How to close your home loan

If you have a joint home loan you will need to consider how your account authority is set up. 

Account authority means nominating what different borrowers or signatories can do with your account. Depending on how your account authority is set up, one or all parties will need to attend the branch to authorise closure of your home loan.

If you are unsure who has the authority to close your home loan, speak to one of our bankers.

The payout figure is the closing balance of your loan plus any outstanding accrued interest, fees and charges (if applicable). In order to close your account, you will need to pay the payout figure into your loan account on the same day it is quoted. This will ensure the balance is $0 so the home loan can be closed.

Once the account is closed, you will be able to view your home loan closing statement (via NAB Internet Banking or you may receive it in the mail, depending on your communication preferences).

If you decide to take out a new home loan in the future, you will need to complete a new application.

When you discharge your mortgage with NAB, the following fees apply:

• Mortgage Discharge Fee – this includes preparation of discharge, attending settlement and lodgement of documents where applicable and is charged by NAB.
• Government Fee - this is the fee charged by the Land Titles Office for making changes to the Certificate of Title; the amount of the fee depends on the state in which the property is located.

If you choose not to discharge your mortgage, NAB will remain listed on your Certificate of Title.