When your repayments may change

Fixed rate loans

If your home loan has a fixed interest rate, your repayments won’t change until the fixed term on your loan expires. We’ll let you know when this is approaching and what your options are. In the meantime, you can use the tools and tips on this page to consider any changes you can make now to prepare.

Variable rate loans

If you have a loan with a variable rate, your repayments vary when the interest rate rises and falls. If rates go up, we will review your required repayments near the anniversary of your loan set up and will give you notice of your new payment amount if it increases.

You can find your required repayments (and your anniversary date) by using the NAB app, NAB Internet Banking or your statement. Go to Account details and look for the ‘instalment amount’ for your repayments and the ‘loan end date’ for your anniversary date.

How to check if you’re ahead on your loan

Variable rate loans come with the flexibility to make extra repayments and many of our customers have used this to pay ahead on their home loan.

You can find out if you’ve paid ahead by looking for your available redraw in the NAB app, NAB Internet Banking or on your statement.

How to self-manage your home loan

There are ways you can manage your repayments, and many are available 24 hours a day, seven days a week.

Adjusting your repayments

If you’re ahead on your loan and are paying more than required, you may not need to adjust your repayments until your minimum instalment amount exceeds those repayments. You can check your repayments cover the ‘instalment amount’ using online banking.  You can also use the NAB app to check your direct debit payments and make changes to them if needed.

Being ahead could also give you the opportunity to reduce your instalment amount if you need to. If you want to decrease your home loan repayments, talk to us so we can help you with that change. 

Accessing redraw

If you’re sufficiently ahead of your loan and have surplus funds available on your home loan, you may want to use these funds as a buffer or for emergencies.

The amount you can redraw at a time depends on how far ahead you are of your scheduled repayments. There's usually a minimum and maximum amount you can redraw. It’s important to check how much you have available to redraw before you make any commitments.

Setting up an offset account

Linking an offset account to your eligible variable rate home loan helps you pay off the loan faster. If you’re ahead on your home loan, it gives future options to talk to us about adjusting your minimum instalment amount. You can link your NAB transaction account to an existing home loan via the NAB app.

Fixing or splitting your home loan

Fixing the interest on all or part of your loan can give a period of repayment certainty and if you split your loan between fixed and variable rate you will still have flexible features like offset available on your variable portion.

Guides to manage your home loan online

Use our online banking guides to help you use the NAB app and NAB Internet Banking to self-manage your home loan.

Tools to help with scenario planning

It’s a good idea to see what your repayment change could be over time if interest rates increase using scenario planning.

As an example, this table shows the impact of an interest rate rise with the extra cost per month based on a 30-year NAB Tailored Home Loan variable rate of 3.62% p.a. The change to a monthly repayment depends on the size of the loan and the rate increase.

Size of loan Rate increase Extra cost per month (estimate)
$500,000 0.10% p.a. $28
$500,000 0.25% p.a. $71
$500,000 0.50% p.a. $142
$500,000 1.00% p.a. $291

To help with scenario planning you can use our repayment calculator, starting with where you are at right now and explore scenarios. You can find your current interest rate by checking the NAB app, NAB Internet Banking or your statement.

Consider reviewing your lifestyle expenses, budget and savings to see if you need to make changes and be ready to meet higher repayments.

Help and support

Get the most out of your NAB home loan and discover popular help and support tasks.

Do you think you might miss a payment?

If you’re in financial difficulty, please get in touch with us at NAB Assist as soon as you can so we can discuss your options. You’ll also find a range of helpful information and support services from NAB Assist in our Customer Care Kit.

Contact us

Request a call back

Let us help you with your home loan needs.

Visit a NAB branch

Visit your nearest NAB branch to speak to us in person.

Terms and Conditions

The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial and taxation advice before acting on any information in this article.

Terms, conditions, fees, charges, eligibility criteria and lending criteria apply for all NAB products (available on request).

Correct as at 3 May 2022.