NAB offers a wide variety of fixed and variable rate home loans that could be suitable for you.
The National Australia Bank (NAB) is one of Australia's four major banks, and with that size comes the strength of a diverse range of mortgage products.
NAB offers a huge range of home loans to cater to borrowers' financial circumstances. Whether you're looking for fixed or variable rates, line of credit home loans or a product with redraw and offset facilities, NAB has products to meet your needs.
350K NAB Rewards points offer
NAB is offering new home loan customers 350,000 NAB Rewards points when they apply for an eligible NAB Home Loan and Banking Bundle before 31 August 2017.
The minimum eligible borrowing amount is $250,000, and the home loan must be drawn down by 30 November 2017 and must not be a refinance from NAB or new lending or refinancers from UBank or Advantedge.
For other terms and conditions please visit the NAB website for more details.
NAB Home Loan Offer
NAB Choice Package Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier) First Home Buyer Special offers a special rate with no application fee and a low ongoing fee.
- Interest rate of 3.69% p.a.
- Comparison rate of 4.92% p.a.
- Application fee of $0
- Maximum LVR: 95%
- Minimum borrowing: $150,000
- Max borrowing: $10,000,000
NAB home loan features
Some of the features offered by NAB home loans are:
- Fixed or variable interest rates. A fixed interest rate allows you to lock in your repayments for a set period of time, while a variable interest rate may change over the life of the loan.
- Interest-only or principal and interest repayments. Principal and interest loan repayments mean that part of your regular repayment is allocated toward the interest on your home loan, while part is allocated toward paying off the principal, or original amount borrowed. By contrast, an interest-only loan allows you to repay only the interest portion of your loan while leaving the principal untouched. These loans are popular with investors.
- Line-of-credit home loans. Line-of-credit home loans are different to other loans as you will not receive money for your purchase, but you will receive a credit to draw upon when you need to. While line-of-credit loans are very flexible, they require a bit of budgeting.
- Offset accounts. Offset accounts are accounts linked to a home loan and allow you to reduce the amount of your loan on which interest is calculated. This can help you repay your home loan faster.
- Repayment holidays. If you would like to free up some money, or are experiencing financial hardship, you can use the repayment holiday feature to stop making repayments for a while so you can use the money elsewhere.
- Redraw facility. A redraw facility allows you to access any extra repayments you've made on your home loan and draw the excess out in the form of cash.
- Overdraft. An overdraft facility allows you to use some of the money on your loan in the form of a line of credit.
- Loans suitable for building. If you are building a new home, then you may have a few different needs. Construction loans disburse funds in stages as it is needed throughout the building process.
- Split rate loans. If you find that you like the features of two or more loans, or you would like to hedge your bets with a different loan, then the split loan feature will allow you to do so.
Considerations for borrowers refinancing their loan
NAB home loan specialists will tailor a loan to suit your needs at application and into the future, but if those needs change, NAB also makes it easy to refinance. Whether it is your aim to pay off your home loan as early as possible, keep your repayments to a minimum, or to gain more flexibility, NAB home loans are able to work with you to put together a suitable package. If you've seen a NAB home loans product which you think will fit into your lifestyle, find out more about the features and fees of the loan.
The NAB Tailored Home Loan
NAB home loans offers two special home loans that can be tailored to best fit in with your own particular circumstances. They are:
NAB Tailored Home Loan Variable Interest Rate.
This home loan offers features that are focused on helping you pay your home loan off early, allowing you to take advantage of making additional repayments whenever you can.
NAB Tailored Home Loan Fixed Interest Rate.
A fixed interest rate home loan means that you can enjoy the certainty of knowing that your repayments will not increase, even if official rates are on the rise.
Loans for people looking to build or renovate
The NAB has a variety of loans that are popular with people who are looking to build or renovate. The loans that are available are:
NAB Portfolio Facility (LOC).
The NAB Portfolio Facility (LOC) is a line-of-credit home loan that will help you build or renovate. It will allow you to release the equity you have built up in your old home so you can use the funds to build or renovate.
NAB Choice Package.
The NAB Choice Package can be added to several eligible NAB home loans, and offers discounts on interest and fees as well as on other NAB banking products.
Features of NAB home loans suitable for building or renovating
NAB offers a variety of loans that can be used by people who are looking to build or renovate. If you are considering building or renovating then consult a NAB home loan specialist, as they will help you decide which home loan will suit your needs. The features of the loans NAB offers that may be suitable for construction are:
- NABs Tailored Home Loan - Variable Interest Rate. This loan offers an interest-only period of one or two years, which allows you to make payments to builders as you need to. After the interest-only period expires you will then switch to principle and interest payments.
- Line-of-credit. NAB offers two line-of-credit loans, the NAB Flexiplus Mortgage which you can also add-on the NAB Choice Package and the NAB Portfolio Facility. These can be good options for people who are looking to build or renovate. With a line-of-credit loan you will get a credit limit that you are able to draw upon and use when you would like.
- Competitive rates. One of the great features of NAB home loans is that you can always be sure that you are getting competitive rates with your home loan. By keeping the interest rate competitive you will find that your repayments will be easier to manage and that you may be able to pay off your loan sooner if you are able to make additional repayments.
- Home loan specialists. NAB has home loan specialists that are waiting to help you find the right loan. If you are looking to build or renovate then you should discuss with a specialist to find out what loan is best suited to you. NAB consultants can even come to you for at a time convenient for you.
Other home loans offered by NAB
Whether you are a first homebuyer or looking to invest in property, there is a NAB home loan to suit your needs.
- Defence Force Home Loans. To cater to the unique and fluid needs of Defence Force personnel, NAB offers the NAB Defence Force Home Loan which works in conjunction with the Defence Home Ownership Assistance Scheme.
Know how much you want to borrow? Use our calculator to find out what your repayments will be
How to apply for a NAB home loan - the application process
If a NAB home loan is the best option for you, click on 'more info' to get more information on the loan you are interested in. Then click the green button on the loan review page and you will be directed securely to the NAB Home Loans information and application page.
After you fill in your details a NAB Home Loan Specialist will contact you to help you with the rest of your application, and provided that you are able to supply to appropriate documentation, pre-approval can usually be given on the spot. This means that your home loan is approved subject to a credit check and information that you have provided being verified.
To help speed up this process, before you call or speak to a NAB representative you should gather the relevant documentation, including:
- Proof of identity
- Proof of income
- Information on any liabilities such as personal loans, credit cards or other home loans
It may be handy to find a solicitor or conveyancer to make sure the process is smooth.
The second step is verification, where NAB will check if you have all of your required documents. These documents need to support all the information that you've given in your application form. NAB will also perform a credit check on all the borrowers listed on the application, via a credit-reporting agency.
You will also need to provide information on the property you plan to purchase in order for the application to proceed, NAB will perform a valuation of the property as well. Documents you will need to provide regarding the property include:
- Contract of sale
- Details of the conveyancer or solicitor who is handling the purchase
- Transfer of title (if available)
If everything is in order NAB will give you formal approval, which means that you can now sign the contract. NAB will contact you to let you know that your home loan has been formally approved and then they will prepare all the documentation and have you sign the originals. You will be given a copy for your records so you can refer to them in the future. If you are eligible for the First Home Owner Grant then NAB will help you complete the forms involved and submit them for you.
NAB will contact your conveyancer or solicitor to arrange settlement of your new property. The real estate agent will provide you with the keys to the property and any other required documentation.