Your selected 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.
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
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 6.44% p.a. (6.48 % p.a. comparison rate).
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.
Your selected home loans
Getting less and less opportunity to get to branch
We are a Defence family and we have found the service, home loan products and the flexibility of our home loan excellent. We are able to reduce the long term life of our loan by taking advantage of the Defence home loan. With the cost of living crisis, it had been hard to get ahead on our home loan, however switching to the NAB and accessing the Defence loan has left us with a feeling that in the long term we are paying down our principle a lot faster. It has made a real difference - thanks NAB!
I've always experienced fantastic customer service with NAB. Staff have been knowledgeable and timely. If they don't have the answer to your query, they know someone who does.
In these difficult financial times, the staff at the NAB go above and beyond to be helpful. I am grateful that they are helping me to keep my house even though I'm struggling to pay the mortgage at present.
NAB is of course one of the big 4, so knowing that they can disregard borrowers individual requests for tayloring home loans when you need to(which they will do !). That said they do have great packages that include credit cards, a good app to access your loan & lots of brick & mortor branches.
I have recently attained restructuring at my full-time employment and don't have a current position available for employment. I've been off on unapproved workers compensation for some time and my payments ceased due to exhausted leave etc. My wife unwent chemotherapy just over 2 years again as she has cancer in the stomach and had her stomach removed. She works luckily 2 days a week. No income, a mortgage, the cost of living and our 8 year old son. Due to bo finances I called customer care at NAB and discussed the situation. With great appreciation and respect, they've frozen nortage Repayment until my return to employment hopefully at the end of August 2024. NAB customer care will call me on the 28th August to check in to see how i am. I can't express how grateful we are in being understood and shown some compassion with the costs and situation at hand. NAB customer service and communication/s is paramount.
Really supportive though COVID and then job loss.
Have had a fairly good experience with NAB. The home loan specialists have been informative and patient while also providing a competitive product.
We have had our home loan for 12 years. It was a 20 year loan and we could have paid it off years ago but the redraw system is fantastic for renovations etc. Our bank manager is fabulous. We hadnt seen her for years but she remembered us - even our names. The online banking is easy and as I've mentioned, we could have ended our relationship years ago but chose not to.
Easy internet banking Familiar with banking and products Can usually speak with someone
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.
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 .
NAB’s home loans come with a minimum loan amount of $20,000, with no maximum borrowing limit (subject to individual assessment).
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.
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.
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:
For more information, visit NAB .
* 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.
^See information about the Mozo Experts Choice Home Loan Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.