How we set your minimum contracted repayments
Your home loan repayments are calculated and set to ensure you can pay off the balance you’ve borrowed by the end of your loan term.
Your contracted repayment is the minimum repayment amount agreed to when accepting your home loan with NAB. It’s based on your loan balance, interest rate and loan term. This contracted repayment is also referred to as your ‘minimum repayment amount’ or ‘scheduled repayment’.
If there are changes to your home loan, such as an increase to your interest rate, we may need to adjust your minimum repayment amount to ensure you can still repay your loan within your remaining loan term.
We’ll give you at least 30 days’ notice if we change your minimum repayment amount. A letter will be sent in the mail or you will receive an email letting you know you’ve got a letter in your NAB Internet Banking. Use this guide to learn how to view your letters in NAB Internet Banking.
When is my home loan repayment due?
The due date for your minimum repayment will depend on the contracted repayment frequency you agreed to when accepting the loan. Your home loan contract shows your repayment due date, as well as the minimum repayment you need to make. You can also view these details in the NAB app and NAB Internet Banking.
How to set up automatic repayments for your home loan
A repayment can be made in a number of different ways.
- A direct debit: a regular automatic payment which you authorise NAB to withdraw from your nominated account at a set frequency. The amount may change if your contracted minimum repayment amount changes.
- Recurring transfer: a self-managed regular payment that you set up from your nominated account at a recurring frequency. You pay the same amount every time.
- One off payment: a once off payment which you can make via an electronic transfer or a direct cash deposit into your loan account via a branch.
Read our simple instruction guide to learn how to set up repayments for a new or existing home loan from a NAB or non-NAB transaction account.
If you miss a minimum repayment
If you miss a minimum repayment and fall behind on your loan, we’ll remind you by SMS, email, letter, or phone. If you’re experiencing financial difficulty, struggling to meet your repayments or think you might miss a repayment, contact us immediately.
Ready to purchase your home?
Talk to our home loan experts today.
Explore more articles
How an offset account can benefit your home loan
Learn how best to use an offset account.
Home loan redraw
Discover how redraw works, check eligibility criteria and learn how building redraw could benefit you.
Seven tips to help pay your home loan faster
Changing how you make your home loan repayments could have a big impact.
Home loan calculators
Home loan repayment calculator
Compare your loan amount with other factors to estimate your loan repayments.
How much can I borrow?
Get an estimate of how much you can afford to borrow for your home.
Equity loan calculator
Evaluate your home’s equity and see how you could make it work for you.
Help and support
Explore other home loan guides to help you use and manage your existing NAB home loan.
Get in touch
Customer Support Tool
Solve problems quickly online with our easy-to-follow guides. Simply select a topic and we’ll direct you to the information you need.
Contact us
Explore our personal banking contact information and get support with a wide range of products, services and topics.
Visit a NAB branch
Visit us in person at your nearest NAB branch or business banking centre.
Terms and Conditions
Apologies but the Important Information section you are trying to view is not displaying properly at the moment. Please refresh the page or try again later.
These products are issued by National Australia Bank Limited.
NAB recommends you consider the NAB Internet Banking terms and conditions document, before making any decisions regarding this product.
The NAB Mobile Banking app is compatible with Android and iOS, minimum platform requirements apply. Android is a trademark of Google LLC. The Google Logo is a registered trademark of Google Inc. iOS is a trademark or registered trademark of Cisco in the U.S. and other countries and is used under license.
Any advice on our website has been prepared without considering your objectives, financial situation or needs. Before acting on any advice, consider whether it is appropriate for your circumstances and view the Product Disclosure Statement or Terms and Conditions available online or by contacting us. Credit applications are subject to credit assessment criteria. Interest rates, fees and charges are subject to change. Target Market Determinations for our products are available at nab.com.au/TMD. Products issued by NAB unless stated otherwise.
© National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686