NAB Fixed Rate Home Loan (1 Year)
Posted June 29th, 2010
and last modified April 20th, 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 Fixed Rate Home Loan – 1 year is a simple and easy to manage home loan with a fixed rate of interest. It is a part of the range of NAB Fixed Rate Home Loan products that extend between 1 and 10 years. The package lets you fix an interest rate over one year with the remaining balance being transferred over to a standard variable rate.
This home loan package is ideal for those looking to take advantage of a fixed rate of interest to hedge against any economic instability while also having the freedom to reconsider in a years time. The NAB Fixed Rate Home Loan also accommodates flexibility by allowing up to $20, 000 in extra repayments. However, you may be charged for any repayments over $20, 000.
Benefits of the NAB Fixed Rate Home Loan – 1 Year
- Additional repayments of up to $20, 000 (you may be charged economic costs for anything over $20, 000).
- Re-draw: You may access extra cash or take a break from repayments if you are ahead in schedule of your payments.
- Flexible repayment options: pay fortnightly, weekly or monthly.
- You can borrow up to 95% of the property’s value so you don’t have to wait until you have saved a large deposit.
- You can take out two different loans for the same property with just one application fee.
- Further Savings With a NAB Choice Package: Borrowers can tie their NAB Tailored Fixed Rate Homeloan in with a NAB Choice Package and reap the following benefits ;
- An interest rate discount of 0.1% on the fixed rate.
- No annual fee on eligible credit cards
- Discounted insurance
- Bonus interest on standard term deposits
When deciding on the best home loan for you some of the things you may want to consider are:
- What do I want out of my Home Loan?
- Is my financial situation likely to change in the next year?
- What kind of interest rate can I commit to in the next year?
- Is my career likely to change in the next few years?
- Will I be likely to want to pay a different rate to the one that is offered in the coming years?
- Is my family going to expand?
- Am I planning to retire and am I prepared for retirement?
If you feel you can answer these questions adequately, then you will be able to determine whether this is the ideal home loan for you. This home loan is great for those looking for a stable repayment plan and feel they have adequate finances to pay off the principal amount of their mortgage over one year.
Pocketing the rewards of early repayments
The NAB Fixed Rate Home Loan – 1 year comes with the option to pocket the extra cash left over from an early repayment.
- Loan Amount: $530, 000
- Minimum Monthly Repayments: $3, 685
- Paying the minimum monthly repayments:
- Payment Lifespan: 40 years.
- Paying just $100 more a month
- Payment Lifespan: 36 years
Read the NAB Tailored Fixed Rate Home Loan - 1 Year Fixed Rate terms and conditions.
| Minimum Loan Amount | $20,000 | |
|---|---|---|
| Maximum Loan Amount | $1,000,000 | |
| Maximum LVR | 95% | |
| Maximum Insured LVR | 95% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | Yes | |
| Split Loan Facility | Yes | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 6.69% | |
| Comparison Rate | 7.69% | |
| Repayment Type | Principle & Interest | |
| Repayment Frequency | Weekly | |
| Extra Repayments | Yes |
| Application Fee | $600 | |
|---|---|---|
| Legal Fee | $0 | |
| Valuation Fee | $0 | |
| Service Fee | $8.00 | |
| Settlement Fee | $0 | |
| Exit Fee | $150 |
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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