Rates and fees verified as correct at 22 January, 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 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 ‡ |
|---|---|---|---|---|---|
| 3.68% p.a. | 4.31% p.a. | $8.00 monthly | $600 | ||
| 2.19% p.a. | 4.05% p.a. | $8.00 monthly | $600 | ||
| 2.69% p.a. | 4.76% p.a. | $8.00 monthly | $600 | ||
| 2.69% p.a. | 4.61% 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 ‡ |
|---|---|---|---|---|---|
| 4.02% p.a. | 3.67% p.a. | $0.00 | $0 | ||
| 3.45% p.a. | 3.45% 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 | ||
| 5.09% p.a. | 4.87% p.a. | $8.00 monthly | $600 | ||
| 4.52% p.a. | 4.65% p.a. | $8.00 monthly | $600 | ||
| 3.97% p.a. | 3.97% p.a. | $0.00 | $0 | ||
| 3.29% p.a. | 3.71% p.a. | $0.00 | $0 | ||
| 3.09% p.a. | 3.09% 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 |
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 ‡ |
|---|---|---|---|---|---|
| 3.58% p.a. | 4.60% p.a. | $395.00 yearly | $0 | ||
| 3.58% p.a. | 4.43% p.a. | $395.00 yearly | $0 | ||
| 3.58% p.a. | 4.46% p.a. | $395.00 yearly | $0 | ||
| 2.09% p.a. | 3.86% p.a. | $395.00 yearly | $0 | ||
| 2.09% p.a. | 3.68% p.a. | $395.00 yearly | $0 | ||
| 2.09% p.a. | 3.64% p.a. | $395.00 yearly | $0 | ||
| 2.59% p.a. | 4.41% p.a. | $395.00 yearly | $0 | ||
| 2.59% p.a. | 4.44% p.a. | $395.00 yearly | $0 | ||
| 2.59% p.a. | 4.62% 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 |
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 ‡ |
|---|---|---|---|---|---|
| 4.19% 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 |
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.
‡ 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.
Saving on your interest payments is easy with an offset account available as part of NAB’s standard variable loan.
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).
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 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.
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.
2899 Reviews
Not always sure my bank who I have been a loyal customer of for a long time always has my best "interest" at heart.
Read full reviewNot always sure my bank who I have been a loyal customer of for a long time always has my best "interest" at heart.
While the interest rate is quite higher than other lenders, it is a bank I trust and there are no hidden fees or charges in the product.
Read full reviewWhile the interest rate is quite higher than other lenders, it is a bank I trust and there are no hidden fees or charges in the product.
The NAB have always looked after me and have been consistent with their service.
Read full reviewThe NAB have always looked after me and have been consistent with their service.
It was a straightforward process. The lenders were great to deal with and easily contactable for any questions. Got my application moving along swiftly.
Read full reviewIt was a straightforward process. The lenders were great to deal with and easily contactable for any questions. Got my application moving along swiftly.
The highest interested rates with the most rude staff who work with what they know only and there is no flexibility. The loan specialist laughed in my face. It was mortifying, and I’ve already got a loan with them, can image how they would make new customers feel.
Read full reviewThe highest interested rates with the most rude staff who work with what they know only and there is no flexibility. The loan specialist laughed in my face. It was mortifying, and I’ve already got a loan with them, can image how they would make new customers feel.
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:
