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Review by


Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.

Expert review

The NAB Choice Package Fixed Rate Home Loan offers some package benefits and is also available with a low deposit. If this matches your needs as a borrower then it's well worth considering. But a package home loan is best suited to borrowers who will take advantage of all the products in the package, not just the loan itself.

About this loan

What are the features and benefits of this home loan?

  • 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. You can bundle this loan with a credit card and get discounts on insurance too.
  • Flexible repayments. You can choose to pay your loan weekly, fortnightly or monthly.
  • Additional repayments. Additional repayments up to $20,000 can be made without incurring a penalty. However, any extra payments that exceed this amount will incur a fee.
  • 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 can save you paying application fees and other mortgage costs associated with setting up a new loan.

What fees and charges come with this loan?

  • 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 button. You will then be redirected to the NAB website where you can fill in your details to discuss your options with a lending specialist from NAB.

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44 Comments

    Default Gravatar
    Darren
    September 7, 2017

    Hi there,

    What does it mean by “It can only be used for new purchases of residential properties” ? Does it apply to existing property ? Is there an option to split half the loan so that, one half is fixed whereas the other is at variable ? Does the variable portion includes an offset account and at what rate?

      Default Gravatar
      Gru
      September 8, 2017

      Hello Darren,

      Here are my responses to your questions.

      1. What does it mean by “It can only be used for new purchases of residential properties” ? Does it apply to an existing property?
      – New purchases of residential properties mean that it can be a newly taken out loan to purchase an existing home, new or old.

      2. Is there an option to split half the loan so that, one half is fixed whereas the other is variable?
      – Yes, you have the option to have your home loan split, part fixed, and variable through the Choice Package and Tailored Home loan

      3. Does the variable portion includes an offset account and at what rate?
      – You can definitely have access to offset and redraw facilities with our variable rate home loans

      You may also want to get in touch with NAB directly so they can provide you with a personalized quotation. They have a live chat feature where their agents can answer all your queries in real-time.

      Hope this helped.

      Cheers,
      Gru

    Default Gravatar
    Greg
    July 22, 2017

    Hello,I have been discharged from bankruptcy for 18 months and am currently self employed.we own two houses in my wife’s names with no debt owing.is it possible for us to obtain a loan for another Investment property with our equity in properties being greater than loan amount needed

      Default Gravatar
      Jonathan
      July 22, 2017

      Hello Greg,

      Thanks for writing to us today. :)

      You may want to check our list of home loans for discharged bankrupts. Please take note of the advantages and disadvantages of getting this type of loan. Also, you can speak to a mortgage specialist to receive a thorough advice on other alternatives.

      Hope this helps.

      Cheers,
      Jonathan

    Default Gravatar
    Danish
    July 17, 2017

    I want to buy a ready made house. With FHOG and some small deposit. Can there be a loan structured to cater to such situation.

    I don’t understand what it means loans over 80% require LMI and how much is that. If I can qualify then I need to get something ready to move by Sept 20th.

    Thank you.

      Default Gravatar
      Jonathan
      July 28, 2017

      Hello Danish,

      Thank you for your inquiry today.

      You can study your options for low-deposit home loans on this page. Please take note that each lender has their own eligibility credit criteria to be met, so it is important that you review them before applying.

      As for the Lenders Mortgage Insurance, it can be an upfront cost or can be paid as part of your loan, especially for those who have been applying for a home loan where the mortgage is 80% or more of the property value. This is a separate cost and is required by many lenders to give them an assurance that unexpected circumstances would happen, the risk of default will be transferred to the insurer. If you wish to learn more, please feel free to read our guide on lenders mortgage insurance.

      Generally, the lesser your deposit is, the higher LMI costs you need to pay as it would mean a higher risk for mortgage default.

      Hope this helps.

      Cheers,
      Jonathan

    Default Gravatar
    Angela
    June 19, 2017

    Just wondering if you are able to consolidate your debts into your home loan. Car credit cards and home. I am on a disability pension and husband works casual as he is my carer

      Default Gravatar
      Danielle
      June 20, 2017

      Hi Angela,

      Thanks for reaching out!

      For NAB’s debt consolidation options, you may check our NAB personal loans page.

      You may also read our page about debt consolidation to learn more about how you can pay off your debt.

      I hope this helps.

      Cheers,
      Danielle

    Default Gravatar
    Dhir
    May 5, 2017

    Looking for a commercial property loan of $600,000, kindly provide required info.

      AvatarFinder
      Dee
      May 7, 2017

      Hi Dhir,

      Thanks for your question.

      Kindly note that the loan products we feature on finder.com.au are only available to Australian residents. You may want to visit a local lender in your area for your borrowing needs.

      Cheers,
      Anndy

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