National Australia Bank
Lender Overview
NAB is one of Australia's big four banks and a major home lender. It is known for strong relationships with mortgage brokers, processing a high proportion of its home loan volume through the broker channel. NAB also owns UBank, a digital-only bank brand offering competitive rates. NAB is listed on the ASX (ASX: NAB) and regulated by APRA.
Loan Products Offered
NAB Base Variable Rate Home Loan
No-frills variable rate product with basic features. Lower rate than the package product but without offset functionality.
NAB Choice Package
Annual fee package ($395/year) with discounted variable or fixed rates, 100% offset, and fee waivers.
NAB Fixed Rate Home Loan
Fixed terms of 1 to 5 years with limited extra repayments ($20,000/year) and break costs for early exit.
UBank Home Loan
NAB's digital-only brand offering sharp variable rates with no annual fees. Available for refinancers and new purchases. Fully online application process.
Pros and Cons
Pros
- +Strong broker channel with fast processing and reliable communication
- +UBank offers some of the best rates of any major-bank-owned product
- +Flexible approach to self-employed borrowers via the broker channel
- +Strong mobile banking app with loan management features
Cons
- -Standard NAB rates are not typically the most competitive in the market
- -UBank is digital-only, which may not suit all borrowers
Typical Rates
| Loan Type | Indicative Rate |
|---|---|
| Owner-Occupier Variable (P&I) | RBA cash rate + 2.70% to 3.25% (indicative) |
| Owner-Occupier Fixed | Market rate at time of fixing, varies by term |
| Investor Variable (P&I) | RBA cash rate + 3.00% to 3.60% (indicative) |
UBank rates are typically lower than the standard NAB rates. Confirm current rates directly with NAB, UBank, or through a broker.
Application Process
- 1
Apply directly online, via a branch, or through a mortgage broker (NAB processes high broker volumes)
- 2
Standard income and identification verification required
- 3
Valuations ordered by NAB
- 4
Conditional approval typically 3 to 7 business days; broker channel often faster
- 5
Settlement coordinated with your conveyancer
Who National Australia Bank Suits Best
- ✓Borrowers working with a mortgage broker who channels volume to NAB
- ✓Self-employed borrowers who need flexible income assessment
- ✓Borrowers considering UBank for a competitive rate from a major-bank-owned entity
