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.
NAB is offering new home loan customers $1,500 cashback when they apply for a home loan of $250,000 or more before 28 February 2017 and take out a NAB credit card and NAB transaction account.
The home loan must be drawn down by 31 May 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.
|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||Yes|
|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.|
- 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.
- 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.
- 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.
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.