Unlock the equity that you've gained in your home so you can invest in other things
The NAB Home Equity Line of Credit is just one of these loans that allow you to unlock the equity that you have gained in your home. In addition to a low interest rate the NAB Home Equity Line of Credit loan offers a range of features that give you flexibility in how you pay off the loan and other features that assist you in reducing the total cost of your loan.
Features of the NAB Home Equity Line of Credit
The NAB Home Equity Line of Credit loan has a range of features that will help you pay off your loan the way you want. These features are:
- How much can you borrow? The NAB Home Equity Line of Credit loan allows you to borrow up to of the total value of your property. So if your property has gained value or you have reduced the amount you owe you can unlock this money.
- Flexible repayment options. The NAB Home Equity Line of Credit loan allows you to pay only the interest portion of the repayments for as long as the loan stays below the maximum value allowed. In addition to this, you only pay interest on what you have used from the total amount so you can be sure that you aren’t paying interest on unused funds.
- Deposit your salary into the account. While there's no interest offset facility there is no limit on the withdrawals and repayments you can make. Therefor if you have savings or deposit your salary into the account, you can reduce the amount of interest that is charged to the account. You then have full access to these funds if you would like to use them at a later date.
- You can split the loan. The NAB Home Equity Line of Credit loan allows you to split the loan into two separate parts. This allows you to take advantage of two different loan schemes and the features of those loans. Most people opt for a split where one portion is on a fixed rate while the other portion is on a variable rate. This allows you to save money while repayments are reduced during times when the interest rate is lowered, while you are still protected from the full effects of rate rises.
- The loan is portable. The NAB Home Equity Line of Credit loan is fully portable. If you decide to buy another home while you're still paying off the loan you can move the loan to your new home. This will save you time and allow you to avoid the costs that are associated with applying for a new home.
Why apply for this loan?
Home equity loans are a great way to unlock the equity you've gained in your home to allow you to buy or invest in other things. The NAB Home Equity Line of Credit loan offers a great loan package with many features that can help you save. The NAB Home Equity Line of Credit loan has all the flexible repayment options that are common with line of credit loans; however, the NAB Home Equity Line of Credit loan also allows you to split the loan and move the loan if you would like. These features give the NAB Home Equity Line of Credit loan a bit more flexibility.