Track your home loan online to manage your repayments and monitor your equity growth.
Managing your home loan online
Once your home loan's set up, it's easy to manage. And the easiest way to keep track of things is online with NAB Internet Banking.
There you can:
- check your current balance and interest rate
- manage your payments (historical and scheduled)
- view your statements online
- access your offset account
- redraw funds if you've made extra repayments.
When you're busy it's reassuring to know you can do your banking quickly, easily and securely. And you don't just have to be at your desk in front of a computer either. Log in to NAB Internet Banking from your phone and do your banking while you're out and about.
It also pays to check all the features of your loan so you don't miss out on reducing your interest through an offset account, or by increasing your payment frequency.
Learning about repayments
The way you pay your loan can have a huge effect on your loan’s overall cost. For example, you can reduce the cost of your loan if you make payments more frequently, even if you don’t pay any more overall.
The type of loan you have also affects your repayments:
- Fixed rate — your loan's fixed interest rate and repayments stay the same for the fixed rate term. You can make up to $20,000 in extra repayments without economic costs. Over $20,000 you may be charged economic costs.
- Variable rate — your loan's variable interest rate can move up or down. This means your minimum repayments could change too.
- Line of credit — your home loan is like an overdraft. So long as you stay within your credit limit, you can manage your repayments however you like. But remember you need to cover interest and fees
- Interest only repayments — Australian Securities and Investments Commission has some useful information for customers interested in using an interest only repayment period as part of their loan term. Check out their MoneySmart guidance for some easy to follow infographics highlighting the pitfalls and benefits of this type of lending structure. You can also find examples of how much you may expect to pay for this type of loan structure.
We calculate your home loan interest daily, using the balance at the end of each day (unless you have an interest-only, interest-in-advance loan). This interest is charged to your account monthly. You can make repayments in various ways including direct debit, automatic payment, through NAB Internet Banking or at any NAB branch.