An Overview of NAB Home Loans

Published: July 10, 2019

Whether a NAB mortgage is the right choice for you depends on your choice of home loan type and what you're able to afford.

Home loans from NAB might help you save money and can generally be adapted to suit your requirements. For example, the NAB Choice Package generally results in lower interest rates and added savings. However, it does include an annual fee of $395. With NAB home loans, you can choose between variable rate, fixed rate or a split home loan.

To determine whether NAB mortgage rates is the right option for you, you might want to compare their offering against other major home loan providers in Australia.

Take note: ComparingExpert and consultants are not mortgage brokers. The information provided in this article is to help you make an informed decision. Please contact the home loan provider or financial institution for advice and guidance.

About National Australia Bank

The National Australia Bank (NAB) has over 160 years' experience offering a wide range of banking services at more than 900 locations worldwide. As Australia's largest business bank, they are committed to continuing investing and improving their services so that they can provide you with more competitive rates.

In June 2019, the bank announced that they would reduce their variable home loan interest rates by 0.19% per annum.

Different types of home loans from NAB


Variable Rate Home Loan

Interest rates fluctuate, so you'll benefit from market rates falling. However, you'll also be negatively impacted when market rates rise. With a NAB variable interest rate, you have more flexibility because you can make additional repayments and thus potentially pay off your home loan sooner.


Fixed Home Loan

Offers more consistency by providing fixed interest rates for up to 5 years for Owner Occupiers and 10 years for Investment loans. This loan type might help with budgeting. However, you generally have to pay a fee if you break your fixed term before it expires.


Split Home loan

Combines variable and fixed rates into one home loan by having two smaller loans equalling the total amount you'd like to borrow. For example, an $600,000 home loan could be split into a $400,000 fixed rate and $200,000 variable.

Line of credit

Line of Credit

This type of home loan is an agreement between you and the bank, which gives you access to a specific amount of money. If you're interested in this type of home loan, the NAB FlexiPlus Mortgage might be worth considering.


Choice Package

When combining your mortgage with other NAB banking products (like credit cards and insurance policies), you can get access to discounts and additional savings. However, a $395 annual fee applies, and you need to borrow at least $250,000.


Defence Force Home Loan

Helps Australian Defence Force members get discounts on their home loan interest rates, as well as the option to split their loan between variable and fixed. This product is available on NAB Choice Package, variable Interest Rates and Fixed Interest Rates.


Construction Home Loan

Provides you with flexible access to your funds while you are building your home. This type of home loan allows you to make individual payments at various stages of construction, from a pre-agreed loan amount.


Renovation Home Loan

Planning a renovation often means you’re going to have some unexpected costs. A renovation home loan will allow you to gain access to funds as your project requires. Choose between an equity loan or construction loan to finance your remodelling project.

NAB Features and benefits

  • No large deposit: You can generally borrow up to 95% of the property’s value on principle and interest repayments. Depending on your specific requirements and home loan type.
  • Extra repayment on variable home loans, gives you the ability to access these repayments easily should you need the money.
  • Addition repayments up to $20,000 on fixed rate loans.
  • 100% interest offset account available on NAB variable rate home loans.
  • Redraw $500 or more from your variable rate home loan without any additional fees.
  • Choose how you make repayments: Weekly, fortnightly or monthly.
  • Split loan option: Mix fixed and variable rates.

Who is eligible for a home loan from NAB?

To apply for a NAB Home Loan, you will generally need to be:

  • Above 18 years of age.
  • An Australian citizen or a permanent resident.
  • Able to provide proof of a regular source of income.

NAB home loan application process

You can submit your home loan application to NAB via phone, their website, or by visiting your local branch.

After you’ve submitted your application the National Australian Bank will contact you to discuss your home loan application and the supporting documentation, which generally include:

  • Personal identification: Provide NAB with an identity document like a driver’s license or passport, and a secondary identification such as a utility bill.
  • Proof of income:
    • Employees will need to provide a bank statement showing your 2 most recent salaries, or 3 payslips, or a letter from your employer outlining your earnings.
    • Self-employed individuals will be required to submit 2 years’ worth of bank statements as well as the contact details of their accountant.
    • If you earn money from investments, rental properties or you receive a government income; you will need to provide relevant bank statements to show this income stream.
  • Account statements outlining your current debts, assets, other property purchases and a list of your monthly expenses.

After your application and documentation have been reviewed:

  • A credit reporting body will do a credit check,
  • The property gets valuated,
  • You might receive conditional approval. Which you can apply for with the NAB Online Home Loan Conditional Approval form.
  • With conditional approval, you can make an offer on the property,
  • You'll then receive a loan contract to accept, should you receive formal home loan approval.

Frequently asked questions and answers

How much can you borrow for a NAB home loan?

The amount of money you can borrow generally depends on a variety of factors, including your yearly income, assets and liabilities, the purpose of the home loan and the home loan interest rate you've chosen.

You might want to use their borrowing calculator and NAB home loan repayment calculator to help you.

How long does NAB take to approve a home loan?

Once you’ve completed the NAB application process, conditional approval can be obtained within a few days and remains valid for 90 days. However, it generally takes a few weeks for the entire assessment process to be completed before you'll receive an update regarding your status of formal approval.

How much deposit do you need?

Usually, for a NAB home loan, you require a deposit of at least 10% of the value of your home. However, if you borrow more than 80%, you usually have to pay Lenders Mortgage Insurance.

Can you get a NAB mortgage without a permanent job?

If you do not have conventional employment, you will need to provide NAB with the necessary documentation proving you are able to make repayments on your home loan. Approval will depend on the financial information you provide in your application.

How to contact NAB for a home loan?

You can contact them via phone (Monday to Friday 8 am to 7 pm AEST/AEDT, Saturdays 7 am to 6 pm and Sundays 9 am to 6 pm) or visit their website. Alternatively, you can go to any one of their branches Australia-wide.

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