NAB Choice Package Fixed Rate Home Loan Review

Bundle your NAB Tailored Fixed Rate Home Loan with a Choice Package to receive an interest rate discount and extra features.

The NAB Choice Package gives you discounts on the standard fixed interest rate and fewer fees when it's combined with the Tailored Fixed Rate Home Loan.

Interest Rate Max Insured LVR Max LVR
1 Year Fixed (Investor P&I)
4.29% p.a.
Comparison Rate
5.41% p.a.
90% 80%
1 Year Fixed (Owner Occupier, P&I)
3.89% p.a.
Comparison Rate
4.84% p.a.
95% 80%
2 Year Fixed (Investor, P&I)
3.89% p.a.
Comparison Rate
5.26% p.a.
90% 80%
2 Year Fixed (Owner Occupier P&I) First Home Buyer Special
3.49% p.a.
Comparison Rate
4.72% p.a.
90% 80%
2 Year Fixed (Owner Occupier, P&I)
3.59% p.a.
Comparison Rate
4.73% p.a.
95% 80%
3 Year Fixed (Investor P&I)
3.89% p.a.
Comparison Rate
5.16% p.a.
90% 80%
3 Year Fixed (Owner Occupier, P&I)
3.79% p.a.
Comparison Rate
4.71% p.a.
95% 80%
4 Year Fixed (Investor P&I)
4.39% p.a.
Comparison Rate
5.24% p.a.
90% 80%
4 Year Fixed (Owner Occupier, P&I)
4.14% p.a.
Comparison Rate
4.78% p.a.
95% 80%
5 Year Fixed (Investor P&I)
4.39% p.a.
Comparison Rate
5.19% p.a.
90% 80%
5 Year Fixed (Owner Occupier, P&I)
4.09% p.a.
Comparison Rate
4.73% p.a.
95% 80%
Product NameNAB Choice Package Fixed Rate Home Loan
Interest Rate TypeFixed
Comp Rate^ (p.a.)
Minimum Loan Amount$150,000
Maximum Loan Amount$10,000,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest
Application Fee$0
Lender's Legal Fee$0
Ongoing Fees$395 p.a.
Discharge Fee$350

Pros

  • Make additional payments up to $20,000 during the fixed term without penalty.
  • Access extra funds from the mortgage via the redraw facility.

Cons

  • A $350 discharge fee applies when you pay off your home loan.
  • There's an annual fee of $395.

What do I need to know about the NAB Choice Package Fixed Rate Home Loan?

By combining a NAB Tailored Fixed Rate Home Loan with a NAB Choice Package, you may be eligible for a discounted interest rate. If you're not interested in a fixed rate home loan, you may want to consider the NAB Tailored Home Loan Variable Rate under this package too.

This loan is available to investors, refinancers and first homebuyers.

Borrowers can take out a loan up to 95% LVR, but loans above 80% will incur a lenders mortgage insurance (LMI) premium.

What are the features and benefits of this home loan?

  • Package benefits. As part of the NAB Choice Package, the loan application fee and service fees are waived. You may also be eligible for a discount on the standard fixed interest rate, which is currently discounted at 0.10%. In addition, you may receive discounts or bonuses on other NAB products such as credit cards, insurance and savings accounts.
  • Flexible repayments. You can choose to pay your loan weekly, fortnightly or monthly.
  • Repayment holiday. If you experience financial hardship or you wish to take a break from your mortgage repayments, you may be able to take a repayment holiday.
  • Additional repayments. Additional repayments up to $20,000 can be made without incurring a penalty. However, any extra payments that exceed this amount will incur a fee.
  • Redraw facility. Any additional payments can be redrawn at the end of the fixed rate period, with a minimum redraw amount of $500.
  • Loan portability. This loan is portable, which means if you sell your home, you can bring your home loan with you to the next property you buy. This can save you paying application fees and other mortgage costs associated with setting up a new loan.

What fees and charges come with this loan?

  • 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 charged when you pay out the amount of your loan.

How do I apply for this loan?

If you think the NAB Choice Package Fixed Rate Home Loan matches your borrowing needs click on the green 'Go to site' or 'Enquire' button. You will then be redirected to the NAB website or a page where you can fill in your details to discuss your options with a mortgage broker.

To apply directly with NAB, visit the NAB website. You can place an enquiry online to request an appointment. You can use the live chat feature to speak to a NAB representative, or visit your local branch.

The NAB application process has five stages; application, verification, property valuation, approval and settlement.

Required documentation

When you apply for the NAB Choice Package Fixed Rate Home Loan, you'll need to provide the following:

  • Personal details. You'll need to provide your name, date of birth, residential address and nationality. NAB will need to see 100 points of ID documents. These can include a combination of one primary photographic (driver's licence or passport) and one secondary document (Medicare card).
  • Proof of income. NAB will require you to provide evidence of your income from all sources, including a current bank statement showing the last two salary payments or a letter from your employer.
  • Asset details. You'll need to provide information about any assets that you have (e.g. shares or managed funds).
  • Debt details. NAB will need to see details regarding any debts that you have (e.g. credit cards or personal loans), including repayment amounts.
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2 Responses

  1. Default Gravatar
    TonyApril 29, 2018

    We are planning to refinance our existing home loan.

    • Avatarfinder Customer Care
      JeniApril 29, 2018Staff

      Hi Tony,

      Thank you for getting in touch with finder.

      As a friendly reminder, while we do not represent any company we feature on our pages, we can offer you general advice.

      If you consider refinancing your home loan with NAB, please contact them directly so they can discuss it further with you.

      You may want to check out this link to help you save some money by switching to a better mortgage.

      I hope this helps.

      Have a great day!

      Cheers,
      Jeni

NAB Choice Package Fixed Rate Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $395

  • Max LVR

    80%

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