Extra or increased repayments can help get you to the finish line faster.
There is a number of ways we can make this easier, depending on the loan you choose. To view which features each home loan product offers, visit our compare home loans page.
The balance in the transaction account 'offsets' the loan principal. Interest is then calculated on the loan principal minus the balance in the account. For example, if the principal on the loan is $180,000 and there is $5000 in the transaction account, then interest is only calculated on $175,000.
Transaction fee exemptions
You can save on transaction fees with various NAB home loans:
NAB Choice Package - For a NAB transaction account included in the package, no monthly account service fees, transaction fees or non-NAB ATM fees are payable, (Other third party fees apply).
Fee exemptions are set out in the Personal Banking Fees and Charges section.
Additional repayments on fixed rate loans
During a fixed rate period there's no prepayment fee or economic cost for additional repayments up to $20,000 per fixed rate period and less than the whole loan amount.
NAB Loan Trimmer1
NAB Loan Trimmer can help reduce your total loan interest repayments. Your deposit account (or accounts) is linked to your home loan and the interest normally payable is applied to reduce the interest on your loan.
A 'reference rate' is agreed between you and NAB and is used to work out the amount of your repayments each year.
Increasing your frequency or repayment amount
With a variable rate loanyou can increase the frequency or repayment amount at any time or you can pay additional lump sums without incurring a penalty for paying off more of your loan. Taking advantage of such flexible payment options means you could own your own home sooner and save thousands of dollars.
'Parcel' your loans
If you have an owner occupied variable rate NAB Tailored Home Loan, NAB can parcel all of your personal borrowings into one or more loans at the current owner occupied housing variable rate.
For example, you would only need to make one regular loan repayment. This could save you substantial amounts of money, and there's the convenience of consolidating your banking needs with one bank. For customers with less than 20% equity after consolidation, mortgage insurance is required as part of the bank's normal lending requirements.
1. This facility is not available with NAB Base Variable Rate Home Loans or NAB FlexiPlus Mortgages.
