another provider. They were very helpful and come to my level with my goals. I have referred a few friends and family members already and they are also seeing great saving in their home loans
I recently changed to NAB from another provider. They were very helpful and come to my level with my goals. I have referred a few friends and family members already and they are also seeing great saving in their home loans
Blase, Victoria, reviewed about 1 month 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: