NAB home loan repayment calculator

Thinking about taking out a home loan with NAB? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how NAB home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 1.89%

Total interest payable

$0

Total loan repayments

$0

Pros and cons

  • Large variety of home loans to choose from
  • Loans can be packaged with other financial products
  • Flexible loan features
  • Comprehensive customer support
  • Some loans have fees
  • Less competitive interest rates

NAB home loans rates

Advertised Rate

2.69

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.69

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.79

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.79

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.04

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.04

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.34

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.34

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.99

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.60

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

4.02

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.67

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.19

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.76

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.76

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

1.98

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.83

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

3.88

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.29

% p.a

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

3.91

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

1.89

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.97

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.97

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.97

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.08

% p.a

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

4.02

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.67

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.08

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

4.35

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.12

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.09

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.16

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

1.99

% p.a

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

4.20

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.24

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.26

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.79

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

4.27

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.89

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

4.27

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.94

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

4.28

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.49

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.28

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.59

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.29

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.99

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

4.31

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.79

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

4.31

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.89

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

4.31

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.09

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

4.32

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.49

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.35

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.59

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.36

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.44

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.37

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.94

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

4.38

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.04

% p.a

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

4.40

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.19

% p.a

Fixed - 1 year

Total estimated upfront fees
$600
Comparison Rate*

4.43

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.99

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

4.43

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.49

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.43

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.59

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.43

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.89

% p.a

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

4.43

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.99

% p.a

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

4.43

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.44

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.09

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

4.44

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.45

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.09

% p.a

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

4.47

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.19

% p.a

Fixed - 5 years

Total estimated upfront fees
$600
Comparison Rate*

4.48

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.29

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.51

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.89

% p.a

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

4.51

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.99

% p.a

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

4.51

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.59

% p.a

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

4.52

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.69

% p.a

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

4.52

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.04

% p.a

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

4.54

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.54

% p.a

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

4.57

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.39

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.59

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.60

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.09

% p.a

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

4.63

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.59

% p.a

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

4.63

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.69

% p.a

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

4.63

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.19

% p.a

Fixed - 4 years

Total estimated upfront fees
$600
Comparison Rate*

4.64

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.52

% p.a

Variable

Total estimated upfront fees
$600
Comparison Rate*

4.65

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

4.67

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.27

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.67

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 3 years

Total estimated upfront fees
$600
Comparison Rate*

4.68

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.54

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.73

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.39

% p.a

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

4.75

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.59

% p.a

Fixed - 1 year

Total estimated upfront fees
$600
Comparison Rate*

4.75

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.69

% p.a

Fixed - 1 year

Total estimated upfront fees
$600
Comparison Rate*

4.75

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

4.57

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.75

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.81

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.81

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

4.87

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 2 years

Total estimated upfront fees
$600
Comparison Rate*

4.87

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

5.09

% p.a

Variable

Total estimated upfront fees
$600
Comparison Rate*

4.87

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.64

% p.a

Fixed - 1 year

Total estimated upfront fees
$600
Comparison Rate*

5.01

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 1 year

Total estimated upfront fees
$600
Comparison Rate*

5.12

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.79

% p.a

Fixed - 1 year

Total estimated upfront fees
$600
Comparison Rate*

5.13

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

5.12

% p.a

Variable

Total estimated upfront fees
$600
Comparison Rate*

5.25

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

5.42

% p.a

Variable

Total estimated upfront fees
$600
Comparison Rate*

5.36

% p.a

Ongoing fee
$8 monthly
Go to site
More details

NAB customer service

Home loan customers at NAB are able to speak to customer support by contacting the home loan hotline seven days a week, or by popping into a NAB branch, emailing the bank directly or by filling out an online enquiry form. Potential NAB customers can also chat with a customer service representative via the online chat function or can contact a NAB mobile banker directly.

  • Customer service (phone, email, branch)
  • Mobile app
  • Online banking
  • Live Chat
  • Mobile banking staff

How to apply for an NAB home loan

NAB provides potential customers with multiple ways to apply for a home loan. This includes calling the bank, applying online, visiting a branch or organising for a NAB Mobile Banker to come to you. 

Before applying for a home loan, think about how much you can afford to borrow given your financial situation and income. 

You will also need to provide documentation when applying for a home loan, including:

  • Personal identification
  • Proof of income – whether you are self-employed or work for an employer
  • Proof of other income, including rental from investment properties
  • Information regarding your current debts, liabilities and assets

About NAB home loans

As one of Australia’s big four banks, NAB offers a wide variety of mortgages that suit almost every type of borrower, including:

  • First home buyers
  • Upgraders
  • Investors
  • Renovators
  • Refinancers

Those who choose a NAB mortgage can choose from a variety of interest rate options, including:

  • Principal-and-interest home loans
  • Interest-only home loans
  • Variable interest rates
  • Fixed interest rates
  • Split loans

Mortgage borrowers may be able to earn discounts and fee waivers when they combine their home loan with other NAB products, like credit cards. Some NAB home loans also offer lower (temporary) introductory interest rates and interest rate discounts.

NAB generally charges an application fee and annual service fee for its home loans, though some offers may waive some or all of these fees. 

NAB home loan rates

While NAB doesn’t always offer the lowest rates on the market, it attracts customers with its well-known brand, extensive branch network, and convenience.

As a general rule, NAB home loans for owner-occupiers have lower interest rates than mortgages for investors, and borrowers who choose principal and interest loans tend to get lower interest rates than those who choose interest-only mortgages. 

NAB also offers home loan rates for variable and fixed mortgages. Rates can be fixed for a term between one and five years, with the longer fixed terms more often charging higher fixed interest rates. 

NAB home loans review

NAB is well-known and well-regarded by many Australians, and provides home loan options that could be suited to almost any type of borrower. There are NAB home loans suited to first-time buyers, renovators, refinancers, and investors. 

NAB home loans can be principal and interest or interest-only. Borrowers can also choose for their mortgages to be variable, fixed, or split.

While NAB doesn’t always offer the lowest home loan interest rates on the market, and you may need to account for application and ongoing fees, bundling or packaging your mortgage with other NAB financial products may let you enjoy extra value or see some of your fees waived.

Learn more about home loans

Should I apply for a NAB home loan pre-approval?

Buying a new home is an exciting event in anybody’s life. Getting pre-approval means you know what you can afford so you don’t waste time looking at properties outside your budget. With a NAB Bank home loan pre-approval, you can look for your new home with confidence. The lender knows you’re serious about the purchase and also exhibits a willingness to lend you money.

Applying for a NAB home loan pre-approval is relatively straightforward. You might be asked to provide proof of employment and income, details of any savings as well as any on-going debts. NAB may also conduct a credit check on you to see if you’d be a risky borrower. If NAB offers you pre-approval after these checks, you’ll know how much money they’re willing to lend you. The NAB Bank home loan pre-approval is valid for 90 days from application, so don’t apply too early and be aware of this when looking for a property. If your pre-approval expires before you find a property you’ll need to reapply.

You can apply online for NAB home loan pre-approval, visit your nearest NAB branch, call on 13 79 79, or set up an appointment. If you choose to book an appointment, it can be done in person, via video, over a call or you can have a NAB Bank representative visit you.

 

 

 

What are the different types of home loan interest rates?

A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan. 

Having understood what are home loan rates in general, here are the two types you usually have with a home loan:

Fixed rates

These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.

Variable rates

With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments. 

Can I get a NAB first home loan?

The First Home Loan Deposit Scheme of NAB helps first home buyers purchase a property sooner by reducing the upfront costs required. This scheme is offered based on a Government-backed initiative, with10,000 available places announced in October 2020.

Suppose your application for the NAB first home buyer loan is successful. In that case, you’ll only need to pay a low deposit, between 5 and 20 per cent of the property value and won’t be asked to pay lender's mortgage insurance (LMI). You’ll also receive a limited guarantee from the Australian government to purchase the property.

If you’re applying for the NAB first home buyer home loan as an individual, you need to have earned less than $125,000 in the last financial year. Couples applying for the NAB first home loan need to have earned less than $200,000 to be eligible. To be considered a couple, you need to be married or in a de facto relationship. A parent and child, siblings or friends are not considered a couple when applying for a NAB first home loan.

The NAB First Home Loan Deposit Scheme is currently offered only to purchase a brand new property, rather than an established property.

How long does NAB home loan approval take?

The time required to get your home loan from NAB approved can vary based on a number of factors involved in the application process. 

Once you have applied for a home loan, a NAB specialist will contact you within 24 hours over the phone to take down relevant information, including your total income, debts (existing loans, credit cards, etc.), assets (car, shares, etc.), and your monthly expenses (food, utility bills, etc.). Your lender might also ask for information related to the property you want to purchase, including the type of dwelling and preferred postcode.

NAB will then verify all your information and check your credit score, and if the details stack up, you should be given a conditional approval certificate. This certificate stipulates how much money NAB is willing to lend you and is typically valid for 90 days. 

Once you have your conditional approval, you can start browsing for properties that you like and that fit within the budget that NAB has provided. After you find a suitable property, you’ll need to give a copy of the signed deed to NAB, following which you should get full approval and access to the funds. This process can take up to 4-6 weeks. 

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

Can I get a NAB home loan on casual employment?

While many lenders consider casual employees as high-risk borrowers because of their fluctuating incomes, there are a few specialist lenders, such as NAB, which may provide home loans to individuals employed on a casual basis. A NAB home loan for casual employment is essentially a low doc home loan specifically designed to help casually employed individuals who may be unable to provide standard financial documents. However, since such loans are deemed high risk compared to regular home loans, you could be charged higher rates and receive lower maximum LVRs (Loan to Value Ratio, which is the loan amount you can borrow against the value of the property).

While applying for a home loan as a casual employee, you will likely be asked to demonstrate that you've been working steadily and might need to provide group certificates for the last two years. It is at the lender’s discretion to pick either of the two group certificates and consider that to be your income. If you’ve not had the same job for several years, providing proof of income could be a bit of a challenge for you. In this scenario, some lenders may rely on your year to date (YTD) income, and instead calculate your yearly income from that.

Can I apply for an NAB home loan during maternity leave?

After you apply for a home loan during maternity leave, an NAB representative will first assess your income, assets, and liabilities to determine if you're able to meet the monthly repayments. Like all home loan applications, you will need to provide specific documentation to NAB while applying for the loan, including recent payslips from three months before your maternity leave, and a letter from your employer stating the details of your absence with the date of your anticipated return, tenure, and income. NAB will also analyse the expenses you need to bear while on leave, for example, utilities, childcare, healthcare services, etc. 

It’s crucial to let the NAB representative know that you’re pregnant and will be going into a paid or unpaid maternity leave, as it can mean a faster chance of approval. 

Similar to a regular mortgage application, you can borrow 80 to 90 per cent of the total property value if you meet the eligibility criteria. If you’re applying for a loan while pregnant, you may want to  consider borrowing 80 per cent or below of the total property value, as this may help  lower the monthly repayment amount. 

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

What is 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.

How do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.