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 |
---|---|---|---|---|---|
6.89% p.a. |
7.67% p.a. |
$8.00 monthly |
$0 |
||
6.84% p.a. |
7.51% p.a. |
$8.00 monthly |
$0 |
||
6.64% p.a. |
7.52% p.a. |
$8.00 monthly |
$0 |
||
6.59% p.a. |
7.37% p.a. |
$8.00 monthly |
$0 |
||
6.89% p.a. |
8.05% p.a. |
$8.00 monthly |
$0 |
||
6.84% p.a. |
7.89% p.a. |
$8.00 monthly |
$0 |
||
6.79% p.a. |
7.98% p.a. |
$8.00 monthly |
$0 |
||
6.74% p.a. |
7.82% 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 |
---|---|---|---|---|---|
7.94% p.a. |
7.37% p.a. |
$0.00 |
$0 |
||
6.84% p.a. |
6.88% p.a. |
$0.00 |
$0 |
||
8.24% p.a. |
8.06% p.a. |
$8.00 monthly |
$0 |
||
8.04% p.a. |
7.86% p.a. |
$8.00 monthly |
$0 |
||
7.77% p.a. |
7.85% p.a. |
$8.00 monthly |
$0 |
||
7.57% p.a. |
7.65% p.a. |
$8.00 monthly |
$0 |
||
7.85% p.a. |
7.85% p.a. |
$8.00 monthly |
$0 |
||
8.27% p.a. |
7.81% p.a. |
$0.00 |
$0 |
||
7.36% p.a. |
7.41% p.a. |
$0.00 |
$0 |
||
8.57% p.a. |
8.54% p.a. |
$8.00 monthly |
$0 |
||
8.37% p.a. |
8.34% p.a. |
$8.00 monthly |
$0 |
||
8.37% p.a. |
8.45% p.a. |
$8.00 monthly |
$0 |
||
8.17% p.a. |
8.25% p.a. |
$8.00 monthly |
$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.
2970 Reviews
NAB HAVE ALEAYS BEEN AMAZING TO DEAL WITH. Have banked with them for over 30 years.
Read full reviewNAB HAVE ALEAYS BEEN AMAZING TO DEAL WITH. Have banked with them for over 30 years.
NAB's longstanding reputation as one of Australia's leading banks instils trust and confidence in customers and I feel comfortable with them. NAB's focus on customer satisfaction and personalized service ensures that I feel valued and supported in my financial journey.
Read full reviewNAB's longstanding reputation as one of Australia's leading banks instils trust and confidence in customers and I feel comfortable with them. NAB's focus on customer satisfaction and personalized service ensures that I feel valued and supported in my financial journey.
Not many branches local to my specific area, long waiting times on the phone customer service. However, each time I have called the operator has been quite knowledgeable and able to answer all queries.
Read full reviewNot many branches local to my specific area, long waiting times on the phone customer service. However, each time I have called the operator has been quite knowledgeable and able to answer all queries.
Haven’t had any issues in the few years we have been with them
Read full reviewHaven’t had any issues in the few years we have been with them
their home loan rates is low and competitive. Home loan processing times is one of the best. They have very good customer support system.
Read full reviewtheir home loan rates is low and competitive. Home loan processing times is one of the best. They have very good customer support system.
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: