NAB Home Loans Review |

Find out how NAB compares to other home lenders.

National Australia Bank is one of the largest banks in Australia, both in terms of market capitalization and number of customers. Founded in 1982 after two banks merged, it has roots dating back to 1834. NAB’s subsidiaries include UBank and 86,400. In 2021, it also acquired Citi’s Australian retail banking business.

As one of the “Big Four Banks”, NAB is a “full service” bank, meaning it offers a wide range of personal and business banking products and services in addition to home loans, such as as car and personal loans, credit cards, savings accounts, term deposits and much more.

What home loans does NAB offer?

NAB offers a range of home loan products suitable for all kinds of buyers, including first-time home buyers, builders, refinancers and investors. There are four main product lines in NAB’s home loan suite, suitable for a range of homebuyers including:

  • The NAB Choice Package

  • The NAB Custom Home Loan

  • The NAB Variable Rate Home Loan

  • The NAB FlexiPlus Mortgage

NAB also offers a variety of interest rate options such as principal and interest home loans, interest rate only home loans, variable interest rates, fixed rates and split loans.

Compare some of NAB’s home loans for homeowners in the table below:

Basic criteria: a loan amount of $400,000, variable, fixed, principal and interest (P&I) real estate loans with an LVR (loan-to-value) ratio of at least 80%. However, the “Compare mortgages” table allows calculations to be made on the variables selected and entered by the user. All products will list the LVR with the product and price list which is clearly published on the product supplier’s website. Monthly repayments, once the basic criteria are modified by the user, will be based on the advertised prices of the selected products and determined by the loan amount, repayment type, loan term and LVR as entered by the user. user/you. *The comparison rate is based on a loan of $150,000 over 25 years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Rates correct as of February 10, 2022. See disclaimer.

Find out how NAB’s home loans compare to some of the most competitive home loans on the market for homeowners:


Rate type Gap Redraw Ongoing charges The initial costs LVR Lump sum reimbursement Additional refunds Pre-approval

Variable More details

Smart Booster Home Loan Discounted Variable – 2 years (LVR
  • Fast turnaround times, can meet 30 day settlement
  • For purchase and refinancing, down payment min 20%
  • No ongoing or monthly fees, add 0.10% compensation

Variable More details

Homeowner Accelerates – Celebrate (LVR
  • We lower your rate based on the amount you have repaid on your loan
  • Automatic Rate Matching
  • No upfront or ongoing fees

Variable More details

Low Rate Home Loan – Premium (Principal & Interest) (Owner Occupant) (LVR
  • No upfront or ongoing fees
  • 100% cleared account
  • Additional refunds + withdrawal services

Fixed More details

Fixed mortgage 1 year (capital and interest) (LVR

  • Make up to $20,000 in additional repayments per fixed term
  • Redraw available – allows you to access any additional loan repayments you have made
  • Choose to lock rates for 90 days (fees apply)
  • The application is 100% online
  • Call center based in Australia

Fixed mortgage 1 year (capital and interest) (LVR
  • Make up to $20,000 in additional repayments per fixed term
  • Redraw available – allows you to access any additional loan repayments you have made
  • Choose to lock rates for 90 days (fees apply)
  • The application is 100% online
  • Call center based in Australia

Variable More details

Owner Occupied Variable, Principal & Interest (Refinance Only)(LVR
  • No application or ongoing fees.
  • 100% free clearing sub-account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.

NAB Packaged Home Loans Explained

The NAB ‘Choice Package’ line, for an annual fee, offers a discount on the ‘indicator’ rate for the life of the loan, while also offering reduced premiums on various insurance products and margin loans. Wrapping your home loan also removes home loan application fees, while also removing some credit card fees. Customers can also save up to 10% on select insurance products.

NAB Home Loan Features

NAB offers a variety of features on its home loan products, such as:

  • Clearing accounts: NAB allows you to pay less for your home loan with its clearing account feature.

  • Additional refunds: Making additional repayments can reduce the term and interest payments on your loan.

  • Flexible and additional refunds: You can make repayments on a weekly, semi-monthly or monthly basis.

  • Split loans: NAB allows you to split your loans between a variable rate and a fixed rate.

  • Lock rate: You can lock in your approved fixed rate to save yourself from rising interest rates while you wait for loan settlement.

NAB Mortgage Pre-Approval

There are several ways to apply for a home loan pre-approval through NAB. You can apply for conditional approval online through its online form, visit a branch, call NAB, or book an appointment by phone, in person, video chat, or home visit. Appointments usually last about 60 minutes.

NAB will look at things like your credit report, pay stubs, expenses and unpaid debts like other loans and credit cards, as well as assets – cars and stocks etc.

How to Apply for a NAB Home Loan

Eligibility criteria

Before you apply for a NAB home loan, you need to make sure you meet its criteria:

  • You must be 18 years or older

  • You must be an Australian or New Zealand permanent resident

  • You must have a regular source of income

If you meet NAB’s eligibility criteria, you can submit your application by:

  1. Apply online with NAB

  2. Complete an online application and submit it to your NAB agency

  3. Call the bank and speak with a NAB Home Loan Specialist

  4. Contact a mortgage broker

Necessary documents

To apply for a NAB home loan, you will need to provide certain documents:

  • Identity documents such as your driver’s license, passport, birth certificate, etc.

  • Proof of income such as your last payslips or your last tax returns if you are self-employed

  • Proof of other income, including rental income

  • Assets and liabilities documents, assets such as non-NAB savings, stocks and properties

  • Liabilities such as non-NAB loans, credit cards, leases and other personal debts

  • Residential status, if you are a tenant

  • A completed first-time homeowner grant application if applying through this channel

  • Monthly living expenses, including your costs for food, transportation, utilities, health care, etc.

Photo by Bidgee at Wikimedia Commons

The entire market has not been taken into account in the selection of the products above. Instead, a reduced portion of the market was considered. Products from some vendors may not be available in all states. To be considered, the product and price must be clearly published on the product supplier’s website.,, and Performance Drive are part of the Savings Media group. In the interest of full disclosure, Savings Media Group is associated with Firstmac Group. To learn how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.

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