NAB Base Variable Rate Home Loan
Posted May 7th, 2010
and last modified April 19th, 2012
What happens when I click Enquire Now?
- Clicking Enquire Now will take you to the lender's website
- After completing the contact form, a mortgage expert will contact you
- The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees
- After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan
The NAB Base Variable Rate Home Loan is an easy-to-manage Home Loan that offers an ongoing variable rate and no monthly fees.
If you’re looking for flexibility in your home loan, the NAB Base Variable Home Loan may just be the Home Loan for you. Applying for a Variable Rate Home Loan through the National Australia Bank can mean that you will end up owning your home a lot sooner, thanks to many flexibility options such as being able to increase the frequency of your monthly repayments and the amount which you repay. There are many benefits to this NAB Home Loan, and it is important that you,as the potential New Home Owner, to look into these benefits in detail.
Benefits of the NAB Base Variable Rate Home Loan
- Redraw on your Home Loan – Need to easily access cash? You can redraw on your Home Loan if you are ahead of your scheduled repayments at that time
- Borrow the Maximum Loan size – Looking at a big loan? You can borrow up to 95% of the property’s value, which is a huge benefit for those who are unable to save for a large deposit
- Use the money on your current or upcoming project – Working on your Dream Home? The Base Variable Rate Home Loan can be applied for and approved in order for you to make progressive payments to the Builders
- Flexibility for your future – Expanding or downsizing your family? You can buy a second home and still secure the same Home Loan against your new home
You also need to assess what Home Loan is right for you. Some of the things you will need to research include;
- What do I want out of my Home Loan?
- Is my financial situation likely to change in the next 10 years?
- Is my career likely to change in the next few years, or will I go into self employment?
- Is my family going to expand?
- Am I planning to retire and am I prepared for retirement?
Many of the questions that you need to ask yourself can be answered when you conduct a quick self-assessment prior to choosing the right Home Loan for you. Given you research thoroughly and adequately, your answers will help you choose your Home Loan.
You will find that the NAB Base variable Rate Home Loan is right for you if you enjoy a flexible mortgage, and if you’re ready to purchase a home in the very near future.
The Benefits of Making Additional Repayments to Your Home Loan
Mentioned earlier in this article, the Variable Base Rate Home Loan allows you for make additional repayments of any amount to your home loan. You may wish to increase your monthly repayments, which in effect would be paying an additional sum on your mortgage.
Lets take a look at an example to see what effect even a small additional contribution can do for the life span of your Home Loan.
Loan Amount: $250,000
Monthly Repayments: $833.40
By paying the bare minimum repayments of this Home Loan, the Home Owner will have their Home paid for in 25 Years, or 300 Months. But what if they added only an extra $100.00 to their repayments per month?
Amended Monthly Repayments: $933.40
Loan Lifespan: 22.3 years
This Home owner has just wiped appropriately three years from their mortgage repayments. Flexible options such as this, is why the NAB Variable Home Loan is a favourable choice for many Customers who are new to the property Market.
Read the NAB Base Variable Rate Home Loan terms and conditions.
| Minimum Loan Amount | $20,000 | |
|---|---|---|
| Maximum Loan Amount | $10,000,000 | |
| Maximum LVR | 95% | |
| Maximum Insured LVR | 95% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | Yes | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Variable | |
|---|---|---|
| Interest Rate | 6.49% | |
| Comparison Rate | 6.53% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | Yes |
| Application Fee | $600 | |
|---|---|---|
| Service Fee | $0 |
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
|
 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
|
 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
|
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