What is Online Conditional Approval

Online Conditional Approval allows you to apply for a NAB Home Loan online and, if you meet our lending and eligibility criteria, get a conditional approval on the spot.

It’s important to remember that a conditional approval isn’t the same as a final approval. There are still some things that you, and we, still need to do.

What it does tell you though is that, based on what you’ve told us, we’re likely to give you final approval unless we find that:

  • your personal or financial details are different from what you’ve told us (or we can’t verify that what you’ve told us is true);
  • the security isn’t sufficient or otherwise acceptable for the loan; or
  • the type of loan we’ve conditionally approved for you isn’t suitable for your needs.

If you don’t meet the eligibility criteria outlined below a NAB banker will still be able to help you with your home lending needs. Please call us on 13 40 83 or come and see us at a NAB branch instead of applying online.

If you are a current Business Banking customer or a NAB Private client, please contact your dedicated Business Banker/Private Wealth Client Manager to talk through your lending requirements. If you do fill out this form, you will be referred back to your dedicated Business Banker/NAB Private Client Manager.

Before we start …

The application can take up to 30 mins to complete. Read through the following points to see if conditional approval is right for you. Don’t worry if you don’t tick all the boxes. All it means is that you should make your application by phone on 13 40 83 or come and see us at a NAB branch.

If you start, but do not submit, an on-line application, your contact information will be kept by us for 28 days before being destroyed. We may use this information to contact you to see if we can help you apply for a NAB home loan with any questions you may have about NAB home loans.

About you

There must be no more than 2 applicants. Applicants must:

  • be over 18 years old;
  • be applying as individuals (not borrowing as a company or trust);
  • have their own (personal, not business) NAB Internet Banking access;
  • have an email address and an Australian mobile phone number;
  • not be self-employed;
  • have a current Australian driver licence;
  • be an Australian citizen permanently residing in Australia or an Australian permanent resident;
  • not be a current Business Banking customer or a NAB Private client
  • not foresee changes to their jobs, income or expenses in the next 12 months; and
  • not have had:
    • any difficulty in making loan repayments in the past 2 years;
    • bankruptcy or financial judgment occur; or
    • attachment or legal proceedings occur.

If you don’t meet all of the criteria above, don’t worry, a NAB banker will still be able to help you with your home loan application. Please call us on 13 40 83 or come and see us at a NAB branch instead of applying online.

If you are a current Business Banking customer or a NAB Private client, please contact your dedicated Business Banker/Private Wealth Client Manager to talk through your lending requirements.

About the loan

You may not be 100% sure what type of loan you want, but you must at least be willing to consider a NAB Tailored Variable Rate Home Loan, with Principal and Interest repayments (as this is the loan type this assessment is based on). If conditionally approved, you may be able to take out a different loan option instead (for example, an Interest Only loan) but you’ll need to talk to us first as the loan type can affect our decision.

Your loan must be to purchase an existing (ie already built and not off the plan) property that’s at least 50 square metres in size (but not a serviced apartment, rural lifestyle property, group of flats, specialised accommodation or a National Rental Serviceabilty Scheme residence).

You must be able to self fund all fees and charges relating to your purchase and the loan, other than LMI. If you want to use your loan to pay these things you will need to speak to a banker first as this may impact our decision.

If you:

  • have a different loan type in mind (like Interest Only);
  • are looking for a loan to refinance other debts, a building loan, or bridging finance;
  • have a more complicated security structure in mind (including guarantees or the property you’re buying securing more than one loan); or
  • are not able to fund fees and charges yourself,

please call us on 13 40 83 or come and see us at a NAB branch instead of applying online (as these things affect our credit decision, and mean that any online approval will not apply).

What do I need?

  • All applicants in the same room! (We need each applicant to enter their NAB Internet Banking login details to complete the application form).
  • Your financials. We’ll ask you for information about your income, expenses, assets and liabilities – so make sure you have this information close by, for example, pay slips, tax statements, non-NAB bank statements, rates, utilities bills, school fees and rental income statements. Having these things will help you complete the form quickly and accurately.
  • If you are a US citizen or tax resident you will need to advise NAB after you have submitted this form.

Things to watch when completing the application.

  • It’s really important that the information you enter is accurate and complete as it’s the only way we can properly assess your loan application.
  • Be aware of your surroundings – others may be able to see your information if you are completing this application at work, or in a public area.
  • Don’t forget that if this is a joint application, the other applicant will be able to see all of your application information.
  • Please note, you can’t save your application part way through. If you exit the application before you have submitted, all the data will be lost.