National Australia Bank plans to step up its efforts in the home loan market in coming days, by pushing discounted pricing through its UBank brand.An interest rate of less than seven per cent is waiting in the wings.The rates to beat are 6.92 per cent from IMB and 6.94 per cent from Newcastle Permanent, based on MoZo research. State Custodians, the long-time leader in low price home loans, now asks borrowers to pay 6.97 per cent.The lowest rates from the big banks range from 7.15 per cent to 7.23 per cent.Variable rates at the big banks, which are no great guide to home loan pricing, range from 7.80 per cent up to 8.0 per cent when worked out using the comparison rate formula.In reality, the median home loan rate is somewhere below 7.50 per cent, depending on the extent of discounting.So, NAB will have to fund a cut of 50 basis points or so to make UBank loans competitive, a burden which will be shared in some way between the bank's treasury and UBank's marketing budget.NAB has other irons in the home loan fire too, through its ownership of the former Challenger mortgage badges Choice, Fast and Plan.ChoiceLend, FastLend and PlanLend are all contributing to NAB's gains in home loan market share.But this needs to be seen in perspective. NAB has spent the last year or so playing catch up in the home loan market - this includes its investments in the Challenger brands, and UBank.NAB had a market share of 16 per cent (of the banking sector's lion's share of an A$1 trillion market) at the time non-bank lenders reigned supreme. The bank allowed this to fall to 15 per cent over the period of the original credit crunch, and to then fall to 14 per cent in the year following the credit crisis.So, NAB needs to row hard just to get back to where it was when the bank stepped back from the home loan market and opted to chase higher yielding business loans.