NAB Home Loan Products
NAB Fixed Rate Home Loan
With a fixed interest rate for the first year of this home loan, borrowers have peace of mind in knowing that their repayments will remain the same throughout that time period. Customers have the option of making additional repayments at no extra charge to get their loans paid off faster.
For the first two years of this loan, customers lock in the interest rate, keeping their monthly repayments stable. Borrowers also have the option of splitting their loans so that part has a fixed interest rate and part has a variable rate.
With this loan, the interest rate is set for the first three years, giving borrowers stable monthly repayments. Customers can choose to make additional repayments with no penalties or fees in order to help them save on future interest.
For four years, the interest rate on this loan will remain the same. This means that the borrower’s monthly repayments will remain the same as well. At the end of this initial period, the interest rate will become variable, changing along with the current standard rate.
With this type of home loan, the customer locks in their interest rate for the first five years, after which the interest rate will become variable. Customers can also choose to split the loan into both fixed and variable parts for the same property.
NAB Basic Base Variable
With this loan, the interest rate varies according to the current standard rate. Customers can choose to make repayments monthly, fortnightly or weekly and are free to make extra repayments to get ahead and pay off the loan faster with no early repayment penalties.
NAB Line of Credit FlexiPlus Mortgage
With this line of credit, customers only borrow as much as they need at any given time, making this type of loan suitable for those who are building their home and will not need the funds all at once. Borrowers can make repayments whenever they choose, as long as they make monthly interest payments.
NAB Standard Variable Tailored Home Loan
For this loan, the interest rate varies with the current standard rate. This loan also includes a 100-percent offset account to help borrowers save money on interest. Repayments can be made monthly, fortnightly or weekly to suit customer preferences.
NAB Broker Standard Variable HomePlus
This HomePlus loan package allows customers to bundle their home loan with an offset account and an optional fee-free credit card. The interest rate on the loan will vary with the current standard rate. Repayments can be made monthly, fortnightly or weekly as the borrower prefers.
NAB Broker Fixed Rate HomePlus
This loan is part of the HomePlus package and includes a 100-percent offset account to help customers save on interest. The package also comes with the option of a credit card with no annual maintenance fee. The interest rate on this loan is fixed for the first year, after which it becomes variable.
With the HomePlus package, customers gain access to an offset account to help them save on interest in addition to their home loan. Borrowers can also choose to bundle in a credit card with no annual fee for the life of the home loan. The interest rate on this loan is locked in for two years.
With this loan, customers bundle together their home loan with an offset account to help lower their interest charges. A credit card is also available as part of the HomePlus package with no annual fee. This loan comes with a set interest rate for the first three years.
This HomePlus package loan includes an offset account and an optional credit card in addition to the home loan. For the first four years of the loan, the interest rate will not change. After that period, it becomes variable. Customers can make repayments monthly, fortnightly or weekly.
This loan is part of the HomePlus package, which also includes a 100-percent offset account and an optional credit card. This loan offers NAB’s longest fixed interest rate period at five years. At the end of the introductory period, the loan switches over to a variable interest rate, fluctuating with the current standard rate.
NAB Broker Line of Credit Peak Performance
With this line of credit, customers can borrow money against the equity in their homes. Interest is only charged on the actual amount borrowed, not the full credit limit. Repayments are not scheduled; borrowers only have to make monthly interest payments and can make loan repayments whenever they choose.
NAB Broker HomePlus
This loan package enables borrowers to choose between fixed or variable interest rates. The HomePlus Package also includes a NAB Classic Banking account that can be used as an offset account to help save on interest charges.
About NAB Refinancing
Growth Over the Years
NAB built its reputation on helping many businesses in Australia get started. It is the largest bank in the country to work with businesses, and one of the four largest in the nation. It has helped to build many of Australia’s most important buildings, including major hospitals, schools, and the roads. Today, they employ more than 35,000 people at 800 locations around the world.
The large size of the bank enables NAB to offer refinancing to fit the budgets of a variety of homeowners. They offer both fixed rate and variable rate loans that come with a variety of options and terms.
A Bank Seeking to Meet Real Needs
The bank goes beyond just making loans available. They want their refinance loans to meet the needs of their customers, which means more variety than most other lenders. Many of their loan products will give borrowers as much as 95% LVR, along with LMI. This enables people to refinance even if they do not have enough money for a 20% down-payment.
A Large Variety of Loan Products
As might be expected, NAB presents their customers with many product types. NAB refinancing can come in the form of loans, lines of credit, or in loans with offset and redraw facilities. Some of their loans also offer sizable amounts of frequent flyer miles, which can be very useful for travelers. Oftentimes, the money can be used for refinancing or investing.
Loans with Many Choices
NAB provide a range of choices in terms of loans. Loans can be selected with fixed rates for stability, or with variable rates allowing the user to enjoy lower costs up front. Split loans will enable borrowers to enjoy both features. They can also choose to pay just the interest for several years or to make principal and interest payments. Paying off principal and interest also lets the equity build even faster. A line of credit is a good choice when the borrower is unsure about exactly how much money is needed. It also enables borrowers to pay interest only on the money actually used.
The NAB bank has a lot of experience in being able to determine what people really need. NAB refinancing gives borrowers many options and a good degree of flexibility. When looking to find good refinancing products with many options, be sure to look at NAB’s current offerings.
How can refinancing lower your mortgage?
Refinancing can help you save money by reducing the term of your mortgage, which means you pay less in interest payments. It can also allow you to take advantage of lower interest rates.
How do you determine if I should refinance my mortgage?
There are a few factors that can influence whether it’s the right time for you to refinance. If the length of your mortgage is over 15 years, you have a high-interest rate loan and refinancing will reduce your interest rate by at least 2%, it might be a suitable choice for you.
How does home value affect refinancing?
The value of your home determines the refinancing rate you’ll be able to secure. If a valuation indicates the value of your home has increased, it can give you access to a better interest rate or allow you to get more cash out.
How much can I save refinancing my mortgage?
Refinancing your mortgage can lead to significant savings in a number of different ways. Not only can it help you pay off your mortgage sooner (and therefore, make less interest repayments) but it can help you secure a lower interest rate. It also gives you the opportunity to consolidate your debt into one account, which can simplify repayments and put more cash in your pocket through reduced fees. While there’s no hard and fast rule, it’s been said that refinancing can save you up to $20,000 over the course of a mortgage.
How can you avoid LMI when refinancing?
Lenders are required to pay LMI (lenders mortgage insurance) when borrowing more than 80% of their home value. So, the easiest way to avoid LMI when refinancing (so that you don’t pay to pay it twice) is to pay down your loan account to less than that amount before switching.
How can you get equity out of your home without refinancing?
Some other ways you can tap into the equity of your home without refinancing include taking out a home equity loan, cash-out refinance or personal loan.
How can you qualify to refinance your mortgage?
The requirements for refinancing are similar to securing any kind of loan you must have a strong credit score and a steady income and savings history. You will also generally need to have at least 20% equity in your home to qualify.