NAB Bank

NAB Bank

National Australia Bank is one of the big four Australian banks and specialises in financial solutions from home loans to online banking.

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Find out everything you need to know about overseas home loans.

Fixed-Rate Home Loan

NAB offers a range of fixed-rate home loans. Buyers from overseas can gain certainty with a fixed-rate interest throughout the entirety of the loan.

Expats will be able to access interest rates from 2.59% (1-year fixed) to 3.09% (5-year fixed).

Along with the discounted interest rates on fixed and variable home loans, customers can save $600 on establishment fees and a minimum of $96 on ongoing loan maintenance fees. 

Generally, this is the best choice for larger loan sizes as borrowers must either hold or be approved for a Westpac Choice transaction account linked to their home loan.

Basic Variable Rate Home Loan

As a featured loan product, you will get a fully packaged home loan with an offset account and discount interest rates. This package requires an annual fee of $395.

Along with the discounted interest rates on variable home loans, customers can save $600 on establishment fees and a minimum of $96 on ongoing loan maintenance fees.

NAB Choice Package

NAB’s Choice Package is their most popular home loan product if you're borrowing more than $250,000. Borrowers can gain extra benefits such as discounted premiums on selected insurance products and discounts on margin loan interest rates.

 

Pros and Cons

Take a look at the pros and cons of NAB’s home loans.

Pros Cons
Unlike other lenders, overseas residents can borrow with an LVR of 80%.
NAB is known to have the toughest servicing assessment out of the big four Australian banks.
NAB accepts most foreign currency income.
Australian income tax rates will be applied to your foreign income when assessing borrowing capacity.
NAB home loans include features like free offset accounts, redraw facility, split loans, top-ups, flexible repayments and repayment holidays.
NAB usually have restrictions on the maximum loan size which can affect professional investors.
The 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.

Pros Cons
Westpac accepts the majority of foreign currency income.
Australian income tax rates are applied to foreign income.
Open to adjusting loan on complicated scenarios.
Maximum Loan Value Ratio (LVR) of 70%.
Free features are available for customers like offset accounts and redraw facilities.
Does not accept refinance applications, if you wanted to refinance to Westpac from a different financial institution

Mortgage Features

Here are the main features of NAB’s mortgage packages.

Feature Details
Deposit Size
Unlike the other top four Australian lenders, NAB may be able to accept a deposit size of 20%.
Offset Account
Bank account linked to your home loan that can help to lower the loan interest.
Potential Flexible Repayment Options
Weekly, fortnightly, or monthly repayments possible.
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 2.59% and 5-year fixed will have an interest rate of 3.00%.
Expat Information
NAB has tried to serve the expat community with lower interest rates.

Mortgage Features

NAB accepts the majority of 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?

When applying for a home loan at NAB, you will need to meet the eligibility criteria and have various documents ready.

Eligibility

  • Australian citizen.
  • Over the age of 18

Documents required

When you apply for a home loan with NAB you are required to provide a number of documents.

Form of Identification

Passport, driver licence, birth certificate etc.

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

Allow us to find you the perfect home loan.​

Apply online to get expert recommendations with real interest rates and repayments.

Other Related Products

NAB Foreign Currency Account

NAB offers a transaction account for overseas residents who frequently make or receive payments in a foreign currency. 

NAB Cash Maximiser Account

 NAB offers 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.

More home loan questions

As an Australian expat you can borrow up to 70% of the property value at NAB, and they may even allow you to borrow 80%. As an expat, you can still benefit from the same home loans that are available to those living in Australia.

Yes. If you’re ending the fixed loan term before it has been completed you’ll need to pay what is known as a break cost. This is calculated in relation to your loan size, interest rate change, and how long was left on the fixed term.

After you’ve found your property and been pre-approved, NAB will need a contract of sale before the settlement process can commence. After this, the settlement timeframe at NAB is between 30 and 90 days.