NAB is here to help – Increased COVID-19 support for home loan customers

2.84% p.a. BASE VARIABLE RATE OFFER1

Enjoy a special rate of 2.84% p.a. (comparison rate 2.84% p.a.) on a NAB Base Variable Rate Home Loan when you are an owner occupier making principal and interest repayments with less than or equal to 80% total NAB Lending to Value ratio (LVR).

For customers where LVR is higher than 80%, the special rate is 3.04% p.a. (comparison rate 3.04% p.a.)

We are also waiving the Base Variable Rate Application Fee for new applications, saving you $600! 2

3 See important information including the comparison rate warning below.

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33% DISCOUNT FOR FIRST HOME BUYERS ON LMI COSTS4

If you can meet the normal lending criteria, but you can’t manage to save the 20% home loan deposit, Lenders’ Mortgage Insurance (LMI) can help you get the loan and buy the house you want.

For a limited time we are offering new first home buyer customers a 33% discount off the LMI premium with their NAB home loan.

Any new First Home Buyer application unconditionally approved on or after 1 January 2020 will receive the LMI discount. This discount will be automatically applied to the home loan once approved.

An average First Home Buyer could save around $2,2004.

Speak to a NAB banker today for more information.

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SPECIAL FIRST HOME BUYER OFFER5

NAB is here to help first home buyers with a special home loan rate of 2.19% p.a. (comparison rate 4.02% p.a.)* on a 2 year fixed rate NAB Tailored - Choice Package - Principal and Interest loan for owner-occupier borrowers. Minimum lending of $150,000 applies.

3 See Important Information including the comparison rate warning, below.

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First home

Fixed rate loan

2 YEAR FIXED RATE3

NAB is here to help with an attractive fixed home loan rate of 2.29% p.a. (comparison rate 4.04% p.a.) on a 2 year fixed rate NAB Tailored - Choice Package - Principal and Interest loan for owner-occupier borrowers. Minimum lending of $150,000 applies.

3 See Important Information including the comparison rate warning, below.

Enquire online

Important information

1 Base Variable Rate Discount Offer Terms and Conditions

This Base Variable Rate Discount Offer ("Offer") replaces the previous Base Variable Rate discount offer dated 16 August 2019. Under the Offer, eligible residential investor customers may benefit from a discount.

For owner occupier borrowers making principal and interest repayments, the discount off the advertised Base Variable Rate for Home Loans indicator rate is:

  • 1.55% p.a. where Loan to Value Ratio (LVR) ≤80%
  • 1.35% p.a. where Loan to Value Ratio (LVR) >80%

For residential investor borrowers making principal and interest repayments, the discount off the advertised Base Variable Rate for Residential Investment Home Loans indicator rate is:

  • 1.77% p.a. where Loan to Value Ratio (LVR) ≤80%
  • 1.57% p.a. where Loan to Value Ratio (LVR) >80%

For residential investor borrowers making interest only repayments, the discount off the advertised Base Variable Rate for Interest Only Residential Investment Home Loans indicator rate is:

  • 1.36% p.a. where Loan to Value Ratio (LVR) ≤80%

For the purpose of the Offer, LVR or Loan to Value Ratio means the value of the customer’s total NAB home lending divided by the total value of secured property.

The Offer is available from 5 December 2019 until withdrawn by NAB. NAB may vary or end this offer at any time without notice. To be eligible for the Offer, an application must be submitted during the period that the offer is available and then approved, and drawn down within the time period set out in the applicant’s loan offer.

The Offer is available on a new Base Variable Rate Home Loan of $20,000 or more.

The Offer is available for new lending only including refinances. The Offer is not available for any variation or change of loan purpose of any existing NAB home loan where a new application is not required, except existing NAB borrowers who apply for an increase in their NAB Base Variable Home Loan of $20,000 or more.

The Offer will permanently cease to apply to any otherwise eligible NAB Base Variable Rate Home Loan on the earlier of:

  • any change to loan purpose or repayment type; or
  • loan ceases to be a NAB Base Variable Rate Home Loan

The Offer is not available in conjunction with any other discount offer that may apply to NAB Home Loans from time to time. Not available to company and trust account holders.

2 Application Fee Waiver Offer Terms and Conditions

The Application Fee Waiver Offer ("the Offer") is a waiver of the Application Fee of $600 on a new Base Variable Rate Home Loan.

The Offer is available from 1 November 2019 until withdrawn by NAB. NAB may vary or end this offer at any time without notice. To be eligible for the Offer, an application must be submitted during the period that the offer is available and then approved, and drawn down within the time period set out in the applicant’s loan offer.

The Offer is available for new lending only (including refinances and limit increases for existing borrowers). The Offer is not available for any variation or change of loan purpose of any existing NAB home loan where a new application is not required.

3 Comparison rates are based on a secured loan of $150,000 over a term of 25 years.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

View our NAB Choice Package Terms and Conditions (PDF, 268KB)
When you apply for the NAB Choice Package, you must include in the package a minimum of $150,000 in eligible lending products (which are existing or approved lending).

4 Lenders Mortgage Insurance 33% discount

  • All borrowers must be first home, owner occupier buyers and identified as a First Home Buyer by the Banker/Broker in the customer’s Home Loan Application form (First Home Buyer criteria should be applied as per current process).
  • Maximum loan size of $1.2m applies
  • Eligibility criteria for construction loans:
    • Construction of an owner occupied residential property for first home buyers
    • Additional or top up loans are ineligible for FHB LMI discount unless part of a house land construction package.
    • Vacant land is only acceptable as part of house and land construction package
  • All applications will have the LMI discount automatically applied if unconditional approval occurs on or after 1 January 2020.
  • We may withdraw the LMI discount offer at any time. Inflight applications submitted prior to the offer end date will receive the LMI discount.

* Projected average LMI premium savings for a NAB first home buyer purchasing a $390,000 home with a 10% deposit (Principal & Interest/Owner Occupier).

5 Special First Home Buyer Offer Terms and Conditions

The Discount Offer (“the Offer”) is a discount of 0.10% p.a. off the advertised 2 years Package Fixed Rate for Home Loans indicator interest rate, for borrowers making principal and interest repayments.

The Offer is available where the following 4 criteria apply:

  • On a new 2 year fixed rate NAB Tailored Home Loan – Choice Package – Principal and Interest home loans of $150,000 or more
  • For owner occupier first home buyers who have never previously purchased a property; all applicants for the loan must be first home buyers
  • For new purchases of residential properties only, excluding standalone loans for vacant land
  • Maximum Loan to Value ratio (LVR) 90% applies.

The Offer is available from 25 March 2020 until withdrawn by NAB (“Offer Period”). NAB may vary or end this offer at any time without notice. To be eligible for the Offer, you must apply during the Offer Period, be approved and settle within the time period set out in your loan offer.

The Offer is not available on NAB Variable Rate Home Loans (including where you change from the fixed rate to a variable rate during the 2 year fixed rate term). The Offer is available for new lending only. The Offer is not available for any loan refinance, variation or change of loan purpose of any existing NAB home loan.

The Offer will permanently cease to apply to any otherwise eligible NAB Home Loan on the earlier of:

  • the conclusion of the 2 year fixed rate term, whether due to expiry of the term or early termination; or
  • any "economic cost event" occurs under the loan (such as early repayment during the fixed rate term; or where you change to another fixed interest rate with a new fixed rate period during the 2 year term); or
  • your loan ceases to be part of a NAB Choice Package

Other Important Information

NAB’s Home loan products are not available to applicants who reside overseas (regardless of citizenship) and/or for applicants who require Foreign Investment Review Board (FIRB) approval to purchase residential property in Australia.

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

NAB does not offer an interest offset arrangements for Fixed Rate Home Loans.

Information and rates are correct as at 30 August 2019 and are 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. Fees and charges are payable. National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 (NAB).

To be eligible for the NAB Home Loan Cash Bonus:

  • between 1 January 2020 and June 2020, customers need to either:
    • drawdown a new NAB home loan by $250,000 or more, or increase the limit of an existing NAB home loan (and draw it down) by $250,000 or more (New Lending Cash Bonus), or
    • refinance an existing home loan to NAB of $250,000 or more (Refinance Cash Bonus), and
  • the primary (first named) home loan applicant must hold a NAB personal transaction account at the time the Cash Bonus is to be paid.

Eligible customers will receive $2,000 with the New Lending Cash Bonus and $4,000 with the Refinance Cash Bonus.

The New Lending Cash Bonus and the Refinance Cash Bonus are collectively referred to as the “Cash Bonus”.

We’ve set out the full eligibility criteria for the Cash Bonus offer below.

1. NAB Home Loan

  • Drawdown for the New Lending Cash Bonus must occur or the home loan refinance to NAB for the Refinance Cash Bonus must be settled (as the case may be) between 1 January 2020 and 30 June inclusive (“Offer Period”).
  • The Cash Bonus is only available to new and existing NAB customers who drawdown new or additional lending of $250,000 or more, or refinance an existing home loan from another financial institution of $250,000 or more into an eligible NAB Home Loan product.
  • The Cash Bonus is available on all NAB Home Loan products excluding lines of credit, the NAB Portfolio Facility, the NAB Private Portfolio Facility, and loans for building and construction purposes.
  • The Cash Bonus is not available for new lending or refinances into uUBank, Medfin or Advantedge home loans.
  • The Cash Bonus is only available to borrowers who are individuals, and covers both owner-occupiers and residential investors.
  • Businesses, trusts, non-resident borrowers and other non-natural persons are ineligible for the Cash Bonus.
  • The Cash Bonus is available to individuals participating in the First Home Loan Deposit Scheme, but is not available for any other home loans where the guarantor (if any) is not an individual.
  • The New Lending Cash Bonus and the Refinance Cash Bonus are both limited to one Cash Bonus per customer. This means a customer can receive at most $6,000 under the Cash Bonus offer.

Eligible customers can receive a maximum of one Cash Bonus under the Cash Bonus offer per secured property.

For example, an eligible customer can receive at most:

  • One payment of $2,000 under the New Lending Cash Bonus in respect of a secured property and one payment of $4,000 under the Refinance Cash Bonus in respect of a separate secured property; and
  • The customer will not be eligible for further Cash Bonuses in respect of further NAB home loans entered into (or refinanced to NAB) during the Offer Period.

  • Where there is a split home loan in respect of a secured property, eligible customers can receive a maximum of one Cash Bonus under the Cash Bonus offer in respect of that home loan.
  • Where there is a joint home loan application, only the primary home loan applicant will receive the Cash Bonus under the Cash Bonus (if eligible).
  • In the case of joint applicants, if one joint applicant has received a Cash Bonus under either the New Lending Cash Bonus or the Refinance Cash Bonus in the Offer Period for a different loan, then both joint applicants will be ineligible to receive a further Cash Bonus under the New Lending Cash Bonus or the Refinance Cash Bonus (as applicable).

2. NAB Personal Transaction Account

  • At the time of drawdown for the New Lending Cash Bonus or settlement of the refinanced home loan under the Refinance Cash Bonus, the primary (first named) home loan applicant must hold a NAB personal transaction account and continue holding it for at least the next 90 days.
  • The NAB personal transaction account must be open at the time the NAB Home Loan Cash Bonus is to be credited to the account.
  • The NAB Home Loan Cash Bonus will be credited to the NAB personal transaction account of the eligible applicant within 90 days of drawdown of the home loan or settlement of the refinanced home loan (as the case may be).
  • Where there are joint applicants, the bonus will be deposited into the account of the primary (first named) applicant.

Other Important Information

  • Any other product offers from NAB (including the Base Variable Rate Application Fee Waiver or Credit Card offers that are made by NAB from time to time) are independent from this NAB Home Loan Cash Bonus and customers can benefit from multiple NAB offers (if they meet the applicable eligibility criteria) unless the Terms & Conditions of the applicable offer expressly state otherwise.
  • A change to an existing NAB Home Loan with no new lending over $250,000 which results in a new account number does not qualify as an eligible refinance.
  • Terms, conditions, fees, charges, eligibility criteria and lending criteria apply for all NAB products (available on request).

Correct as at 20 January 2020.

NAB may vary this offer (including extending the Offer Period) or end this offer at any time without notice.

© 2020 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686