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Expert review

Marc Terrano

Review by


Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

This loan is only available as a full documentation loan and is suitable for first home buyers, owner-occupiers and investors.

You can borrow up to 95% of the property value. However, lenders mortgage insurance (LMI) applies if you borrow more than 80% of the property value.

About this loan

What are the features and benefits of the NAB Base Variable Rate Home Loan?

  • Redraw facility. You can redraw on your home loan for free if you're ahead of your scheduled repayments. The minimum redraw amount is $500.
  • Maximum loan size. You can borrow up to 95% of the property's value, which can help those who are unable to save for a large deposit. If you're an investor or opting for interest only payments, the maximum limit is 90%.
  • Loan portability. If you sell the home before paying out the loan, you can buy a new home and still maintain the same home loan. This saves you the cost and hassle of setting up a new home loan.
  • Flexible repayment options. Repayments can be made weekly, monthly or fortnightly to suit how often you get paid, and you can make extra repayments without penalty.

What fees and charges come with this loan?

  • Application fee: $0. This is the fee used to cover the costs of setting up your loan account.
  • Discharge fee: $350. This fee is payable when you pay out your loan.
  • Service fee: $0. There is a monthly fee for owner-occupiers on interest-only payments and for investors on either principal and interest or interest-only payments.

How to apply

If you believe the NAB Base Variable Rate Home Loan could be right for you click on the green 'Enquire now' or 'Go to site' button. This will redirect you to the NAB website or to a mortgage broker page where you can discuss your borrowing needs.

On the NAB website you can enquire about this loan or use the live chat feature to talk to someone directly. You could also arrange an appointment with a NAB home loan specialist and they'll visit you or you can drop into your local branch.

Required documentation

After you've lodged your home loan application, NAB will contact you to discuss your application. You'll need to provide a number of original and certified copies of documents, such as:

  • Personal ID. You'll need to provide your birth certificate, passport, driver's license and a current photo ID card.
  • Income details. To support your application, you'll need to offer evidence of your income, such as your two most recent payslips and your latest tax return (for PAYG employees). If you're self-employed, you'll need to put forward your two most recent financial statements.
  • Property details. NAB will request a fully-executed contract of sale (signed and dated by both the vendor and purchaser), the transfer of land document (if held) and the construction loan.
  • Asset and liability details. You'll need to supply your most recent non-NAB transaction account statements, credit card statements, details of personal/home/vehicle insurance, superannuation details, and current vehicle registrations.

Home Loan Offers

Important Information*
Logo for Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback. With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up $4,000 cashback and borrow up to 90% of the property's value. (Terms, conditions & exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

Logo for Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)

Get a competitive variable interest rate with no application fee or ongoing fees.

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17 Comments

    Default Gravatar
    Diane
    January 6, 2019

    Is it only 5% deposit on loans

      Avatarfinder Customer Care
      John
      January 7, 2019

      Hi Diane,

      Thank you for reaching out to finder.

      Yes, you can borrow up to 95% of the property’s value with this product. In other words, this loan is available with a 5% deposit, however, a larger deposit is fine too. Is there anything else that I could assist you with? Hope this helps!

      Cheers,
      Reggie

    Default Gravatar
    Belen
    November 6, 2018

    hi my husband has own property before long time ago for his previous marriage , and we going to buy a house for living .and I am a first home buyer. the application is my name and the tittle .I’m qualified for apply a First home buyer.

    Thanks,

      Avatarfinder Customer Care
      John
      November 8, 2018

      Hi Belen,

      Thank you for reaching out to finder.

      Yes you are qualified to take out a first home buyer loan. You may want to click on this link to see a panel of lenders that you could compare and choose from. Hope this helps!

      Cheers,
      Reggie

    Default Gravatar
    Amanda
    August 15, 2018

    Is this offer eligible for new customer discount

      Avatarfinder Customer Care
      John
      August 16, 2018

      Hi Amanda,

      Thank you for leaving a question.

      Here is an excerpt from our page regarding NAB Home loans.
      “NAB is offering a 1.42% p.a. discount off the current advertised indicator rate on its Base Variable Rate principal and interest loan for new owner-occupier customers borrowing $20,000 or more. This is a limited time offer. Other conditions may apply.”
      You may want to check this out as this is a limited time offer.

      Cheers,
      Reggie

    Default Gravatar
    Sam
    April 30, 2018

    Thanks Jeni

    Default Gravatar
    Sam
    April 29, 2018

    Hi,
    I want to buy my first home in Victoria. I have been a NAB Customer for two years now. I have a PR and been working in the same job for 1 yr and 9 mos.

    I have a running car loan of 750 p.w. Would I be eligible for a 95% LVR to buy my first home?

    Thanks.

      Avatarfinder Customer Care
      Jeni
      April 29, 2018

      Hi Sam,

      Thank you for getting in touch with finder.

      You may be eligible for a First Home Owner Grant of $10,000. If you are buying in regional Victoria on or after 1 July, this grant increases to $20,000. You may refer to this link for more info about First Home Owner Grant.

      Since you want to know if you qualify for a 95% LVR, I suggest that you use a home loan calculator so you can calculate your maximum budget for a property based on the average maximum LVR accepted and the amount you have saved up for a deposit. While this in no way guarantees that you will be approved for all the home loans you apply for, it is a good starting point.

      I also suggest that you contact NAB directly if you are considering taking out a home loan with them.

      I hope this helps.

      Have a great day!

      Cheers,
      Jeni

    Default Gravatar
    Arun
    May 26, 2016

    I am foreigner holding 457, Am I still eligible to take home loan up to 95%? or 95% is possible only for PR/Citizens?

      Default Gravatar
      Jodie
      May 30, 2016

      Hi Arun,

      Thank you for contacting finder.com.au we are a financial comparison website and general information website.

      We have a page that details the possibilities for 457 visa holders with regards to home loans that you can read here, and this page has more information on a range of lending options for non-residents here.

      However, each lender would have their own restrictions and expectations when it comes to offering loans to non-residents so it would be best to either reach out to a lender directly or a mortgage broker to discuss who can assist you.

      Regards
      Jodie

    Default Gravatar
    Varun
    March 9, 2016

    Hi there. I have my apartment settlement due in June 2016. If i come in for a pre-approval before 31 March 2016, will I still be eligible for the 250k frequent flyer points ?
    Thanks

      Avatarfinder Customer Care
      Belinda
      March 11, 2016

      Hi Varun,

      Thanks for getting in touch.

      Unfortunately you won’t eligible to receive the 250,000 Velocity Frequent Flyer points as you need to take out a home loan with NAB before 31 March 2016. Additionally, NAB would need a contract of sale to be obtained and they would need the required deposit before the 31 March so pre-approval would not be enough to be eligible for this promotion.

      All the best,
      Belinda

    Default Gravatar
    GG
    February 9, 2016

    Hi there. Since I don’t have any savings, is it possible to get this variable home loan to pay out an existing loan from another bank, that I currently have to pay for (my husband has taken his super money and moving out, I am left with the mortgage, which I am told by that lender that they cannot refinance me)If I can’t refinance I will have to sell. Cheers

      Avatarfinder Customer Care
      Belinda
      February 11, 2016

      Hi GG,

      Thanks for getting in touch.

      As finder.com.au is an online comparison service, we are not accredited to give you personal advice regarding your borrowing options.

      It’s strongly advised that you speak to a professional mortgage broker as they will be able to sit down with you to review your financial position and advise on the best course of action. They can also draw upon a panel of lenders to find one that may be more likely to review your refinance application given that you have limited savings.

      All the best,
      Belinda

    Default Gravatar
    Rada
    November 20, 2015

    The 4.32% no frills loan can this be used for investment properties

      Default Gravatar
      Jodie
      November 20, 2015

      Hi Rada,

      Thank you for reaching out to finder.com.au a financial comparison website.

      Unfortunately the NAB Base Home Loan is not able to be used for investment properties, please visit our page on investment home loans to see a great range of loans that are suitable to be used for investment loans.

      Regards
      Jodie

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