NAB customers ahead on home loan repayments



National Australia Bank analysis shows that 85 per cent of its home loan accounts are now ahead on mortgage repayments as customers pay down their debt faster.

The analysis also reveals that those home loan accounts are ahead on repayments by an average of 13 months – up from 12 months in 2012.

Credit card customers are also paying down their debt faster, NAB’s analysis shows a 6 per cent increase in the number of credit card accounts paid in full.

NAB’s Executive General Manager Lending and Deposits, Antony Cahill, said customers were better managing their debt and more regularly checking their finances as they took advantage of greater access and lower rates.

“Customers are taking advantage of the low rate environment, but also the greater access that technology provides them to keep on top of all their debts with more than a million logons to internet banking every day – 56 per cent of which are through mobile,” he said.

Of the home loan accounts that are ahead on mortgage repayments, 70 per cent are owner-occupiers, 16 per cent are investors and 14 per cent are first home-buyers. The majority are aged between 40-49-years (31 per cent), with the bulk of the remainder evenly split between the 30-39-years and 50-59-years age groups (25 per cent each).

“NAB is seeing a more sophisticated approach to debt management with more informed and tech-savvy customers getting the most out of their money across a range of products, not just home loans,” Mr Cahill said.

NAB customers ahead on their mortgage repayments by state:

State Proportion
Victoria 32 per cent
New South Wales 31 per cent
Queensland 21 per cent
Western Australia    9 per cent
South Australia    7 per cent

NAB currently offers the lowest packaged fixed home loan rates of the major banks across one-to-five year terms, with five terms under five per cent. NAB has also had the lowest standard variable rate of the major banks for five years giving customers the flexibility to choose a home loan with a great rate.



Related Articles

  • Podcasts

Podcast Plug: NAB CEO joins Morning Call to discuss 2024 outlook

In his first Australian podcast, NAB CEO Ross McEwan sat down with the Morning Call Weekend Edition to give his take on the Australian economy and the year ahead.

  • 01.12.2023
  • Time to read 2 min read
  • Scams

NAB business banker exposes dodgy investment scam

Being scam savvy and alert to the red flags saw NAB banker Abbas Shah save his customer from losing $200,000 in an investment scam.

  • 01.12.2023
  • Time to read 3 min read
  • Diversity

“Yep, I did it!”

Diagnosed with autism when he was three, NAB’s Lora Agius’s son Matthew recently cruised the South Pacific after completing Year 12. Lora shares their story as we recognise International Day of People with Disability.

  • 30.11.2023
  • Time to read 3 min read

Quick links

National Australia Bank — NAB

Sometimes When The Unexpected Happens, We Realise What We Truly Value. Whether A Home, Farm, Business Or Your Passion, NAB Is Here To Support You.

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights.