Managing and using my home loan FAQs

How can I own my home sooner?

With one of our variable rate home loans, 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, during the fixed rate period you can make up to $20,000 in extra repayments without economic costs. Over $20,000 you may be charged economic costs.

You could also use 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, our 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 by phoning 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.

We also offer 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.

How can I switch from a variable to a fixed interest rate?

To switch to a fixed interest rate, contact your banker or call us on 13 13 12 from 8am-8pm Mon - Fri, or 9am-6pm on weekends (AEST/AEDT).

How can I switch from a fixed to a variable interest rate?

You could also be looking for the flexibility of a variable rate loan.

Your home loan consultant can explain your options and help you change all or part of your loan to a fixed or variable rate (please note a switching fee may apply).

Can I redraw on my home loan? How?

Yes. If you're far enough ahead of your scheduled repayments, you can redraw the extra funds if eligible. Redraw is available with all of our variable rate home loans (excluding building loans and defence home owners loan). For fixed rate home loans, redraw is only available at the end of the fixed rate period (ie when the rate becomes variable). The minimum redraw amount is $2,000.

To redraw funds you can contact your banker or call 13 13 12 from 8am-8pm Mon - Fri, or 9am-6pm on weekends (AEST/AEDT). Or if you have a redraw facility established for your home loan then you can also use telephone or internet banking to redraw funds.

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-7pm Mon - Fri, or 9am-6pm on weekends (AEST/AEDT) .

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.

If you are thinking of decreasing your contractual repayments, you should discuss your home loan contract with your personal banker.

How do I increase or decrease my repayments?

You can increase your mortgage repayments at any time with a variable rate home loan. With a variable rate home loan you can make unlimited extra payments. With a fixed rate home loan, during the fixed rate period you can make up to $20,000 in extra repayments without economic costs. Over $20,000 you may be charged economic costs.

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-7pm Mon - Fri, or 9am-6pm on weekends (AEST/AEDT) 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 or NAB Portfolio Facility?

No. Once you've opened your NAB FlexiPlus Mortgage 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 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.

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 Portfolio Facility?

Yes. 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, we 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. We have 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.

We also offer 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.

We offer 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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