Access a flexible line of credit and enjoy a discounted interest rate with the NAB FlexiPlus Choice Package
The NAB FlexiPlus Mortgage Facility combines a transaction account and a linked home loan account, providing a flexible line of credit that you can use for residential or investment purposes. While available in regular form, the NAB FlexiPlus Mortgage is also available in an NAB Choice Package, which adds a discounted interest rate to help you enjoy significant savings over the life of your loan.
Other features of the NAB FlexiPlus Choice Package include no application or service fees and the ability to make unlimited deposits and repayments, as well as discounts on home insurance and a Qantas Rewards Premium Credit Card with no annual fee.
|Product Name||NAB Flexiplus Mortgage with Choice Package|
|Interest Rate Type||Variable|
|Interest Rate (p.a.)||5.54%|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$20,000|
|Maximum Loan Amount||$10,000,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||40 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||Yes|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$395 p.a.|
- High maximum LVR of 95%
- Make withdrawals at any time
- Annual fee of $395
Things to consider about the NAB FlexiPlus Choice Package
The NAB FlexiPlus Choice Package is available for borrowers buying either owner-occupied or investment properties. It’s designed as an all-in-one banking facility to make your finances easier to manage, combining the convenience of an everyday transaction account with the flexibility of a line of credit loan.
With no application or service fees to worry about with the package, it offers a 0.15% p.a. discount off the standard variable rate that applies to the NAB FlexiPlus Mortgage Facility. Unlimited deposits and repayments can be made without incurring any fees, while withdrawals can be made at any time up to the limit of your facility. No principal repayments need to be made unless you reach the limit of your facility, meaning you only have to pay interest on the funds you use.
Both PAYG and self-employed borrowers are eligible to take out this loan.
Features of the NAB FlexiPlus Choice Package
- Maximum loan amount. The maximum credit limit you are allowed will be determined upon loan approval.
- Maximum LVR. You can borrow up to 95% of the value of the property you are buying.
- Deposit your salary straight into your loan. You can deposit your salary and earnings into your account to reduce the amount of interest you will have to pay on the line of credit.
- Interest rate discount. Borrowers who take out an NAB FlexiPlus Choice Package can enjoy a 0.15% p.a. interest rate discount off the standard variable rate that applies to the FlexiPlus Mortgage Facility.
- Repayment flexibility. As mentioned above, this package allows you to make unlimited extra deposits into your transaction account and unlimited extra repayments towards the money you borrow. No principal repayments are required unless you reach the limits of your facility while interest is charged monthly to the account you nominate.
- Make withdrawals at any time. Because this loan offers a line of credit, you can make withdrawals at any time up to the facility limit.
- Other discounts. Package customers can enjoy one free month of NAB Home Insurance or NAB Residential Investor Insurance every year, as well as a waived annual fee on an NAB Qantas Rewards Premium Credit Card.
Fees you can avoid
- Application fee: $0
- NAB Qantas Rewards Premium Credit Card annual fee: $0
- Extra repayment fees: $0
Fees you can’t avoid
- Annual package fee: $395. You’ll need to pay this charge every year in order to access the discounted interest rate and a range of other package benefits.
- Mortgage discharge fee: $350. This covers the administrative cost and preparation of documents required to discharge your loan.
How to apply for the NAB FlexiPlus Choice Package
If you’ve compared the NAB FlexiPlus Choice Package with other home loans on the market and have decided it sounds perfect for you, click ‘Apply Now’ to be securely redirected to the NAB website. You can then fill out an online enquiry form to arrange a time to discuss your borrowing needs with an NAB representative.
You’ll need to provide the following details:
- Your name
- Your email address and phone number
- Your postcode
- The type of loan you want to take out
- When you need the loan
- How much you wish to borrow
You can then arrange a time to discuss your needs with an NAB home loan specialist.
The NAB FlexiPlus Choice Package offers a host of benefits and discounts to help you save money on your home loan and a selection of other products.