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.
For other terms and conditions please visit the NAB website for more details.
350K NAB Rewards points offer
NAB is offering new home loan customers 350,000 NAB Rewards points when they apply for an eligible NAB Home Loan and Banking Bundle before 31 August 2017.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 Advantedge. The minimum eligible home loan amount is $250,000.
For other terms and conditions please visit the NAB website for more details.
2 year first home buyer offer
The 2 year special rate for first home buyers has some conditions you should be aware of, including:
- It must be a principal and interest loan
- The loan amount must be $150,000 or more
- This offer only applies to owner occupiers
- It can only be used for new purchases of residential properties
| 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 | $0 |
| Ongoing Fees | $395 p.a. |
| Settlement Fee | $0 |
| Discharge Fee | $350 |
Pros
- 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.
Details 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.
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 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 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.
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
Hi Angela,
Thank you for contacting finder.com.au. We are a comparison website and general information service, we’re more than happy to offer general advice.
For NAB’s debt consolidation options, you may refer to this page. You may also click here for more options.
I hope this helps.
Cheers,
Danielle
Looking for a commercial property loan of $600,000, kindly provide required info.
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
Dear Finder,
I would like to ask whether this particular loan package has an offset account included?
Thank you
Hi Kevin,
Thanks for your question.
The NAB Choice Package – Fixed Rate Home Loan does not come with an offset facility.
You can check this page for home loans with offset accounts.
Cheers,
Anndy
I want to leverage the equity in my house to help my kids buy a unit They would have ownership of their property and I would borrow against my home to help fund it. I own my home and the loan amount would be approximately 50% of a professional valuation of my home and I have adequate income to service the loan. Is this possible with this type of loan?
Hello Brett,
Thank you for your question.
It could be done depending on the amount of equity you have in your current property. I would recommend contacting a mortgage broker directly to help you on this matter.
Cheers,
Harold
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