NAB home loan review
Also known as National Australia Bank
NAB is a strong option for borrowers who want offset accounts without a big package fee, and for medical, legal and financial professionals, who may qualify for an LMI waiver. It takes part in the 5% Deposit Scheme. NAB closed its Choice Package to new customers in 2023, so its pricing now centres on the Base Variable Rate loan and the Tailored Home Loan.
Below: what each NAB loan includes, how NAB's rate ranges work, and a direct answer to a question we see often, whether NAB or its sister brand ubank is the better home loan.
By Better Rate Mate Editorial Team · Last reviewed · Checked against NAB's own website
Latest NAB variable rate change
On 30 September 2026 NAB announced a 0.25% p.a. rise in its standard variable home loan rates. It took effect on 9 October 2026. NAB's announcement (checked 10 October 2026). For today's rates, see NAB's rates page.
NAB home loans at a glance
| Feature | NAB |
|---|---|
| Offset account | Up to 10 on the Tailored variable loan |
| Split loans | Yes, fixed and variable |
| Fixed terms | 1 to 5 years |
| Extra repayments while fixed | Pay ahead up to $20,000 during the fixed term |
| Package | Choice Package closed to new customers on 18 August 2023 |
| Fees (Tailored) | No application fee; $12 monthly service fee listed |
| Profession-based LMI waiver | May be available for medical, legal and financial professionals |
| Ways to apply | Online or with a NAB home lending expert |
| 5% Deposit Scheme | Participating lender (first home buyers can buy with 5% and no LMI) |
NAB mortgage and home loan repayment calculator
Enter the rate for the NAB loan you're considering (from its rates page), your loan amount and term. The calculator uses the standard principal and interest formula lenders use, so for the same rate, amount and term it gives the same repayment as NAB's own calculator. It doesn't include fees or future rate changes. For the maths and assumptions, see our mortgage repayment calculator page, and test your buffer with the stress test calculator. If you're buying, you can also estimate your stamp dutyand work out how much you can borrow.
Mortgage repayment calculator
Repayments and total interest, with optional extra repayments, an offset account or an interest-only period.
Monthly repayment
$2,997.75
| Loan amount | $500,000 |
|---|---|
| Interest rate | 6.00% a year |
| Time to repay | 30 years |
| Total repayments | $1,079,191 |
| Total interest paid | $579,191 |
Year-by-year balance
| Year | Interest | Principal repaid | Balance |
|---|---|---|---|
| 1 | $29,833 | $6,140 | $493,860 |
| 2 | $29,454 | $6,519 | $487,341 |
| 3 | $29,052 | $6,921 | $480,420 |
| 4 | $28,625 | $7,348 | $473,073 |
| 5 | $28,172 | $7,801 | $465,272 |
| 6 | $27,691 | $8,282 | $456,990 |
| 7 | $27,180 | $8,793 | $448,197 |
| 8 | $26,638 | $9,335 | $438,862 |
| 9 | $26,062 | $9,911 | $428,951 |
| 10 | $25,451 | $10,522 | $418,429 |
| 11 | $24,802 | $11,171 | $407,257 |
| 12 | $24,113 | $11,860 | $395,397 |
| 13 | $23,381 | $12,592 | $382,805 |
| 14 | $22,605 | $13,368 | $369,437 |
| 15 | $21,780 | $14,193 | $355,244 |
| 16 | $20,905 | $15,068 | $340,176 |
| 17 | $19,975 | $15,998 | $324,178 |
| 18 | $18,989 | $16,984 | $307,194 |
| 19 | $17,941 | $18,032 | $289,162 |
| 20 | $16,829 | $19,144 | $270,018 |
| 21 | $15,648 | $20,325 | $249,693 |
| 22 | $14,395 | $21,578 | $228,115 |
| 23 | $13,064 | $22,909 | $205,205 |
| 24 | $11,651 | $24,322 | $180,883 |
| 25 | $10,151 | $25,823 | $155,060 |
| 26 | $8,558 | $27,415 | $127,645 |
| 27 | $6,867 | $29,106 | $98,539 |
| 28 | $5,072 | $30,901 | $67,638 |
| 29 | $3,166 | $32,807 | $34,831 |
| 30 | $1,142 | $34,831 | $0 |
Stress test this loan at higher rates, or see how much you can borrow.
An estimate: interest is charged at the repayment frequency and the rate never changes. It leaves out fees, redraws and rate changes, and assumes the lender accepts extra repayments. Check fixed rate loans for an extra repayment limit, and confirm figures with your lender.
Is NAB good for home loans?
NAB is a strong option for borrowers who want offset accounts without a big package fee, and for medical, legal and financial professionals, who may qualify for an LMI waiver.
Pros
- +Up to 10 offset accounts without an annual package fee
- +LMI waivers may be available for medical, legal and financial professionals
- +Takes part in the 5% Deposit Scheme
- +Pay ahead up to $20,000 on fixed loans
Cons
- -Tailored rates are personalised, so the advertised range can differ from your actual offer
- -A monthly service fee applies on the Tailored loan
- -The Choice Package is no longer available to new borrowers
Who NAB suits
- Professionals who may qualify for an LMI waiver
- Borrowers who want several offset accounts without a $395 package
- First home buyers using the 5% Deposit Scheme
About NAB
National Australia Bank is one of the four major banks and an APRA-regulated authorised deposit-taking institution. It also owns ubank, a digital bank that sells its own home loans under NAB's banking licence.
NAB sells the NAB Base Variable Rate Home Loan and the NAB Tailored Home Loan (variable with offset, or fixed). The NAB Choice Package stopped being sold on 18 August 2023; customers who had it before then keep its benefits.
- Ownership
- One of the four major banks. NAB also owns the digital bank ubank.
- Lender and licence
- National Australia Bank Limited ABN 12 004 044 937, Australian credit licence 230686
NAB home loan products
NAB Base Variable Rate Home Loan
NAB's basic variable loan for borrowers who don't need an offset account.
NAB Tailored Home Loan (variable with offset)
Up to 10 offset accounts, unlimited additional repayments and the option to split into fixed and variable portions. NAB's product page lists no application fee and a $12 monthly service fee.
NAB Tailored Home Loan (fixed)
Fixed terms of one to five years. You can pay ahead up to $20,000 during the fixed term, and split the loan with a variable portion.
NAB home loan rates: how they are set
NAB publishes the Tailored variable rate as a range rather than a single number. The rate it offers you within the range depends on your LVR, loan amount, credit risk and credit history, and NAB bases the published range on loans of $750,000 or more. Rates are also split by LVR band (up to 80% and above 80%), purpose and repayment type.
The Base Variable Rate loan has a single published rate. Because the rate on the Tailored loan is personalised, get NAB's actual offer in writing (with the comparison rate) before you compare it with other lenders.
For a benchmark, the RBA's average rate on new owner-occupier variable loans across all lenders was 6.23% in August 2026, and 6.40% for investors (published 8 October 2026). The RBA's cash rate target was 4.60% as at 10 October 2026, after a 0.25 point rise effective 30 September 2026; its next decision is due on 3 November 2026.
Refinancing to NAB and refinance cashback offers
NAB says you can generally refinance at any time, that your equity and LVR affect your options and whether LMI applies, and that a valuation is required. The costs it lists are your current lender's discharge fee, government registration fees, any valuation and settlement costs, and break costs if you're leaving a fixed rate early. To apply it asks for your income, expenses and current home loan details, and may ask for ID such as your passport and driver licence.
NAB's home loan and refinancing pages didn't advertise a refinance cashback when we checked on 2 October 2026; offers come and go, so check NAB's site for the current terms. If one appears, weigh it against the rate: each 0.10 percentage points of interest on a $500,000 loan costs about $500 a year. See how to judge a refinance cashback, and work out your break-even point with our refinance calculator.
Is NAB or ubank the better home loan?
ubank is part of National Australia Bank and lends under NAB's licence, so the same bank stands behind both. The difference is the service model and the product set. ubank is digital-first and sells two loans, Neat (a lower-cost variable loan with no annual fee) and Flex (variable or fixed); its published fees include a $250 loan advance fee and a $300 discharge fee. NAB offers branches and lending specialists, up to 10 offset accounts, profession-based LMI waivers and the 5% Deposit Scheme, which ubank doesn't take part in.
Choose ubank if you are comfortable managing your loan in an app and want a low-cost variable loan. Choose NAB if you want face-to-face help, several offset accounts, an LMI waiver or the 5% Deposit Scheme. See our ubank review.
NAB vs CommBank
Both take part in the 5% Deposit Scheme and offer multiple offsets. CommBank's full-featured loan is priced with its $395 Wealth Package; NAB's Tailored loan has no package fee but a monthly service fee. NAB publishes LMI waivers for some professions; CommBank doesn't publish one. See our CommBank review.
How to apply for a NAB home loan
- 1
Check your borrowing power with NAB's calculator and gather your documents
- 2
Apply online or book a chat with a NAB home lending expert
- 3
NAB assesses your credit history and serviceability to set your Tailored rate
- 4
Conditional approval, valuation, then formal approval
- 5
Sign and settle through your conveyancer
Check how much you could borrow with our borrowing power calculator; NAB's own calculator applies its own lending policy, so its figure can differ.
Budget for stamp duty: NSW stamp duty calculator · VIC stamp duty calculator · QLD stamp duty calculator · WA stamp duty calculator · SA stamp duty calculator · TAS stamp duty calculator · ACT stamp duty calculator · NT stamp duty calculator
Before you apply, ask for the key facts sheet for your loan amount. Every lender must provide one in the same format, which makes loans easy to compare side by side.
NAB home loan questions
Is NAB or ubank home loan better?
They are the same bank (ubank is part of NAB), so the choice is about features and service. ubank is app-based with two simpler loans. NAB adds branches and specialists, up to 10 offset accounts, LMI waivers for some professions and the 5% Deposit Scheme, which ubank doesn't offer.
How many offset accounts does NAB allow?
Up to 10 on the NAB Tailored Home Loan with a variable rate.
Does NAB waive LMI for doctors?
NAB says LMI waivers may be available for medical, legal and financial professionals, subject to eligibility. Ask NAB which professions, registrations and LVR limits apply.
Can I still get the NAB Choice Package?
No. The NAB Choice Package stopped being sold on 18 August 2023. Customers with a package set up before then keep its benefits under their package terms.
Is there a NAB refinance offer of $4,000?
NAB's home loan and refinancing pages didn't show a refinance cashback when we checked on 2 October 2026. Offers change, so check NAB's site, and compare any cashback with the extra interest a higher rate would cost over the time you'll keep the loan.
Will mortgage rates drop to 3% again?
Nobody can say, and we don't forecast rates. The RBA's average rate on new owner-occupier variable loans was last below 3% between April 2020 and May 2022. See will mortgage rates drop to 3% again? for the RBA's latest figures.
How long does NAB home loan approval take?
NAB doesn't publish a standard approval time. It says its home loan experts give access to fast approvals, and that the time to refinance depends on your circumstances, the information you provide and the approval and settlement process.
How much does it cost to refinance a $300,000 loan with NAB?
The fees don't depend much on the loan size. NAB lists your current lender's discharge fee, government registration fees, valuation and settlement costs, and break costs if you're fixed; NAB's Tailored loan has no application fee and a $12 monthly fee. Our refinance guide shows how to work out your break-even point.
Why is my NAB rate different from the advertised one?
NAB publishes a range for its Tailored loan. The rate you are offered depends on your LVR, loan amount, credit risk and credit history, so it can sit anywhere in that range.
