NAB Base Variable Loan


The NAB Base Variable Loan is a variable rate home loan that gives you access to a range of features to help you save, including no ongoing monthly loan fees.

When it comes to flexibility, this loan lets you tailor your repayments to suit your salary, giving you the choice between weekly, fortnightly or monthly installments. You can also make additional lump sum repayments which can help to save you interest and get you on your way to owning your home faster.

While this loan does not have a 100 percent offset facility it does have a redraw facility which you can access through online banking. The redraw facility is free however there is a minimum redraw amount.

This Base Variable Loan also gives the option of opting for interest only payments for a period of 5 years.

Borrowers with a smaller deposit can loan up to 90 percent of the property value, however all loans over 80 percent may be subject to lenders mortgage insurance.

This big bank offers support with an online chat function and telephone support available 7 days a week. 

Who is the NAB Base Variable Loan good for?

The low variable interest rate and flexible repayment options give this loan broad appeal.

However, this loan has no split option so borrowers looking for certainty might get more from a fixed rate loan.

The interest only option may appeal investors while the low deposit requirement and lack of ongoing fees is appealing to first home buyers and owner occupiers. Refinancers may be put off by the high upfront fee.

Review - What RateCity says

This NAB Base Variable Rate Loan has a low interest rate which makes this loan appealing to a wide range of borrowers. In saying that, there are a few things to consider, specifically the lack of 100 percent offset account.

Before you apply, do the sums to make sure that the low interest rate is enough of a saving without the ability to offset any interest.

The flexible repayment options and the lack of ongoing fees may appeal to some borrower.

It’s worth noting that this loan has no packaging option, so if you’ve got other credit card or transaction accounts you might find this loan limiting. Rates aside, an advantage of opting for a big bank like NAB is the big branch network and extended customer support options.

NAB Base Variable Loan Options

For more information about the NAB Base Variable Loan options, click the link below.

Variable Rates from


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  • No ongoing fees.
  • Redraw facility.
  • Additional repayments allowed.
  • No 100 percent offset facility.
  • High upfront fees.
  • Discharge fees.

Provide proof of income and employment. Provide a list of assets and liabilities. Be over 18 years old. Be an Australian Citizen.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $600
  • Discharge fees: $350
  • Ongoing fees: $0 - $8 monthly

While this NAB Base Variable Loan has no ongoing monthly or annual loan fees, it does have a high upfront fee and discharge fee payable when the loan ends or if you choose to refinance with another lender.

There are no redraw fees, however there is a minimum redraw amount.

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About NAB

NAB is one of Australia’s biggest banks, providing financial products and services to over 12 million customers. NAB has a diverse range of home loan products which cater to borrowers of all shapes and deposit sizes. Being a big bank NAB offers its customers big telephone and branch customer support.

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