How can I own my home sooner?
With a variable rate NAB home loan, simply making your repayments fortnightly instead of monthly not only saves you money, but may also cut years off the term of your mortgage. With a fixed rate loan you can make up to $20,000 in additional repayments during the fixed rate period without incurring prepayment fees.
You could also use NAB Loan Trimmer or 100% Offset to help reduce the interest you pay.
You can find out more about paying off your home loan sooner in our section called ‘Ways to save time and money’.
Or you can visit any of our branches or meet with a personal banker who can show you how to take advantage of our home loans and your changing financial circumstances to cut years off the term of your mortgage and save thousands of dollars in interest.
What if my personal or financial circumstances change?
If you need to alter your repayments because of a change in your circumstances, NAB home loans have the flexibility to help. Here are some options:
- Apply to redraw extra funds on your home loan (for eligible home loans). You can do this on internet banking or phone 13 22 65.
- Apply to take a repayment holiday if you’re ahead in your scheduled repayments. You can do this on internet banking or phone 13 22 65.
- Apply for hardship if you are experiencing financial difficulty or think you will not be able to make your minimum loan/credit card repayments. Please phone 1300 661 114 or contact your Banker/Branch – this number is located on the top left hand corner of your account statement.
NAB also offers a wide range of insurances to protect your financial health in the event of unforeseen circumstances. These can be arranged through MLC Limited ABN 90 000 000 402 AFSL 230694, a wholly owned subsidiary of NAB, to give you added peace of mind. To find out more, refer to link: or speak with your banker/Branch.
If I have a variable rate loan and I think interest rates are going to rise, can I change to a fixed rate?
Because our loans are so flexible, you can move from a variable rate loan to a fixed rate NAB Tailored Home Loan at any time. However, you may be charged a switch fee, which is currently $300. Other fees and charges may be payable.
Can I redraw on my home loan? How?
Yes. If you’re ahead on your scheduled repayments, you can redraw the extra funds if eligible. Redraw is available with all NAB variable rate home loans. For fixed rate home loans, redraw is only available at the end of the fixed rate period (i.e. when the rate becomes variable). The minimum redraw amount is $2,000.
To redraw funds you can contact your personal banker or call 13 13 12, 8am to 9pm AEST, 7 days a week.
If you have a redraw facility established for your home loan then you can also use NAB Telephone Banking and NAB Internet Banking to redraw funds.
Fees and charges are payable. Full details of fees and charges and the relevant terms and conditions are available on application.
How do I arrange a repayment holiday?
If you are ahead in your scheduled home loan repayments, you can apply for a home loan repayment holiday of between 2 – 12 months. To find out if you're eligible to take a break from making your contracted mortgage repayments please contact your personal banker or call 13 22 65 from 8am to 8pm AEST, 7 days a week.
How can I make home loan repayments? And how often?
You can make repayments to your home loan account through direct debits from your transaction account or even a direct payment from your salary straight into your home loan account. You can set this up as an automatic repayment so you can ‘set and forget’.
You can make repayments weekly, fortnightly or monthly for most loans. If you have an ‘interest only’ payment option, interest is paid monthly in arrears or annually in advance.
How do I increase or decrease my repayments?
You can increase your mortgage repayments at any time with a NAB variable rate home loan. With a variable rate home loan you can make unlimited extra payments (fees and charges may apply.) With a fixed rate home loan you can make up to $20,000 in additional repayments during the fixed rate period without incurring prepayment fees.
If you are thinking of decreasing your contractual repayments, you should discuss your home loan contract with your personal banker.
Where can I view how far ahead I am with my home loan?
You can find out how you’re tracking with your home loan in several ways:
- View your home loan account through NAB Internet Banking
- Check your account statements which you receive in the mail
- Ask your personal banker to explain how far ahead you are in your repayments
- Call 13 22 65 from 8am to 8pm AEST, 7 days a week to speak to one of our customer service representatives
Do I need bank approval when I want to use my pre-arranged credit limit for my NAB FlexiPlus Mortgage, NAB Home Equity Line of Credit (HELOC) or NAB Portfolio Facility?
No. Once you've opened your NAB FlexiPlus Mortgage, NAB HELOC or NAB Portfolio Facility and your credit limit has been approved, you can draw on your line of credit up to the account limit whenever and for whatever reason you wish.
Is there a minimum withdrawal amount or any limit on the number of transactions I make with a NAB FlexiPlus Mortgage, NAB Home Equity Line of Credit or NAB Portfolio Facility?
No. You can withdraw any amount up to your pre-arranged credit limit and enjoy unlimited cheque, internet and phone banking, ATM and EFTPOS access to your account as part of the NAB FlexiPlus and NAB Portfolio Facility annual fee. And with NAB HELOC you receive unlimited internet and phone banking, NAB ATM and EFTPOS access to your account as part of the monthly fee. (Cheque and branch transactions are not available with HELOC.)
However, government charges still apply and a fee applies for each bill paid through the NAB's FlexiPhone BPAY® (mobile phone charges apply).
® Registered to BPAY Pty Ltd ABN 69 079 137 518
Can I keep my day-to-day transactions separate from my investments with a NAB FlexiPlus Mortgage or NAB Portfolio Facility?
Yes. NAB FlexiPlus Mortgage allows you to split your credit limit into two accounts. You'll receive statements for each, making tax time more manageable. There's no fee for split accounts and you can review the allocation of your total limit at any time. NAB Portfolio Facility lets you have up to 12 linked sub-accounts so you can easily keep track of individual accounts.
What if my personal or financial circumstances change?
If you need to alter your repayments because of a change in your circumstances, NAB have the flexibility to help. Here are some options:
- Apply to redraw extra funds on your loan (for eligible home loans & personal loans). You can do this on your internet banking or phone 13 22 65.
- Apply to take a repayment holiday if you’re ahead in your scheduled repayments. You can do this on your internet banking or phone 13 22 65.
- If you are experiencing financial difficulty or think you will not be able to make your minimum loan/credit card repayments, it may be possible to get temporary relief from your repayments. NAB has a number of options available to customers experiencing financial hardship. Please phone 1300 661 114 or contact your Banker/Branch – this number is located on the top left hand corner of your account statement. Please also refer to the section on ‘Experiencing financial difficulty’ to download a hardship application form.
NAB also offers a wide range of insurances to protect your financial health in the event of unforeseen circumstances. These can be arranged through MLC Limited ABN 90 000 000 402 AFSL 230694, a wholly owned subsidiary of NAB, to give you added piece of mind. To find out more, speak with your banker/branch. Search for your branch
Experiencing financial difficulty?
Financial difficulty could mean something different for everyone. Perhaps you have lost your job, have an illness, are behind in your loan/credit card repayments or think that you might be unable to make your repayments in the future due to some event.
NAB offers a number of options available to customers whose circumstances temporarily prevent them from making their minimum repayments on their loans and credit cards. We understand that once in a while, life can throw you a curve ball that you weren’t prepared for. When this happens, it is important to stay in contact with us so that we can make you aware of all the options available to you. Solutions offered to you will differ depending on your circumstances. Everyone is different and because of this, we need to assess your situation on a case by case basis.
If you are experiencing financial difficulty, please contact us on 1300 661 114 or contact your branch/banker (this number is located on the top left hand corner of your account statement) so that we can assist you in staying on top of your commitments. Alternatively, if you know you would like to apply for temporary relief, please download and complete the application for financial assistance form (pdf 342kb) and return it to the below address.
GPO BOX 4963WW, MELBOURNE. VIC. 3001
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