NAB Home Loans
Everything you need to know about a NAB Home Loan
As a major bank, NAB is able to offer a range of home loans to customers, including competitive products for the $1 million-plus home loans. While still relatively conservative, as compared to the other major banks NAB is a bit more lenient in their lending policy, accepting loans for those with no genuine savings and with low deposits. They also have special deals for doctors and dentists. For those with poor credit, it can, however, be very difficult to get approved.
Key Benefits
- Excellent online banking features
- Reliable customer support
- Variety of home loan products
Drawbacks
- High fees on some loans
- Rates only moderately competitive
- Need a strong credit history for loan approval
NAB Home Loan Products Breakdown
NAB Base Variable Rate Home Loan
- Pay off your loan sooner
- Flexible repayments
- Save on fees & interest
Get into your home sooner with our simple, low-cost home loan
For a simple, easy home loan that will still give you the freedom to pay down your loan faster with additional repayments – as well as free redraw if you need to access your extra cash – this variable rate loan is a practical option. You’ll save on a great fee schedule and a low-interest rate. You’ll have to pay lender’s mortgage insurance if you borrow more than 80% of the property value and you’ll also have a higher rate with interest only payments but you do have the flexibility if you don’t have a large deposit ready or would benefit from the interest only period.
NAB Choice Package
- Discounted rates
- Save on fees
- Enjoy extra benefits
Package your home loan and enjoy a range of benefits
Bundle your home loan with other banking products to help simplify your financial life and to save big with discounts and benefits. You won’t have to pay any ongoing fees for your account and can enjoy a rate discount. The more you borrow, the bigger the discount. You have the potential to save thousands on your loan – in the first year alone.
NAB Tailored Home Loan
- 100% interest offset
- Variable, fixed or split
- Pay off your mortgage sooner
An easy home loan that allows you to pay your loan faster
Let your loan revolve around you, not the other way around. NAB lets you choose between a fixed or variable rate, or you can enjoy the best of both worlds with a split loan. You can still make extra repayments up to $20,000 with your fixed rate portion and can save on interest with an offset facility for your variable loan.
NAB FlexiPlus Mortgage
- Easily access your money
- No scheduled repayments
- Borrow up to 80% of property value
Unlock equity you’ve built in your home and access money whenever you need it
Need a line of credit for personal spending or investment purposes. FlexiPlus puts you in the driver’s seat with a moderately competitive interest rate and dynamic flexibility. You can link to your NAB transaction account and take out what you need up to your limit. When you are ahead, take a repayment holiday. You just have to ensure you’ve covered your interest. It’s your loan, your way.
NAB Portfolio Facility
- No monthly service fees or application fees
- Single lending limit for all home and investment loans
- Organise borrowings in up to 12 home loan sub accounts
This multipurpose line of credit can fulfil your home and investment needs
NAB’s portfolio facility is a line of credit that is flexible and multipurpose. You will have the choice to secure a fixed or variable rate, and you can make multiple sub accounts to organise the money that you borrow. The money is easily accessible, and can simply be withdrawn from using internet banking or ATMs. Another plus is that you won’t have to pay monthly service fees or application fees, and the annual package fee will cost you just $550 a year.
NAB Defence Force Home Loan
- Minimum loan to property value of 95%
- Loan term of 1 – 5 years
- Additional repayments permitted
A loan that serves those who serve the country
NAB’s Defence Force home loan offers concessions for members of the Australian Defence Force as part of the Defence Home Ownership Assistance Scheme. You have the flexibility to choose to have a fixed rate or variable rate loan, or even split your loan into fixed and variable loans. In addition to this, the loan is available with the choice package. You can speed up the payment of your debts with the option of making additional repayments and those who choose the variable loan can enjoy a minimum discount of 0.08% off advertised standard variable rates.
NAB Home Loan Products Comparison
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Frequently Asked Questions
When it comes to asking which Australian bank is best for a home loan, lenders have their own strengths, limitations and requirements. This means it’s important to shop around to find the best fit for your unique financial situation. At eChoice, we’re passionate about ensuring you make the right choice from the get go, and that means empowering you with knowledge of the different options available to you. So, in this article, we’re putting NAB home loans under the microscope.
As a major bank, NAB is able to offer a range of home loans to customers, including competitive products for the $1 million-plus home loans. While still relatively conservative, compared to the other major banks, NAB is a bit more lenient in their lending policy, accepting loans from those with no genuine savings or a low deposit. They also have special deals for doctors and dentists. Despite this, those with low credit tend to find it difficult to get approval. Thinking of applying for an NAB Home Loan? Here’s everything you need to know:
What deposit do you need for a NAB Home Loan?
Usually, it’s easiest to successfully apply for a home loan with NAB if you have a deposit of over 20%. However, provided you fit the rest of the criteria, they do accept deposit for as little as 5% with their NAB Tailored Home Loan package. If you do take up this deal, it’s important to keep in mind that you will be required to pay LMI (lender’s mortgage insurance), as well as an application fee of around $600.
The best way to determine the minimum deposit you would need for an NAB home loan is to use their ‘how much can I borrow’ calculator.
What is an NAB tailored home loan?
This is one of NAB’s more flexible home loan packages, giving customers the option to make their payments weekly, fortnight or monthly. They also allow you make free extra repayments of up to $20,000. If necessary, these repayments can then be accessed through their redraw facility.
The home loan also features a 100% offset account, designed to reduce the interest you pay. You can also choose between variable, fixed or split for the NAB Tailored Home Loan. While it has many desirable features, it’s important to be aware of the fees involved, which includes an $8 monthly fee and $350 exit fee as well a $600 application fee.
How long does NAB take to approve home loan applications?
When you apply for a mortgage with NAB, you will generally be contacted by a home loan specialist who will run through things over the phone, which usually takes between 30 and 60 minutes. If everything seems to be in order and you’re eligible, you will then be given conditional approval. From here, you will get a conditional approval document in the mail, valid for 90 days. You will need to then get formal approval, which involves having the property value and submitting all necessary documentation. This process can take about two weeks until your home loan is officially accepted.
Are there any exit fees for NAB home loans?
Like most other lenders, NAB charges a mortgage discharge fee if you choose to end the loan or refinance.
What fees are there if I leave my NAB home loan?
NAB charges a $350 discharge or settlement fee when you exit your home loan. This is the same as Commonwealth Bank and Westpac charge, while ANZ charges $160.
Can I put my NAB Home Loan repayments on hold?
While we wouldn’t recommend making a habit of it, NAB offers repayment holidays to eligible customers. These allow you take a few months off home loan repayments. If you are having financial difficulties, it’s best to advise them as early as you can so they can make necessary arrangements.
How much does the NAB employee home loan get you?
As a bank, NAB offers financial products and services at more competitive rates and with reduced fees for their employees. Their employee program includes offers on home loans as well as investments, credit cards, insurance, financial planning and more. If you are an employee or are thinking of becoming one, it’s best to chat with your HR department to see what you’re eligible for.
How do you access home loan statements with NAB?
NAB allows you to register for Smart Statements, which gives you access to your statements online rather than via mail. With this feature, you can view, download and save statements from the last seven years online. You can register for NAB Smart Statements within NAB Internet Banking by selecting ‘account info’ menu and ‘view statements’ from the drop-down menu.
How to redraw with a NAB home loan?
When you pay more than the minimum amount on your home loan, NAB allows you to redraw. This can reduce the time you spend paying back your loan and reduce your interest rate. You can also access the extra money you’ve put away for things like emergencies, investments or purchasing another property. To check if you’re eligible for redraw on your home loan, or to check how much available, check NAB internet banking. After this, you can redraw directly through the website, or by calling NAB or visiting your local branch.
What is the minimum redraw on a NAB Home Loan?
The amount you can withdraw on a NAB home loan starts at $500, all the way up to $150,000. Typically, you can access all the funds you’re ahead by, minus one month’s scheduled repayment.
What NAB home loan allows 4 splits?
NAB doesn’t have a home loan that facilitates a 4-way split, however, they do offer split loans. This allows you to have two smaller loans that add up to your total loan amount – one fixed rate and one variable. For example, if you’re borrowing $500,000 you could have $300,000 as fixed and $200,000 as variable. This gives you the stability of fixed repayments while still giving you access to an offset account.
Will NAB do a zero-deposit home loan?
No, NAB doesn’t offer zero deposit home loans. The lowest deposit they will accept is a 5% deposit with their NAB Tailored Home Loan. However, you may be able to get around this with a NAB family guarantee. This is when your parents, or other relatives such as grandparents, use the equity in their own property as security for your loan.
What is the NAB home loan interest rate?
The NAB interest rate depends on which kind of home loan you are applying for and whether it’s fixed or variable. For home buyers, their lowest rate is the NAB Choice Package Home Loan – a 2-year fixed (owner occupier P&I) first home buyer special, which has a 3.09% p.a. interest rate and lets you borrow up to 90%.
On the other end of the spectrum is the FlexiPlus Mortgage package, which involves getting a line of credit. This has an interest rate of 6.16% p.a.