NAB receives one of our top recommendations for refinancing. Whether you are looking to switch from another lender or want more affordable rates on your NAB home loan, they can help. For example, you can enjoy 100% offset account status on variable loans without paying fees or taking out additional credit.
NAB has a user-friendly mobile app that helps make everything more accessible by giving updates about monthly payments.
NAB Refinance Offers
The $2,000 NAB home loan refinance cashback offer is available on all of its home loan products.
- You have to be refinancing an existing loan worth at least $250,000.
- You must also hold an NAB transaction account at the time of drawdown.
- Your current mortgage must be refinanced to NAB.
- The primary borrower listed on your loan should have an active NAB transaction account at drawdown.
- This offer is available to individual applicants who are owner-occupiers or residential investors. Refinancing of First Home Loan Deposit Scheme loans and loans to businesses, non-residents, trusts, and other non-natural people are not included.
Why Refinance With NAB?
There are many reasons you may want to refinance your home loan, but here are some benefits of refinancing with NAB:
- Home loan specialists who can respond to your questions and walk you through the process of refinancing with NAB.
- Access to various home loan services, like a 100% offset account, fee-free redraw on variable loans and NAB Mobile App
- Calculators and other tools that you can use to figure out how much equity you can access in your home
- A quicker turnaround on refinance applications
- Waived LMI packages for medical or legal professionals
- Products for those who engage in short-term employment
NAB Refinancing Process
Step 1: Assessing Your Current Home Loan Situation
Loans are a big expense for most people and it can be costly to switch lenders. Before making this decision, think about what features for the new home loan would help your situation – like cost or flexible repayment terms.
Your reasons for refinancing could include the following:
- Get better value
- Consolidate debt
- Get updated banking features
- Reduce the loan term
Step 2: Selecting Your New Home Loan
Your reason for refinancing will guide you in choosing a new home loan based on your needs. NAB offers different home loans to choose from:
- Basic Variable Rate: A simple, low-rate home loan with no ongoing fees.
- Variable Rate With Offset: Extra flexibility, features and discounts when bundled with an NAB Choice Package.
- Fixed Rate: Additional certainty and discounts when bundled with an NAB Choice Package.
Step 3: Analyse The Costs Of Your New Home Loan
The cost to switch your home loan can vary depending on what you want. For example, if it’s a better interest rate, you need to make sure the savings from the lower rate are enough to justify the cost of refinancing, which includes exit fees, application fees and other charges. Luckily, our refinance calculator and borrowing power calculator are great ways to estimate these expenses so you don’t get surprised later.
Step 4: Apply For A Home Loan
The next step is to choose a loan and submit an application after looking through your alternatives and potential costs. Applying is possible online, by phone, or in person at an NAB branch. The bank will evaluate your income, repayment history and financial obligations. Additionally, the bank will want a valuation of your property. You will receive an offer letter via email or express post within 2 days maximum, if your application was successful.
Step 5: Settlement
The deal progresses toward settlement once you have signed the offer letter. The homeowner must sign a discharge document with the prior lender as the first step in settlement, to inform the lender that the home loan will now be with NAB. You’ll have to start making payments on the new home loan once settlement is complete.
How Long Does It Take To Refinance With NAB?
On average, NAB takes 1-3 working days to get back to you once you submit a loan application. The refinancing process can take longer, depending on the complexity of your situation.
To put that into context, some lenders acknowledge home loan applications in 3-5 business days, with refinancing completed in 15-45 days. Processing time at big banks like NAB can be significantly longer than at smaller lenders, because large banks handle more loan applications.
Should I Use Home Loan Experts Instead Of Going To NAB Directly?
Home Loan Experts has mortgage brokers with years of expertise working with NAB. When they submit your refinance application to the bank, they know how to negotiate the best deals and strengthen your application.
You’ll get the following if you choose to take our help in refinancing your NAB home loan:
- Access to a large number of lenders, interest rates and loan packages for you to choose from.
- Assistance in getting offset accounts, redraw capabilities, and extra repayment plans.
- Guidance on how to make your refinance application stronger to improve your chances of being accepted.
- Assessment of the advantages and disadvantages of choosing a fixed or variable rate.
Our mortgage specialists can assist you in avoiding unnecessary costs and locating the ideal refinancing plan. Simply call us on 1300 889 743 or complete our free online assessment form, and we’ll contact you without delay to review your refinancing options.