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.
Velocity Frequent Flyer Points Offer
Be approved and draw down on a new NAB home loan before 31 December 2016 and make NAB your main bank and receive 250,000 Velocity Frequent Flyer points.
The loan must be for owner occupier purposes and be over $250,000 excluding line of credit and portfolio facilities. You must draw down on the loan before 31 March 2017, and also take out a NAB Velocity Rewards Credit Card and NAB transaction account.
| Product Name | NAB Choice Package Fixed Rate Home Loan |
|---|---|
| Interest Rate Type | Fixed |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $150,000 |
| Maximum Loan Amount | $10,000,000 |
| Minimum Loan Term | 1 year |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 95% |
| Mortgage Offset Account | No |
| Mortgage 100% Offset | No |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Fixed Interest Option | No |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest |
| 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 up to $20,000 can be made 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 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 can save you paying 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, 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 two 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.
Hi,
What would be the “Revert Rate” after the 2-year fixed term finished?
Many thanks,
Alex
Hi Alex,
Thank you for contacting finder.com.au we are a financial comparison website and general information service we are not mortgage experts and don’t offer any of the products or services on our website.
For the NAB National Choice Package Home Loan – 2 Year Fixed, the revert rate starts from 4.5% p.a. depending on loan amount.
Cheers,
May
Hi
What is the minimum percentage I need to have for a deposit? Are there any lenders that will accept 5 of 10%? Thanks
Hi Amanda,
thanks for the question.
This loan requires a minimum deposit of 5%. Please note that if you have less than a 20% deposit on a full documentation loan, you will be required to pay Lender’s Mortgage Insurance (LMI).
You can compare more loans which only require a 5% deposit in our guide.
I hope this helps,
Marc.
I have a mortgage of $376,000 I would like to add $50,000 to pay off my wife, what can I do
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
How long between signing a land contract and the banks requirement to start build?
Hi Cindy,
Thanks for getting in touch.
I’ve sent you an email to follow up with this enquiry.
Thanks,
Belinda
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
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
What are the home loan requirements for casual employees
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
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
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.
with 3yr fixed @4.94% do i have to pay NAB Choice Package fee: $395?
Vlad.
ok do I need NAB Choice Package with 3yr fixed @4.94%
can i avoid this fee if im on 3yr fixed
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
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.
Are there any exit fees?
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
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?
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.