No, but you can apply through a broker.
Can I apply for home loans exclusive to brokers online?
Can you explain some of these bank terms to me?
Loan to Value Ratio (LVR)
This is the total amount of your loan divided by the bank valuation amount. For example, if you want to borrow $240,000 and we value the property at $300,000, the Loan to Value Ratio is 80%.
Lenders’ Mortgage Insurance (LMI)
This is an insurance policy we take out to protect us in case you default on your loan. It’s generally needed if your Loan to Value Ratio is over 80%.
In these cases, you'll need to pay the premium and you may be liable to the insurer if the insurer pays out a claim we make on the policy.
This is the value of your home less any money you still owe on it. You can check the approximate amount of equity in your home by using our Home Equity Calculator.
This lets a family member use equity in their home as security for your home loan. Doing this may help you avoid paying Lenders' Mortgage Insurance.
If a loan is paid out early, economic cost is a calculation of our loss on a fixed-term loan due to movements in the cost of funds.
Have a read of our economic cost FAQs for more information.
My loan features
What’s the difference between a fixed and a variable interest rate loan?
If you choose a fixed-rate loan, your interest rate stays the same for a set period (say 1-5 years). In these cases, your loan repayments will stay the same during this period providing you keep repaying them.
If you choose a variable-rate loan, your interest rate will go up or down as the market does. Your loan repayments may also change.
You might also find our article interest rate basics helpful.
What’s a 100% offset arrangement and how does it work?
Available with your NAB Homeplus home loan (during its variable-rate period), a 100% offset arrangement links to your NAB Classic Banking account, and will 'offset' your loan balance and reduce the interest calculated on your loan based on how much cash you have deposited.
For example, if your loan balance on a day is $300,000 and you have $10,000 in your NAB Classic Banking account on that day, interest on your loan is only calculated for that day on $290,000.
Read our article about how to use your offset arrangement to reduce your home loan interest.
If you’re ahead of your scheduled repayments on your variable-rate loan, you can redraw (the specific term for transferring or withdrawing funds from a loan) those extra funds. We have a minimum redraw amount of $500.
What’s a repayment holiday?
If you’re ahead of your scheduled repayments, you can apply to put a hold on your repayments for between two and 12 months. Conditions may apply.
What’s the difference between principal-and-interest loans and interest-only loans?
With a principal and interest loan, part of your monthly repayments go towards the interest charged on the loan and part goes toward loan principal (the amount you borrowed).
By the end of the loan term (which might be up to 30 years), principal and interest repayments should ensure your loan is fully paid.
With an interest-only loan, repayments during the interest-only period only cover the interest charged on your loan account.
At the end of that interest-only period, you’ll need to make principal and interest payments, unless you apply for, and are given, another interest-only period on your loan.
How do I set up internet banking?
To set up NAB Internet Banking, you'll need two things:
1. Your NAB Identification Number (NIN). This is located on the back of your NAB Card, above the magnetic strip.
2. One of the following:
- Your mobile phone if you’re registered for SMS security
- Your mobile phone if you’ve provided it to us previously
- Your NAB Telephone Banking password
- Your temporary password.
Register for NAB Internet Banking and you’ll be prompted through the registration process.
If you're having trouble, call us on 13 22 18 Mon - Fri 8am-7pm (AEST/AEDT) or weekends 9am-6pm (AEST/AEDT).
How do I set up telephone banking?
We can help you set up telephone banking by visiting your nearest NAB branch. Or, call us on 13 22 18 Mon - Fri 8am-7pm (AEST/AEDT) or on weekends 9am-6pm (AEST/AEDT).
How do I set up mobile banking?
Download our NAB app today to do your banking when and where you want.
Who do I contact about my banking, NAB or my broker?
Your broker will help you with your home loan, credit card and NAB Classic Banking account applications. But, we’ll work with them every step of the way.
Generally, once your loan has settled, we'll be your main point of contact. We’ve created a contact table so you know who to talk to and when.
Manage my loan
When is my first repayment due?
Your home loan contract includes the date your first loan repayment is due. You’ll need to make sure you set up either a direct debit or regular payment before that date.
If you've an interest-only loan, there are no scheduled repayments. You'll still need to ensure your account has enough money in it to cover the interest charges.
How do I set up a direct debit to pay my loan?
Your broker can help you set up your direct debit when you get your loan documents. Or, if you've a NAB Classic Banking account and use NAB Internet Banking, you can set up a regular payment transfer from that account to your home loan.
Please call us on 13 22 18 Mon - Fri 8am-7pm (AEST/AEDT) or on weekends 9am-6pm (AEST/AEDT) for any direct debit enquiries.
What can I do if I’m having money problems and can’t make repayments?
How can I redraw funds from my home loan?
If you're ahead on your scheduled repayments, you can redraw extra available funds. Redraw is available with the NAB Homeplus variable-rate home loan.
For fixed-rate home loans, redraw is only available after your loan converts to a variable rate, and while it's on a variable rate.
The minimum redraw amount is $500.
You can discuss this with your mortgage broker or you can call us on 13 22 18 Mon - Fri 8am-7pm (AEST/AEDT) or on weekends 9am-6pm (AEST/AEDT).
How can I get a repayment holiday?
If you’re ahead of your scheduled home loan repayments, you can apply for a repayment holiday. If approved, we may give you a break from making repayments for between two to 12 months.
To see if you’re eligible, call us on 13 22 18 Mon - Fri 8am-7pm (AEST/AEDT) or on weekends 9am-6pm (AEST/AEDT).
If you’re having difficulty paying your home loan repayments, contact NAB Care, our specialists in financial difficulty.
How do I increase or decrease my loan repayments?
You can increase your variable-rate home loan repayments at any time by changing either your direct debit or regular payment amounts. You can make unlimited extra repayments while your loan is in a variable-rate period to help you pay off your loan sooner.
With a fixed-rate home loan you can also make additional repayments by changing your direct debit or regular payment. But if you make more than $20,000 in additional repayments during the fixed rate period, you may have to pay us economic cost for those additional repayments.
If you're thinking of making changes to the scheduled repayments on your loan, please contact your mortgage broker.
Can I switch between a variable-rate and a fixed-rate home loan?
It's easy to switch your loan from a variable-rate to fixed-rate interest loan.
You may have to pay us economic cost if you switch from a fixed to a variable-rate loan before the fixed-rate period expires.
Simply complete the Request to Modify Home Loan Form (PDF, 323KB) and fax it to us on 1300 850 981. You can also email it to us at LoanMods@nab.com.au or call us on 13 22 18 Mon - Fri 8am-7pm (AEST/AEDT) or on weekends 9am-6pm (AEST/AEDT).
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