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 gives you discounts on the standard fixed interest rate and fewer fees when it's combined with the Tailored Fixed Rate Home Loan.
|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 Insured LVR||95%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||No|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest|
|Lender's Legal Fee||$0|
|Ongoing Fees||$395 p.a.|
- Make additional payments up to $20,000 during the fixed term without penalty.
- Access extra funds from the mortgage via the redraw facility.
- A $350 discharge fee applies when you pay off your home loan.
- There's an annual fee of $395.
What do I need to know about the NAB Choice Package Fixed Rate Home Loan?
The NAB Choice Package Fixed Rate Home Loan combines a NAB Tailored Fixed Rate Home Loan with other NAB products a NAB Choice Package, with a discounted interest rate interest rate for eligible borrowers and package benefits on NAB insurance and credit card products. 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.
This loan is available to investors, refinancers and first homebuyers.
Borrowers can take out a loan up to 95% LVR, but loans above 80% will incur a lenders mortgage insurance (LMI) premium.
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, which is currently discounted at 0.10%. In addition, you may receive discounts or 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.
- Repayment holiday. If you experience financial hardship or you wish to take a break from your mortgage repayments, you may be able 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 $500.
- 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 do I apply for this loan?
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.
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.