NAB (National Australia Bank) is one of Australia’s ‘Big Four’ banks, operating both nationwide and around the world. It offers a range of personal and business banking products, including everyday banking, credit cards, personal loans, home loans and retirement solutions.
NAB specifies climate action, affordable and specialist housing, and backing Indigenous businesses as causes it’s focused on tackling.
| Offset accounts available | ✅ |
| Redraw facilities available | ✅ |
| Line of credit available | ❌ |
| Split rate option available | ✅ |
| Green loan available | ❌ |
| Ability to make extra repayments | ✅ |
| Internet banking available | ✅ |
| Salary crediting | ✅ |
| Choice of repayment flexibility | ✅ |
| Refinance available | ✅ |
| Services first home buyers | ✅ |
NAB’s range of home loan products on offer currently includes:
NAB offers home loans that may be appropriate for first home buyers, prospective refinancers, those looking to construct a new home on vacant land, those looking for bridging finance between home loans, property investors and more. They also offer split rate loans and interest-only home loans.
However, when it comes to what types of borrowers NAB lends to, there are a few points that prospective borrowers should keep in mind.
The first is that NAB has a minimum required loan-to-value ratio (LVR) of 95%, meaning it is unlikely that you will be approved for a home loan with NAB if your saved deposit is less than 5% of your total proposed loan size. Additionally, depending on the suburb a property’s located in, NAB may require a lower minimum LVR in order to reduce the perceived risk of lending against a property in that area.
NAB also likely won’t give you a home loan if you don’t have the capacity to repay your proposed home loan at a rate 3% higher than the advertised interest rate. This is because the Australian Prudential Regulation Authority (APRA) requires all lenders to assess an applicant’s ability to service their proposed home loan in the event of interest rate hikes.
Yes, NAB provides home loans to first home buyers. While they don’t have a specific home loan product designed for first home buyers, they have several tools and resources available to help them navigate the process of buying a home for the first time.
Yes, NAB is one of the 33 participating lenders chosen by the Federal Government to offer the Home Guarantee Scheme. The Home Guarantee Scheme helps certain home buyers secure a home loan with a deposit smaller than 20%, without having to pay lenders mortgage insurance (LMI).
Applications for one of these schemes can only be made through a participating lender or a mortgage broker acting as an authorised representative of a participating lender.
Yes, you can refinance your home loan with NAB from another bank. Borrowers refinancing their loan with NAB can choose either a fixed rate, standard variable rate or split rate loan to switch to. You may be able to add a fee-free redraw facility and/or an offset account to eligible loans.
NAB advises that they require a borrower to take out LMI if the borrower’s LVR is 80% or more, meaning their saved deposit represents less than 20% of the total loan value. NAB allows a maximum LVR of 95%.
As of 15 May 2024, NAB charges the following home loan fees:
Please note that these fees may not apply to every home loan offered by NAB and are subject to change without notice. Check the Key Facts Sheet of any home loan product you’re looking at to see how its fees stack up.
If you want to learn more about NAB home loans, you can use our home loan comparison tool to compare them against a wide range of other loan products from nearly 20 other lenders!
Comparing home loans with us means only being shown home loans you’re eligible to apply for, and having a dedicated team of Home Loan Specialists on-hand to help you with any questions you may have. And if you find a home loan that you think might be appropriate for you, you can apply for it then and there – entirely online, with no physical paperwork!
So, if you’re in the market for a home loan, compare your options today with Compare the Market!
Stephen has more than 30 years of experience in the financial services industry and holds a Certificate IV in Finance and Mortgage Broking. He’s also a member of both the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Mortgage and Finance Association of Australia (MFAA).
Stephen leads our team of Home Loan Specialists, and reviews and contributes to Compare the Market’s banking-relating content to ensure it’s as helpful and empowering as possible for our readers.
