Things to know about home loan repayments

  • A repayment is a payment you make to your lender to repay your loan.
  • Loans may have an option to make either principal and interest repayments or interest only repayments.
  • If you have a standard variable rate home loan, you can increase your repayments and make unlimited extra payments.
  • With a fixed rate home loan, you can make up to $20,000 in additional repayments during the fixed rate period without incurring economic costs.
  • In most cases, home loan repayments are due on the same date each month.
  • Your home loan contract shows your repayment due date, as well as the minimum repayment you need to make.

Steps to set up home loan repayments

You can set up one-off payments or make them more frequently as a recurring payment. Here are three ways to set up your repayments.

You can ask us to set up a direct debit so your repayments can automatically be paid from a nominated account to your NAB loan account. These payments can be made weekly, fortnightly or monthly. We can accept payments from both NAB and non-NAB accounts. Call us on 13 22 65 to arrange a direct debit.

The NAB app

Instructions for mobile devices

  1. Log into the NAB app.

  2. Tap Transfer & pay. If you’re using an Android phone, tap the Menu icon first.

  3. Select the account to pay from and tap the Pay button.

  4. Tap Transfer and then choose the loan account to transfer funds to

  5. You can then choose to pay today, schedule a repayment in the future or set up recurring repayments.

NAB Internet Banking

Instructions for web browsers

  1. Log into NAB Internet Banking with your 8 to 10-digit NAB ID and password.

  2. Select Transfer & Pay.

  3. Select Transfer, and choose your accounts you want to transfer between, as well as the amount.

  4. You can then choose to pay today, schedule a repayment in the future or set up recurring repayments.

Things to know about changing home loan repayments

  • You can reduce your repayment if you’re ahead of your loan.
  • You won’t be able to change the frequency of your repayment unless you’re at least one payment ahead.
  • The date of your repayments will stay the same.
  • If you have a standard variable rate home loan, you can increase your repayments and make unlimited extra payments.
  • With a fixed rate home loan, you can make up to $20,000 in additional repayments during the fixed rate period without incurring economic costs.

Steps to change your home loan repayments

It’s quick and easy to modify home loan direct debits and periodic payments in the NAB app. Follow our guide to learn how.

  1. Log into the NAB app.

  2. Select your home loan account.

  3. Tap the Manage button.

  4. Scroll down and tap View scheduled payments.

  5. Select the scheduled payment.

  6. Tap Other amount and enter the new amount if you want to change how much you pay. Tap Next.

  7. Review all payment details. Tap Confirm.

  8. Your home loan repayment is successfully modified. Tap Share receipt to share.

If you have a periodic transfer set up for your home loan repayments, you can modify it by following our guide to editing your regular payments.

Having trouble changing your repayment?

If you're unable to modify payments online, tap the Call us to modify button or tap on the NAB Messaging icon in the NAB app.

The Modify Payment option isn’t enabled on your NAB app if:

  • the home loan account has multiple direct debit payments setup
  • no direct debit payment has been set up
  • the direct debit payment frequency is a non-standard frequency (i.e. yearly, half yearly)
  • the transaction account is not a NAB account
  • the loan account holder doesn’t own the transaction account
  • the transaction account requires more than one customer to authorise the changes
  • there are any account restrictions on the debit account or home loan account (credit account).

Don’t have the NAB app?

Download the app today for a more convenient banking experience.

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Important Information

These products are issued by National Australia Bank Limited.

NAB recommends you consider the NAB Internet Banking terms and conditions document, before making any decisions regarding this product.

The NAB Mobile Banking app is compatible with Android and iOS, minimum platform requirements apply. Android is a trademark of Google LLC. The Google Logo is a registered trademark of Google Inc. iOS is a trademark or registered trademark of Cisco in the U.S. and other countries and is used under license.