NAB Clear Banking Home Loan

The National Australia Bank clear banking home loan is a simple no frills home loan that gives the borrower the freedom of being able to close their home loan at anytime without having to pay bank discharge or exit fees . The NAB clear banking home loan has a variable interest rate and the freedom of being able to make extra repayments and redrawing those payments again.

The NAB clear banking home loan may be a basic home loan but it still offers the right features to allow the home loan customer to be able to pay off their mortgage faster and allows enough flexibility to manage their finances in the future.

Who is this home loan suited to?

This home loan is available to people who would like to owner-occupy or invest in residential property that’s valued between $80,000 and $10,000,000. NAB clear banking home loan has a once off application fee of $600 but has $0 ongoing monthly or account keeping fees, using the NAB clear banking home loan you’re able to borrow up to a maximum of 95% of the property’s value with mortgage insurance but you can only borrow of the property’s value if you don’t want to pay LMI.

Repayment options and features

It’s always good to have the choice of more than one option that is why NAB allows you to choose whether to make your repayments either weekly monthly or fortnightly having such a range of different repayment options means that you you’ll have no problems finding a payment frequency that suits you and your financial situation.

Making extra payments is one of the best ways to reduce the balance of your home loan which will help save you thousands of dollars in interest charges and taking years off the length of your home loan. NAB allows you to make extra repayments whenever you like free of charge so that you’re able to take advantage of these benefits when paying off your loan faster.

Redraw allows you to access any of the extra repayments that you have made on your clear banking home loan without charge as long as you redraw a minimum of $2000. Redraw is an excellent option because it means you can make your extra repayments on your home loan with the confidence of knowing that if circumstances change and you need to have access to that money you are able to.

• Variable interest rate. The clear banking home loan has a variable interest rate is 7.67%. Having a variable interest rate means that the rate can change in the future, having a rate that is able to change means that you’re able to take advantage of any reductions in interest rates that may occur in the future but it also means that you will be subject to any interest rate rises that may occur.

• Portability. Portability means that you’re able to keep the same home loan if you purchase another property or sell your property to upgrade. Keeping the same home loan means that you are able to streamline application process and reduce the amount of paperwork required.

How do you know if the Clear Banking Loan is right for you?

Let’s take a look at the perks, and see how the loan is perfect for anyone looking for an easy to understand Home Loan to secure their future:

• No Monthly fees – Don’t like paying ongoing fees or account keeping fees? You don’t have to!
• Already saved a large deposit? The Clear Banking Loan is available for Home Loans from only $80,000.
• Low Application fee – Upon signing for the Home Loan you pay only $600 for the application fee.
• Want to Pay off your Home Loan sooner? You can make additional repayments on your Home Loan to own your home sooner.
• Need extra cash? If you are ahead of your repayments, you can easily access cash (minimum $2000) by redrawing on your home loan.
• Need a Holiday? Reward yourself! Take a break from paying off your mortgage when you are ahead of your repayments.
• Looking for something flexible? You can choose to pay your Home Loan weekly, fortnightly or even Monthly.
• It is important to note that some government fees or charges may apply to the Home Loan, and you should compare this with other Home Loans when making your decision.

So, what do you need to know about applying for the Clear Banking Home Loan?

You should consider applying for pre-approval with Home Loan Finder. Home Loan pre-approval provides you with a quick and easy estimate of your borrowing capacity. Most pre-approval processes take 5 minutes or less. Other things you should know about the NAB Clear Banking Home Loan Pre-Approval:

• This pre-approval doesn’t apply to “Low Doc” Home Loans.
• Pre-approval is designed to be used as a guide only
• First Home Buyers Grants are not taken into account as part of this process
• The Pre-approval doesn’t take the value of your property into account. As an example, you may want to borrow 100% of the property value, when you may only be able to borrow 95%.
• The pre-approval process is especially recommended to those first Home Buyers who want to conduct all possible research prior to truly applying for a formal Home Loan.

Read the NAB Clear Banking Home Loan terms and conditions.

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