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.
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Richard Whitten is a senior writer at Finder covering home loans and property. He helps everyone understand the ins and outs of mortgages so they can make smarter property decisions. He has written for Yahoo Finance, Money Magazine, Homely, and for multiple banks and lenders. Richard trained as a high school teacher but found it easier to manage personal finances than a classroom full of kids. Before joining Finder, he edited textbooks and taught English in South Korea. Richard has a Bachelor of Education, a Graduate Certificate in Communication and is currently studying a Certificate IV in Finance and Mortgage Broking.
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.
About this loan
What are the features and benefits of the NAB Choice Package Fixed Rate 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 to apply
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.
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.
Home Loan OffersImportant Information*
Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.
Up to $4,000 refinance cashback. A competitive variable rate loan from St.George. Refinancers borrowing $250,000 or more can get $4,000 cashback (Other terms, conditions and exclusions apply).
A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.
Take advantage of a low-fee mortgage with a special interest rate of just 2.49% p.a. and a 2.49% p.a. comparison rate.