You know that the interest rate of your home loan affects how much you pay over the term of your home loan, but have you thought about just how much this affects your wealth?

Whether your home loan is with national bank (nab) or any other lender, you should always consider the impact of the interest rate on your overall financial situation. Apart from fixing your interest rate, you cant do a lot to control the fluctuations of a variable rate, but you can shop around and find the loan with the interest rate that best suits your financial situation.

Take a $250,000 home loan. Over an average term of 25 years, a discount of just 0.70% from the standard rate could save you more than $30,000. Imagine what you could do with $30,000 and you begin to understand how important it is to get a good deal on your NAB home loan.

According to the Reserve Bank of Australia, at least 95 out of every 100 home buyers gets a discount from what banks and lenders call their standard rate.

NAB offer a discounted interest rate on some of their products, including their Introductory Rate Home Loan. This honeymoon rate could save you money in the short term as you put funds towards furnishing and fittings for your new home, but introductory rates inevitably revert to a standard variable rate which may be higher than you are able to get with another home loan product.

Another NAB home loan with a discounted interest rate is the NAB Choice Package. This allows eligible home buyerswho must have a Tailored Home Loan or FlexiPlus Mortgage of at least $150,000to obtain a discount of 0.5% from the standard variable rate.

Your interest rate has a considerable affect on how much you pay for your home loan overall, so be sure to shop around for the best deal. Keep in mind that a discounted rate from one lender may still be more than a standard rate from another. Also remember to take into account features such as a redraw facility and the ability to make extra repayments at any time. Depending on your financial situation and goals, using these features can be beneficial to your finances, so speak to a financial broker for further advice.