• ​Provides you with protection at a fixed, known protection rate.
  • Offers you potential gain from a favourable movement on the participating portion of the transaction amount.
  • There's no premium outlay.


  • Your worst case fixed rate is less favourable than the equivalent forward rate.
  • Your gain potential is limited to the extent of the participating portion of the transaction amount.


We recommend participating forward if you're a business not wanting to pay a premium, but would like to enjoy protection and a degree of participation without the prospect of triggering an unfavourable rate.

Any advice on this webpage does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Before making any decision in relation to this information, you should consider the Product Disclosure Statement available at Financial Markets or by calling 1800 307 827. The products on this webpage are issued by National Australia Bank Limited ABN 12 004 044 937 AFSL 230686.

Please consider our Financial Services Guide.

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