NAB Home Loan Review for Australian Expats
As one of the big four Australian banks, National Australia Bank (NAB) specialises in financial solutions for expats, including home loan solutions.
Go through the review and find out if NAB is the right lender for you.
- Borrow up to 80% of the property value
- Accepts most foreign currencies
- Access to several features such as redraw facilities, split loans, etc.
NAB Home Loan Options
Here’s everything you need to know about NAB home loan rates and packages for expats and overseas residents.
Fixed-Rate Home Loan
Basic Variable Rate Loan
NAB Choice Package
With its fixed-rate home loan, borrowers can lock in their interest rates to protect themselves from a hike in rates.
The bank offers buyers from overseas certainty with a fixed-rate interest throughout the loan. Expats can access interest rates from 5.59% (1-year fixed) to 6.69% (5-year fixed).
*Note that interest rates apply on the day you draw your loan. Not at the time of application. Thus, they are subject to change.
As a featured loan product, you will get a fully packaged home loan with an offset account and discount interest rates. Customers can save on establishment and ongoing loan maintenance fees with discounted interest rates on variable home loans.
Basic variable rate home loans start at an interest rate of 6.45% for owner-occupied properties and 6.97% for investment properties.
*Note that interest rates apply on the day you draw your loan. Not at the time of application. Thus, they are subject to change.
NAB's Choice Package is their most popular home loan product if you borrow more than $150,000. Gain extra benefits, such as discounted premiums on selected insurance products and margin loan interest rates.
You will need to pay a $395 annual package fee.
You can choose between a variable or fixed rate option. If you can’t decide between the two, you can split your home loan into variable and fixed portions.
Not sure if you want to choose a variable or fixed rate package? Speak to one of our specialist mortgage brokers today.
NAB Home Loan Review
Here’s why National Australia Bank is popular among overseas borrowers and expats.
| Pros | Cons |
|---|---|
Overseas residents can borrow with an LVR of 80% | Has the most challenging servicing assessment out of the big four Australian banks |
Accepts most foreign currency income | Australian income tax rates applied to your foreign income when assessing borrowing capacity |
Includes free offset accounts, redraw facility, split loans, top-ups, flexible repayments and repayment holidays | Usually restricts the maximum loan size, which can affect professional investors |
Lending policy is strict for self-employed borrowers |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
NAB Home Loan Features
As one of the big four banks in Australia, NAB provides some of the best options and features for expats and overseas borrowers.
| Feature | Details |
|---|---|
Deposit Size | Accepts a deposit size of 20% |
Offset Account | An offset account linked to your home loan can lower the loan interest. |
Repayment Options | Flexible packages with weekly, fortnightly, or monthly repayment options. |
Package Benefits | Borrowers can benefit from discounted premiums on selected insurance products and lower interest rates. |
Interest Rates (Investment) | On fixed-rate home loans, 1-year fixed will have an interest rate of 5.69% and 5-year fixed will have an interest rate of 6.84%. |
Facts About NAB Bank
NAB accepts most foreign currency income.
Unlike other lenders, you may be able to get a home loan with an 80% LVR.
Benefit from features like flexible repayments and repayment holidays.
How Do I Apply for an NAB Expat Mortgage?
NAB requires you to meet various criteria to qualify for an expat home loan in Australia.
Who Is Eligible for an NAB Expat Mortgage?
- Australian citizens living nationally or abroad
- Over the age of 18
What Documents Will I Require for an NAB Expat Mortgage?
You need to provide certain documents and information to be eligible.
Form of Identification
Passport, driver's licence, birth certificate etc.
Statement of Income
Bank account statements showing three months of salary income.
Financial Position
Assets like shares and vehicles, liabilities such as credit card limits and living expenses.
Property Details
Mortgage and rental income statement.
Speak with one of us today to find out if this bank is the best option for you.
Other Related Products from NAB Bank
Foreign Currency Account for Expats
A Foreign Currency Account package offers a transaction account for overseas residents who frequently make or receive payments in a foreign currency.
Cash Maximiser Account for Expats
Open an online savings accounts to help you separate operating cash from any surplus, tax payment balances, or savings. This is useful for overseas residents looking to manage their cash flow.
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Other Australian Lender Reviews
FAQs about NAB Expat Mortgage
How does NAB expat home loans work?
As an Australian expat, you can borrow up to 70% of the property value at National Australia Bank, and they may even allow you to borrow 80%. As an expat, you can still benefit from the same home loan products available to Australian residents.
Will I need to pay break costs with an NAB expat mortgage?
Yes. If you’re ending the fixed loan term before it ends, you’ll need to pay what is known as a break cost. You can calculate break costs concerning your loan size, interest rate change, and how long was left on the fixed term.
How long does a NAB expat home loan take to settle?
After you’ve found your property and been pre-approved, National Australia Bank will need a contract of sale before the settlement process can commence. After this, the settlement timeframe is between 30 and 90 days.
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