Interest charge estimate for an interest-only home loan | NAB app - NAB

Things to know about your interest only home loan

  • During the interest only period, you pay interest on your home loan balance.
  • Your loan balance won’t reduce during the interest-only period (unless you make extra repayments).
  • For variable rate interest-only home loans, interest charges will change when the rate changes.
  • The estimate of your interest-only home loan interest payment in the app is a guide only. It may understate your actual payment that is due depending on a range of factors.
  • Use the home loan repayment calculator to estimate your minimum repayments after the interest only period ends.

Steps to view your estimated interest charge in the NAB app

Follow these steps to view an estimate of your interest charge.

  1. Log into the NAB app on your device.
  2. Tap the home loan account you want to view an estimate for.
  3. Tap the Manage button.
  4. Tap Your repayments.

Note: To view your nominated interest account (from where we take your interest charge), tap View and manage payments when in the Your repayments screen. To update your nominated interest account, contact us on 13 78 79.

When interest payment estimates are available

  • Interest for an interest-only (in arrears) home loan is charged on the last business day of each month.
  • To see the most accurate estimate of your interest charge, check it on the second last business day of the month.
  • An estimate won't be available on the last business day of the month.
  • For example, if the last business day of the month is Friday 29 January, check your interest charge on Thursday 28 January.
  • Make sure you have enough funds in your nominated transaction account by 5:00pm (AEST/AEDT) on the last business day of each month (excluding weekends and Australia-wide public holidays).

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Consider the NAB Internet Banking terms and conditions which apply when using NAB Internet Banking and the NAB app. The NAB app is compatible with Android™ and iOS. Android is a trademark of Google LLC. IOS is a trademark or registered trademark of Cisco in the U.S. and other countries and is used under license. NAB acknowledges the Traditional Owners of the land as Australia’s First Peoples and recognises their continuing connection to lands, water and country. We pay our respects to Elders past and present.

Any advice on our website has been prepared without considering your objectives, financial situation or needs. Before acting on any advice, consider whether it is appropriate for your circumstances and view the Product Disclosure Statement or Terms and Conditions available online or by contacting us. Credit applications are subject to credit assessment criteria. Interest rates, fees and charges are subject to change. Target Market Determinations for our products are available at nab.com.au/TMD. Products issued by NAB unless stated otherwise.

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