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.
Reward Points Offer
NAB is offering new home loan customers 350,000 NAB Rewards points when they apply for a home loan of $250,000 or more before 30 August 2017 and take out a NAB Rewards credit card and NAB transaction account.
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 Advantage. Not available on all NAB home loan products.
Other terms and conditions may apply please contact NAB for more details.
NAB Home Loan Offer
NAB National Choice Package 2 Year Fixed home loan offers a low fixed interest rate package home loan with no application fee.
- Interest rate of 3.98% p.a.
- Comparison rate of 4.97% 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 and should only be used by people who are good at managing their finances.
- Offset accounts. Offset accounts are accounts linked to a home loan account that 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 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. With the split loan feature you will be able to use two or more loan types on different parts of the loan.
Home loans for first home buyers
NAB’s Base Variable Rate Home Loan is ideal for first homebuyers as it allows you to make adjustable low monthly home loan repayments and you don’t pay for the extra features you don't need.
Another mortgage that is especially popular among first home buyers and renovators is the NAB Introductory Rate Home Loan. This NAB loan is a product that can get you off to a good start in home buying because of its discounted fixed or variable interest rate that you can enjoy for up to three years. You have the option of choosing how long you want to make savings on your repayments and how long you are going to keep your home loan.
Home loans for investors
The NAB Home Equity Line of Credit mortgage is an industry competitive line of credit mortgage offered by NAB. It is beneficial to property investors and others who want to manage their account electronically. With a line of credit mortgage you can draw down on the available borrowings when you need them – to cover repayments when you are between tenants, conduct repairs on the property, or to make improvements.
Another loan ideal for investment purposes is the NAB FlexiPlus Mortgage Facility. This loan won the Money Magazine 'Cheapest Flexible Home Loan for 2011' and offers a flexible line of credit for both home buying and property investment purposes.
The NAB Portfolio Facility is another mortgage loan that offers a line-of-credit facility, but in this case it is available to be linked to your transaction accounts. This means it is an all in one banking solution that has your personal borrowings, home and investment loans all linked together in the one facility for easy management. This allows your savings and transaction income to offset your principal loan amount and save you interest.
Considerations for borrowers refinancing their loan
Refinancing from an existing home loan to one that offers you a better deal has become very common among Australian lenders. Many government incentives have since promoted the practise in order to create a greater competition between various lenders.
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 two tailored home loans
NAB home loans offer 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.
A home loan that is packed with features that are focused on helping you pay your home loan off early, if you are able 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.
Popular 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.
NAB also has the Choice Package that can be added on to many loans. The NAB Choice Package will allow you to get discounts on interest and fees as well as having a variety of accounts all for the one annual fee.
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 best 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 can have repayments on an interest only basis for a 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 that are ideal 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.
- The Rural Lifestyle Home Loan. This is a flexible and low-cost mortgage for those wanting to purchase their rural retreat.
- Defence Force Home Loans.To cater to the unique and fluid needs of a 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 your 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. These documents should include proof of identity, income and your liabilities. It may be handy to find a solicitor or conveyance to make sure the process is smooth.
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 conveyance 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
- Conveyancer or solicitors details 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.