How NAB is helping home owners

As many of our customers deal with the growing challenges of Coronavirus (COVID-19), our priority is clear: to support you in any way we can.

Please see the options we have available to assist you with your home loan repayments, or explore our FAQs for more information.

Pausing your home loan repayments

To make it easier to manage your home loan, eligible customers can access a home loan repayment pause for up to six months.

To request a repayment pause, please call 1300 683 106. to discuss your options.

Please be aware that the Contact Centre is currently experiencing high demand and response times are longer than usual.

How a repayment pause works

  • Eligible customers can pause their home loan repayments for up to six months (including a customer checkpoint during the pause period).
  • Eligibility criteria applies to all NAB home loan customers, including owner-occupiers and investors financially affected by COVID-19 who have either principal and interest or interest-only repayments.
    Note: this excludes line of credit (NAB FlexiPlus and Portfolio Facility) and interest in advance products.
  • During a repayment pause, interest on your loan continues to be calculated and accrues in accordance with your loan contract.
  • If you are already on a repayment pause and feel you need additional support, please talk to us to discuss additional options that may be available. Options include restructuring your loan, accessing your redraw or offset, utilising your savings or extending your repayment pause for up to an extra four months. Eligibility will be determined on a case-by-case basis.

Further support

Please call NAB Customer Care on 1300 683 106 between Monday to Friday 8am-8pm or Saturday 9am-1pm (AEST/AEDT) if you wish to discuss:

  • where you have more than one NAB home loan account and want to pause repayments for some but not all your accounts
  • concerns you might have about your eligibility or other NAB banking products such as credit cards, personal loans or business products
  • if you need to pause your repayments for more than six months.

Please note: After a repayment pause ends, your loan size will increase and your repayment amount may need to change as a result (i.e. the amount required may be higher than current repayments and will incur a higher amount of interest over the life of the loan). This is to ensure you repay the loan within its contracted term.

Changing repayments and accessing available funds

If you’re ahead of your home loan repayments, then you might be able to reduce your current repayments, use your offset or redraw facility to get access to additional money.

Check your home loan balance

  • Log into the NAB app.
  • Select your home loan from your account list.
  • On the banner screen you can view available redraw – this is the amount you are ahead of your required repayments.

Change your repayment amount

  • Log into the NAB app.
  • Select your home loan from the account list.
  • Tap the Scheduled tab.
  • Select the repayment you wish to change (direct debit or transfer).
  • Tap Modify and follow the steps to change repayments.

Note: You’ll need an existing NAB direct debit or a recurring transfer set up from a NAB account to use the app. If you need help, you can submit a request for support online with our specialist team. Alternatively, you can contact us on 13 22 65 for support.

Please be aware that the contact centre is currently experiencing high demand and longer than usual response times.

Access your available redraw

  • Log into the NAB app.
  • Select your home loan from your account list.
  • On the banner you can view your available redraw.
  • On the top right of the screen tap Redraw, then follow the steps.

Note: You must be paid ahead by more than $500 to access redraw on the app.

Access your offset balance

  • Log into the NAB app.
  • Select your home loan from your account list.
  • On the top right of the screen tap Manage.
  • Scroll down to linked offset accounts.
  • This will show you the amount you have available in your offset.

If you do not have the NAB app, you can download it via the App store or Google Play. Alternatively, you can contact us on 13 22 65 for support.

Please be aware that our contact centre is currently experiencing high demand and longer than usual response times. The quickest way to make changes is via the NAB app.

Get repayment certainty with our new low interest fixed-rate loans

NAB has announced lower interest rates on selected new fixed-rate loans effective from Wednesday 25 March 2020. The changes will affect customers who apply for a new Choice Package (annual fee of $395) fixed-rate home loan and are making principal and interest repayments.

If you would like more information, visit our home loan interest rates page.

FAQs for home loan support

Am I eligible for a repayment pause?

These support measures are designed for anyone who:

  • has lost their job
  • is experiencing a loss of income
  • has had their financial situation detrimentally impacted as a result of COVID-19.

Please note that a home loan repayment pause currently excludes Line of Credit (NAB FlexiPlus and Portfolio Facility) and Interest in Advance products. If you’re unsure, please call 1300 683 106 to discuss your options.

How long will my repayment pause take to be processed?

If you’ve applied online, we’re aiming to respond to you within 7 business days. We’ll confirm with you via SMS once your repayment pause has been processed. A letter will also be sent to the borrowers and guarantors.

Does a home loan repayment pause affect my credit history?

If your loan is up to date at the time you request a deferral, your credit score and your credit reporting won’t be negatively impacted by the repayment pause. If your home loan(s) are in arrears at the time of your request, we may need to treat you under our normal hardship arrangements and suspend reporting repayment information to your credit report for the duration of your hardship assistance. Regardless of your current position, you may request a repayment pause by calling 1300 683 106.

Can I still make partial repayments during my repayment pause?

Yes, you can make one-off or partial repayments during your repayment pause. As interest continues to be charged to your loan during the pause period, partial payments will reduce the amount of interest charged.

What happens after the repayment pause period on my home loan?

During the repayment pause period, your interest will continue to be charged and will be added to the principal component of your loan.

Part way through the pause period, NAB will get back in touch with you to review your situation.

Once the pause/deferral period is complete, your loan repayments will be recalculated based on the new, higher, loan balance and you will be notified of your new higher minimum repayment amount.

The maturity date of your loan will remain unchanged.

Can investors apply for a repayment pause?

Yes, the measure is intended for NAB home loan customers facing financial challenges, including those who have NAB investor loans that are principal and interest, interest only, fixed or variable rate products. The repayment pause is also available to Defence Force Home Loan customers. Please note that a home loan repayment pause currently excludes Line of Credit (NAB FlexiPlus and Portfolio Facility) and Interest in Advance products.

Will interest still apply?

Whilst you do not pay repayments during the pause period, interest charges will continue to apply to home loans. Like existing repayment holiday or repayment deferral processes, interest will continue to accrue on home loan accounts. The interest charges will affect the loan balance, resulting in a higher minimum repayment amount when your repayments recommence.

Can I get a rate reduction on my existing fixed rate loan?

Customers with fixed rate loans will not see a change to their existing fixed rate or repayments. Like normal processes, customers with existing fixed rates who want to access a new fixed rate will need to break the current fixed rates. If applicable, break costs will apply.

Can I request interest only repayments for a 6-month period?

We don’t offer a six-month Interest Only option. We’re able to provide alternative solutions such as repayment holidays or repayment deferrals as above.

Can I defer my home loan repayments?

Customers experiencing financial difficulty as a result of COVID19 can contact their NAB Banker or our Customer Care team about the financial relief packages available. You can call our Customer Care team on 1300 683 106.

Will I still be charged home loan fees (such as Choice Package annual fee, monthly fees) during the pause period?

Yes, fees will continue to apply during the repayment pause period.

If fees are charged to your nominated transaction account, this will still happen.

If fees are charged to your home loan account, this will also still happen. However, you won’t be required to make payments during the pause period. Instead, your loan balance will be higher as a result of any fees incurred during the pause period. This may result in higher repayments and interest being charged over the remaining life of the loan.

What happens during my repayment pause?

If you’re on repayment pause that’s four months or longer, we’ll get in touch to find out how you’re tracking. About halfway through your repayment pause, you’ll receive an SMS from us to check-in. If your situation has improved and you would like to restart your repayments, we’ll give you the option to cancel your pause early. If you decide to keep going with your repayment pause, we’ll give you a call to talk about the options available to you once your pause has ended.

Can I cancel my repayment pause?

If you would like to cancel your repayment pause early, you can contact us on 1300 683 106.

How do I make repayments during my repayment pause?

You’re welcome to start making partial repayments during your repayment pause if you feel comfortable to do so. Simply transfer the amount you can afford into your home loan or offset account. Remember, it’s always best to pay off as much as you can to avoid additional interest charges after your pause has finished.

Am I eligible for the four-month extension on my repayment pause?

Not all repayment pause customers are eligible for an extension. Please contact NAB Assist on 1300 683 106. if you would like to speak to a banker about options available to you.

My repayment pause has finished. Can I apply for another one?

No, you are not eligible to take out a new repayment pause if you have already had one. If you need additional support, please contact NAB Assist on 1300 683 106.

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Important information

NAB’s Fixed Rate Home Loan products do not come with an interest offset facility.

Information is correct as at 25 March 2020 and is subject to change. Applications for credit are subject to NAB’s credit approval criteria. Terms and Conditions apply to all NAB products and are available on application or by calling us. Fees and charges are payable. National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 (NAB).