What happens to your repayment when interest rates change?

Your minimum required repayment will not automatically change. The bank will give you at least 30 days’ notice if there’s an increase to your required repayments. A letter or an email will be sent advising you of correspondence in NAB Internet Banking. Use this guide to learn how to view your letters in NAB Internet Banking.

Following the interest rate decrease,

• The customer can have their repayments reviewed by contacting the bank on 13 22 65
• If the customers has Direct Debit set up on the loan account and wishes to change the Direct Debit payment amount or frequency, they can contact the bank to submit a Service Request to Loan Modifications/Servicing Teams.
  • For Internet Banking transfers from a NAB transaction account into a loan account can be modified via the NAB Mobile App or NAB Internet Banking
• Your broker can also request a separate repayment review on behalf of the customer. To do this, simply email loanmods@nab.com.au, request a repayment review on the new rate and attach confirmation of the pricing discretion approval.

Source: NAB News