According to the major bank, NAB has helped 1,000 customers purchase their first home through the first home loan deposit scheme (FHLDS) - the second bank to reach this number after Commbank did so in late April - and stands ready to help even more when the next round of places opens up on 1 July. 

In terms of interest rates, NAB has lowered the rate on its no-frills NAB Base Variable Rate special offer to a "historical low", down by 15 basis points to 2.69% p.a. (comparison rate 2.69% p.a*), for owner-occupiers paying principal and interest (P&I) who have at least a 20% deposit.

It has also cut various fixed rates for both owner-occupiers and residential investors paying principal and interest: NAB Choice Package fixed-rates now start from 2.19% p.a. (comparison rate 4.02% p.a*) for two-years. 

Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner-occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
Online ExclusiveUp To $4K Cashback
5.99% p.a.
5.90% p.a.
Principal & Interest
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Complete NAB home loan changes: Effective 18 June 2020

With the exception of the Base Variable Rate loan, which was cut by 15 basis points, each of the other loans changed by NAB were cut by 10 basis points. 

These cuts apply across both owner-occupier and investor loans (P&I only), on a total of nine different home loan products. 

The different home loan cuts (effective today) can be seen below. 


  • Base Variable Rate P&I Special Offer <80%: -15 basis points to 2.69% p.a. (2.69% p.a comparison rate*)
  • Tailored Fixed - P&I 1 yr: -10 basis points to 2.39% p.a. (4.45% p.a. comparison rate*)
  • Tailored Fixed - P&I 2 yrs: -10 basis points to 2.29% p.a. (4.25% p.a. comparison rate*)
  • Choice Package Tailored Fixed - P&I 1 yr 150k+: -10 basis points to 2.29% p.a (4.17% p.a. comparison rate*) 
  • Choice Package Tailored Fixed - P&I 2 yrs 150k+: -10 basis points to 2.19% p.a. (4.02% p.a. comparison rate*)


  • Inv Tailored Fixed - P&I 1 yr: -10 basis points to 2.69% p.a (5.02% p.a. comparison rate*)
  • Inv Tailored Fixed - P&I 2 yrs: -10 basis points to 2.59% p.a. (4.78% p.a. comparison rate*) 
  • Choice Package Inv Tailored Fixed - P&I 1 yr 150k+: -10 basis points to 2.59% p.a (4.73% p.a. comparison rate*)
  • Choice Package Inv Tailored Fixed - P&I 2 yrs 150k+: -10 basis points to 2.49% p.a. (4.55% p.a. comparison rate*)

Read: NAB cuts home loan interest rates, ANZ raises (May 2020) 

NAB Group Executive Personal Banking Rachel Slade said the introduction of these new rates, as well as NAB's commitment to the FHLDS would help customers at a time when the property market has significantly changed due to the coronavirus. 

“It’s great to see so many Australians purchase their first home sooner than they expected, even at a time when the coronavirus crisis has impacted the housing market,” Ms Slade said.

“We have seen a diverse range of customers access the Scheme. We’re seeing both young homebuyers in their 20s or 30s, and customers in their 50s, buying their first property.”

According to Ms Slade, first home buyers can apply for conditional approval with a NAB banker or broker to get prepared for the scheme's next round of places, which will open in just two weeks on 1 July. 

“On 1 July thousands more spots become available and we look forward to helping many more Australians achieve their home ownership dreams,” she said.

“NAB is pleased to continue partnering with the Federal Government and the National Housing Finance and Investment Corporation (NHFIC) to help customers purchase their first home via the Scheme in the next financial year.

“We know buying your first home is an incredibly exciting experience for many Australians. We also recognise that it can be daunting and we’re here to help our customers throughout this journey."

About the First Home Loan Deposit Scheme

NAB was the first lender selected to participate in the government's First Home Loan Deposit Scheme back in November 2019 by the National Housing Finance and Investment Corporation (NHFIC). 

Customers can check their eligibility on the NHFIC website, can also view a complete list of lenders taking part in the scheme here

Data collected by the (NHFIC) shows there are no more spots available in the scheme until the next round of places opens up in a fortnight. 

The scheme is designed to help eligible first home buyers secure a home loan with a deposit as little as 5% by guaranteeing up to 15% the value of the home, saving them from the often-hefty cost of Lenders Mortgage Insurance (LMI).

The guarantee is limited to 10,000 spots each year, and only applies to owner-occupied loans with principal and interest repayments.

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