Combine all your financial products under one annual fee and minimise your banking stress
The NAB Choice Package reduces some of the fees and charges that are usually associated with a home loan and transfers them all into one manageable annual payment of $395. In addition to the elimination of fees, the NAB National Choice Package also offers you discounts on other financial products that may be worth considering including credit cards and insurance.
Velocity Frequent Flyer Points Offer
Take out a new home loan product with NAB before 31December 2016 and then make NAB your main bank and they will give you 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 Variable Rate Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$124.36|
|Ongoing Fees||$395 p.a.|
- There is $0 application fee.
- You can borrow up to 95% of the property value.
- You receive additional discounts off transaction fees with transaction accounts, plus bonus interest on deposit accounts.
- There is $395 annual fees to pay.
- A discharge fee of $350 applies when you pay off your entire loan balance.
- Lender's legal fees start from $124.36.
Features and benefits of the NAB Choice Package
The NAB Choice Package offers many features and discounts in return for the annual package fee. These include:
- A 100% offset account. This loan is offered with a 100% offset account, which can reduce the interest you'll pay on your home loan when money is deposited into it.
- Make extra repayments. You can put extra cash towards this loan, which can help you save interest and pay it off sooner.
- High maximum LVR. This loan allows for a maximum LVR of 95%, meaning you could require a deposit of as little as 5% with this loan. Note that borrowing with a deposit or equity of less than 20% of the purchase price/value of a property will come with Lender's Mortgage Insurance (LMI) costs.
- Flexible repayment choices. You can choose to make interest only repayments for up to 5 years with this loan, or 10 if you're an investor, which can suit investors looking to make tax savings or those looking to reduce their mortgage costs temporarily. You can also make your repayments each week, fortnight or month to suit how you receive your income. If you select interest only repayment options you'll have to make repayments each month.
- Interest rate discounts. The NAB Choice Package offers discounts on the standard Variable, Fixed, and FlexiPlus home loans.
- Discounts on fees. The one-off annual fee eliminates some of the fees that are charged to the loan account including the application and service fees.
- No transaction fees. You can also receive discounts on fees charged for your transaction account. This will eliminate the monthly service fees, transaction fees and any fees associated with using non-NAB ATMs.
- Lower premiums in insurance products. The NAB Choice Package offers you a discount of one month off your NAB Home and Residential Investor insurances.
NAB Choice Package
Fees you can avoid
- Application fee $0. This fee is charged to cove the costs of setting up the loan account.
- Lender’s Mortgage Insurance. This is paid when you borrow LVR over 80%, so can be avoided if you borrow less than this.
Fees you can’t avoid
- 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 payable once you pay out your loan.
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How can I apply for this loan?
You can find out more, enquire or apply for the NAB Variable Rate Choice Package by clicking the 'Go to Site' buttons on this page. This will securely take you to the NAB website, where you can enter in some details to talk to an expert about the loan and what options you may have.