With a NAB Portfolio Facility you can access the equity in your home with a flexible, full-featured loan
The NAB Portfolio Facility allows you to use the equity in your property to reduce your current debts or invest in other assets without the need to re-apply for credit.
You'll be offered a single spending limit for all your borrowings, and you don't need to reapply unless you want to increase your credit limit.
| Product Name | NAB Portfolio Facility (LOC) |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $250,000 |
| Maximum Loan Amount | $10,000,000 |
| Maximum Loan Term | 40 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 90% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | Yes |
| Loan Redraw Facility | No |
| Split Loan Facility | Yes |
| Fixed Interest Option | Yes |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | Yes |
| Repayment Type | Interest Only |
| Application Fee | $0 |
|---|---|
| Lender's Legal Fee | $0 |
| Valuation Fee | $0 |
| Ongoing Fees | $550 p.a. |
| Settlement Fee | $0 |
| Discharge Fee | $350 |
Pros
- Pay $0 application fee
- Create sub-accounts to separate personal from business or investment components.
Cons
- There is a $550 annual fee.
- A discharge fee of $350 applies when you close your home loan account.
Details to consider about the NAB Portfolio Facility Line of Credit
This line of credit facility allows you to access equity in your property for other purchases or investments. There's a single lending limit for home and investment loans, and you don't have to reapply unless you choose to increase your credit limit.
Features of the NAB Portfolio Facility Line of Credit
- Borrowing conditions. The NAB Portfolio Facility (LoC) allows you to borrow between $250,000 and $10,000,000. You will be able to borrow 80% of the value of the property without lenders mortgage insurance (LMI), and up to 90% with LMI.
- Sub-accounts. By using linked sub-accounts, you can organise your finances into borrowing, transactions and savings. You can have up to 12 sub-accounts with a choice between fixed or variable. At least one sub-account must have a variable rate.
- 24/7 access to your funds. You'll get 24-hour access to your funds through NAB Internet Banking, ATMs and phone banking.
- Joint borrowers. Each account holder can set up their own sub-account in their own name, making it easy to maintain records when it comes to tax time. Restrictions apply if you want to link a 100% offset account.
Fees and charges
- Application fees, $0. There are no application fees for the NAB Portfolio Facility.
- Monthly service fees, $0. Likewise, there are no monthly, ongoing fees for this facility.
- Annual package fee, $550. This annual fee covers the cost of maintaining your facility.
How to apply for the NAB Portfolio Facility
If you'd like to find out more, please click on the go to site button. You'll be taken to NAB's enquiry page. You can use this form to do the following:
- Organise an appointment to speak to a NAB home loan specialist
- Ask for a call back to discuss your home loan needs at a time that suits you
- Start the home loan or refinancing process with NAB
Information to have handy
To get started, you'll be asked to provide a few details:
- The type of loan you need
- When you need your loan
- The amount you'd like to borrow
- Personal and contact details
- Any other comments you'd like to add
Can I switch my home loan to line of credit home loan.just wandering.
Hi Erlinda,
Thank you for contacting finder.com.au a financial comparison website and general information service.
We cannot offer you specialised advice however generally speaking there would be no restrictions on changing your current home loan to a line of credit home loan as this would be handled as though you were refinancing and, therefore, there are fees and charges that might come into play that you would need to consider. You may be best to speak to a mortgage broker or you lender directly to discuss your options.
Regards
Jodie