Lock in a low fixed interest rate and avoid concerns over interest rate increases
Take advantage of competitive fixed rates and the additional features of the NAB Tailored Home Loan Fixed Rate to suit your specific home purchasing needs, whether you're first home buyer or looking for an investment property.
Cashback OfferNAB is offering new home loan customers $1,500 cashback when they apply for a home loan of $250,000 or more before 28 February 2017 and take out a NAB credit card and NAB transaction account.
The home loan must be drawn down by 31 May 2017 and must not be a refinance from NAB or new lending or refinancers from UBank or Advantage. Not available on all NAB home loan products. Other terms and conditions may apply please contact NAB for more details.
|Product Name||NAB Tailored Fixed Rate Home Loan|
|Interest Rate Type||Fixed|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$20,000|
|Maximum Loan Amount||$1,000,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$8 monthly ($96 p.a.)|
- No legal fee, valuation fee and settlement fee.
- You can borrow up to 95% of the property value.
- You can make additional repayments during the fixed term up to $20,000 per year.
- Redraw facility available.
- Establishment fee of $600.
- There is $8 per month account fee.
- A discharge fee of $150 applies when you close your home loan account.
- No offset account attached.
Things to consider about this home loan
The NAB Tailored Home Loan - Fixed Interest Rate helps you work out your budget as it keeps repayments the same over the fixed period and includes many great features to suit everyone.
These fixed terms can range from one to 5 years; giving you the widest range of options to choose from and when the fixed term expires, there is the option to re-fix for another period of time. Or you could simply let the loan revert to a variable interest rate.
You can borrow up to 95% of the property value with this particular loan. However, it’s worth noting that borrowing in excess of 80% of the property value will incur a Lender’s Mortgage Insurance fee.
Features of the NAB Tailored Home Loan - Fixed Rate
- Multiple repayment types. Repayments can be Principal & Interest repayments or Interest-Only repayments. Principal & Interest customers will benefit by reducing their loan size with each repayment. While Interest-Only customers are only required to service their interest charges, which can suit property investors looking to keep their ongoing costs down.
- Flexible repayments. There is a choice of the three standard repayment frequencies on this loan; weekly, fortnightly or monthly repayments. You are free to choose the type that most suits your situation whilst keeping in mind that more frequent principal and interest repayments will reduce interest paid over the life of the loan, as interest is calculated daily.
- Additional Repayments. The NAB Tailored Home Loan - Fixed Rate allows you to make additional repayments off the mortgage balance during the fixed term up to $20,000 without incurring any penalties.
- Redraw facility. If you make any additional repayments you are able to withdraw them at anytime. While you are restricted to redraw a minimum of $2,000 at any one time, you can be sure that any additional funds that you have paid onto the loan can be used on other things if money becomes tight. Furthermore, by depositing more money on the loan you will reduce the interest charged to the account.
- Split loan. For those who wish to take advantage of the redraw facility throughout the fixed term, a split loan option is available. This is where you allocate a portion of your mortgage to lock into the fixed rate, but you leave the remaining portion on a variable rate. You get to access the more flexible features of the variable component of your loan and you also get to lock in your interest rate on the fixed portion.
Is this loan right for you?
The NAB Tailored Home Loan - Fixed Interest Rate is suitable for anybody purchasing a new home whether it be to live in or for investment purposes, as well as for those who are looking to refinance their existing loan. Investors may want to properly consider if the rigidity of a fixed loan would suit their needs in case they wish to sell during the fixed period as break costs would apply.
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Applying for the NAB Tailored Fixed Rate Home Loan
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NAB Tailored Home Loan – Fixed Interest Rate Interest Rate History vs RBA Cash Rate Graph
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