NAB Choice Package – Fixed Rate Home Loan

Rates and Fees verified correct on May 27th, 2016

Bundle your NAB Tailored Fixed Rate Home Loan with a Choice Package to receive an interest rate discount and extra features.

The NAB Choice Package when combined with the Tailored Fixed Rate Home Loan offers a range of discounts. This includes a discount on the standard fixed interest rate in addition to waiving ongoing and application fees.

Interest Rate Max Insured LVR Max LVR
1 Year (Investor)
4.54% p.a.
Comparison Rate
5.25% p.a.
95% 80%
1 Year Fixed (Principal and Interest)
4.39% p.a.
Comparison Rate
5.10% p.a.
95% 80%
2 Year Fixed (Principal and Interest)
3.89% p.a.
Comparison Rate
4.98% p.a.
95% 80%
2 Years (Investor)
4.34% p.a.
Comparison Rate
5.18% p.a.
95% 80%
3 Year Fixed (Principal and Interest)
4.24% p.a.
Comparison Rate
5.00% p.a.
95% 80%
3 Years (Investor)
4.39% p.a.
Comparison Rate
5.15% p.a.
95% 80%
4 Year Fixed (Principal and Interest)
4.59% p.a.
Comparison Rate
5.08% p.a.
95% 80%
4 Years (Investor)
4.74% p.a.
Comparison Rate
5.23% p.a.
95% 80%
5 Years (Investor)
4.74% p.a.
Comparison Rate
5.22% p.a.
95% 80%
5 Year Fixed (Principal and Interest)
4.59% p.a.
Comparison Rate
5.07% p.a.
95% 80%
Product NameNAB National Choice Package Fixed Rate Home Loan (Principal and Interest)
Interest Rate TypeFixed
Comp Rate^ (p.a.)
Minimum Loan Amount$150,000
Maximum Loan Amount$10,000,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options

Application Fee$0
Lender's Legal Fee$124.36
Ongoing Fees$395 p.a.
Settlement Fee$0
Discharge Fee$350

Pros
  • Receive an additional discount off the advertised fixed rate for choosing the Choice Package.
  • Make additional payments up to $20,000 during the fixed term without penalty.
  • Access extra funds from the mortgage via the redraw facility.
Cons
  • A $350 discharge fee applies when you pay off your home loan.
  • There's an annual fee of $395.
  • If you borrow more than 80% LVR, you may need to pay a lender's mortgage insurance (LMI) premium.

Things to consider about this loan

By combining a NAB Tailored Fixed Rate Home Loan with a NAB Choice Package, you may be eligible for a discounted interest rate. If you're not interested in a fixed rate home loan, you may want to consider the NAB Tailored Home Loan Variable Rate under this package too.

The NAB Choice Package Fixed Rate Home Loan is available to self employed borrowers. Low-doc loans are available if you don't have the full financials to back up your application. However, low-doc borrowers will not be able to make interest-only repayments.

This loan is available to investors, refinancers and first homebuyers. It cannot be used for construction purposes.

Borrowers can take out a loan up to 95% LVR, but loans of 80% will incur a Lender's Mortgage Insurance premium.

NAB Choice Package Fixed Rate Tailored Home Loan features

  • Package benefits. As part of the NAB Choice Package, the loan application fee and service fees are waived. You may also be eligible for a discount on the standard fixed interest rate, which is currently discounted at 0.10%. In addition, you may receive bonuses on other NAB products such as credit cards, insurance and savings accounts.
  • Flexible repayments. You can choose to pay your loan weekly, fortnightly or monthly, and you can also choose to pay just the interest component of your loan. It should be noted that the interest-only component can't exceed the fixed rate term.
  • Repayment holiday. If you experience financial hardship or you wish to take a break from your mortgage repayments, you can choose to take a repayment holiday.
  • Additional repayments. Additional repayments can be made up to $20,000 without incurring a penalty. However, any extra payments that exceed this amount will incur a fee.
  • Redraw facility. Any additional payments can be redrawn at the end of the fixed rate period with a minimum redraw amount of $2,000.
  • Rate lock. You can choose to lock in the fixed rate you see at the time of the application. This will mean that you receive the rate that is quoted to you at the time of application. The rate is locked in for a period of up to three months.
  • Loan portability. This loan is portable which means if you sell your home, you can bring your home loan with you to the next property you buy. This means you can save on application fees and other mortgage costs associated with setting up a new loan.

Fees

  • NAB Choice Package fee $395. This is a single annual fee that covers the products bundled under this package.
  • Discharge fee $350. This fee is charged when you pay out the amount of your loan.

How to apply

If you think the NAB Choice Package Fixed Rate Home Loan matches your borrowing needs click on the green 'Go to site' or 'Enquire' button. You will then be redirected to the NAB website or a page where you can fill in your details to discuss your options with a mortgage broker.

To apply directly with NAB you visit the NAB website, you can place an enquiry online to request an appointment. You can use the live chat feature to speak to a NAB representative or visit your local branch.

The NAB application process has five stages; application, verification, property valuation, approval and settlement.

Required documentation

When you apply for the NAB Choice Package Fixed Rate Home Loan, you'll need to provide the following:

  • Personal details. You'll need to provide your name, date of birth, residential address and nationality. NAB will need to see 100 points of ID documents. These can include a combination of one primary photographic (driver's licence or passport) and one secondary document (Medicare card).
  • Proof of income. NAB will require you to provide evidence of your income from all sources, including a current bank statement showing the last 2 salary payments or a letter from your employer.
  • Asset details. You'll need to provide information about any assets that you have (e.g. shares or managed funds).
  • Debt details. NAB will need to see details regarding any debts that you have (e.g. credit cards or personal loans), including repayment amounts.

NAB Choice Package – Fixed Rate Home Loan Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 6 April 2016 at 18:06.

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26 Responses to NAB Choice Package – Fixed Rate Home Loan

  1. Default Gravatar
    Andrew | March 21, 2016

    I have a mortgage of $376,000 I would like to add $50,000 to pay off my wife, what can I do

    • Staff
      Belinda | March 21, 2016

      Hi Andrew,

      Thanks for getting in touch.

      I can confirm that you do have the option to increase the amount of your existing NAB home loan. To do this, you’ll need to apply for a loan top-up with NAB directly. You can do this by speaking with a NAB home loan specialist over the phone or by visiting your nearest branch.

      Please note that NAB will take into consideration your income, assets, credit history and any existing debt that you have before approving the loan increase.

      Thanks,
      Belinda

  2. Default Gravatar
    Cindy | February 7, 2016

    How long between signing a land contract and the banks requirement to start build?

    • Staff
      Belinda | February 11, 2016

      Hi Cindy,

      Thanks for getting in touch.

      I’ve sent you an email to follow up with this enquiry.

      Thanks,
      Belinda

  3. Default Gravatar
    Rob | January 19, 2015

    Hi, we are looking at demolishing our current home on Dendy Park in East Brighton (have mort of $100,000 remaining) and building 2 side by side (joined) 3 level underground garage duplex homes costing around $1-1.5mill for the 2. One to live in and the other to sell (similar in street on Golf Course sold July ’14 for $1.79mill). Current land value brings our site to around $1.2mill worth. Building through someone like Imform in Melb which will take up to 2 years from beginning to end. Also have an investment property in Hampton with current land value of $600,000 on interest only loan. Have our own company with 1 company car, 1 credit card and no other debt.
    Please advise what NAB could provide.
    Thanks

    • Staff
      Shirley | January 19, 2015

      Hi Rob,

      Thanks for your question.

      Since you’ve come through to finder.com.au (an online comparison service) we are not in a position to make offers on NAB’s behalf.

      If you click on ‘go to site’ you’ll be taken to NAB’s enquiry page where you can submit this information. NAB will then contact you at a time that suits you and advise on what they can offer.

      Cheers,
      Shirley

  4. Default Gravatar
    Grace | January 18, 2015

    What are the home loan requirements for casual employees

    • Staff
      Shirley | January 19, 2015

      Hi Grace,

      Thanks for your question.

      NAB doesn’t publish the eligibility requirements of this loan online. Instead, they request that you submit an enquiry so a NAB home loan specialist can speak to you about your options (this can done by clicking on ‘go to site’).

      For the application, you’ll need to provide your two most recent payslips and your latest tax return evidencing all other income (e.g. rental, dividends, overtime).

      Hope this helps,
      Shirley

  5. Default Gravatar
    edith | January 5, 2015

    Hello, I am a pensioner renting at the moment for the past 5 years in the same property. My husband passed away last year and I was wondering has I have a reasonable deposit from his insurance how much of a loan would I be able to get. I have a pension of $869.20 less rental assistance of $126.40 also I have a UK part pension which varies but is around $380 a month depending on the rate. I have no credit and own my car.
    Edith

    • Staff
      Marc | January 6, 2015

      Hi Edith,
      thanks for the question.

      You can use our borrowing power calculator to get an estimate of how much you might be able to borrow. To get an accurate idea of how much NAB would lend you, I would recommend contacting them or a mortgage broker directly. You can fill out the form on the right of this page to be put onto a lending specialist from eChoice, who will be able to help you select the right loan for you.

      I hope this helps,
      Marc.

  6. Default Gravatar
    vlad | August 4, 2014

    with 3yr fixed @4.94% do i have to pay NAB Choice Package fee: $395?
    Vlad.

    • Default Gravatar
      | August 5, 2014

      ok do I need NAB Choice Package with 3yr fixed @4.94%

      can i avoid this fee if im on 3yr fixed

    • Staff
      Shirley | August 6, 2014

      Hi Vlad,

      You don’t have to take out the NAB Package with the 3 year fixed home loan, but the interest rate will be higher.

      If you wish to apply for the 3-year fixed home loan just by itself, then the regular fees and charges apply. Please see this page for more information.

      Cheers,
      Shirley

    • Staff
      Marc | August 5, 2014

      Hi Vlad,
      thanks for the question.

      If you take out the Fixed Rate Choice Package you will have to pay the annual fee of $395 each year.

      I hope this helps,
      Marc.

  7. Default Gravatar
    Jarrad | August 3, 2014

    Are there any exit fees?

    • Staff
      Shirley | August 4, 2014

      Hi Jarrad,

      The exit fee for this loan is $150 at the time of writing. You can check this by clicking on the ‘fees’ tab.

      Cheers,
      Shirley

  8. Default Gravatar
    JIm | July 30, 2014

    I am inquiring for my son who has a remaining loan of $232,000 and would like to refinance. Is this possible under the rate of 4.95% fixed for 3 years, and can he borrow the lot to make life a little easier?

    • Staff
      Marc | July 31, 2014

      Hi Jim,
      thanks for the question.

      This loan is available for refinancing provided you fulfil the eligibility criteria mentioned on this page. In terms of how much your son can borrow, this will depend on his income and other variables including debts and assets. You might want to contact NAB or a mortgage broker directly to discuss this.

      I hope this helps,
      Marc.

  9. Default Gravatar
    lyn | March 31, 2014

    Im wondering if i would be able to apply for a spilt 3 yrs fixed & variable home loan. I have a block of land & now i need a loan for construction. Most banks will only do a variable loan whilst in construction which means i miss out on all the great rates going. What will NAB do for me

    • Staff
      Marc | April 1, 2014

      Hi Lyn,
      thanks for the question.

      NAB does offer construction loans with fixed and variable rate options. You might want to contact them directly for more information, which you can do by lodging an online enquiry (you can do this by clicking the ‘find out more’ button on this page), or calling them directly.

      Cheers,
      Marc.

  10. Default Gravatar
    Mark | February 17, 2014

    We have a home loan at the moment and are making our repayments at a interest rate of 10% and meeting the repayments fine! does this put us in good chance of being accepted for refinancing with you guys?

    • Staff
      Marc | February 18, 2014

      Hi Mark,
      thanks for the question, and good work being able to manage a higher interest rate!

      Refinancing will take into account the same aspects requirements as a new loan. That’s because in essence you’re opening a new loan with a new lender, even if it’s for a smaller amount than your original loan was. This means the success of your application will still depend on your income, credit file, existing assets, and any liabilities including your loans and credit cards.

      I hope this helps,
      Marc.

NAB National Choice Package Fixed Rate Home Loan (Principal and Interest)

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    / $395

  • Max LVR

    80%

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