NAB Portfolio Facility (LOC) – $500,000 – $999,999

A NAB Portfolio Facility (LOC) $500,000 – $999,999 is a home equity home loan secured by the residential property being financed. Such a line of credit home loan will let you organize all your necessary borrowings both personal and investment wise along with your savings and transactions accounts, exactly how you want them organized yourself.

As you pay off your NAB, line of credit loan you will be able to gain access to any available money that is released from your portfolio limit to further invest in any other income creating investments without you having to reapply for further loan monies. This effectively places financial control over your own assets firmly in your own hands.

The main features of a NAB, line of credit facility includes the following:

• Extra repayments are allowed without restriction by any amount at any time.
• A NAB, line of credit loan is transferable (portable) for which no fee is imposed.
• The loan can be linked to an offset savings account.
• Redraw facilities are available for which there is no restriction on amount or frequency nor are any fees charged. Redraw can be accessed through ATM, EFTPOS, phone, internet or by branch withdrawals.
• Split accounts can be organized up to a maximum of 12 with separate statements issued for each, every four months.
• Rate lock facilities can be accessed. Rate lock will protect you against interest rate rises. Its activation will lock in the fixed interest rate at the time of application until draw down for up to 3 months. Rate lock will also bring with it a ‘best of rate’ option. If the rate is lower at draw down, the lower interest rate will apply. Rate Lock is also obtainable for new funds, for new fixed rate sub accounts and new Interest in advance fixed rate sub accounts.

A NAB, line of credit facility carries few fees except for the following:

• A service fee of $550 is charged.
• A fee of $900 is payable if the loan is repaid in full within four years of being drawn down.
• An early termination fee of $900 is payable (three year cost).

A NAB Portfolio Facility (LOC) – $500,000 – $999,999 is available for owner occupiers and investors to take up with the choice of having to repay on an interest only basis or interest and principal. These repayments can then be repaid weekly, fortnightly or monthly, whichever suits the borrower best.

Your NAB, line of credit loan can be drawn up with a variable interest rate, fixed interest rate or be split with one portion variable and the other portion fixed. Fixed rates can be paid interest only in arrears or fixed interest in advance.

There is a wide loan term imposed on a NAB Portfolio Facility (LOC) which is a minimum of $500,000 and a maximum of $999,999. All loans are restricted to a Loan Valuation Ratio (LVR) of 90% percent except where the borrower agrees to take out a mortgage insurance in which case he or she will be allowed to borrow up to 90% percent LVR.

The benefits of linked sub-accounts.

By making use of linked sub-accounts with a NAB, line of credit home loan, you can confidently organize all your borrowing, transaction accounts and savings accounts just as you want them organized. In this way you can reach all your personal lifestyle goals and financial needs. A NAB, line of credit loan allows for up to 12 sub accounts all of which you can choose yourself whether they be of fixed interest or variable interest rates. However at least one of these sub-accounts must be of variable interest rate.

Your NAB, line of credit home loan will give you regular portfolio updates as well as you receiving regular summaries of your portfolio position. You will enjoy the ease of management as well as the ease of record keeping. Joint borrowers in your portfolio can set up sub-accounts in their own names which is of great benefit when it come to taxation time.

Contact Home Loan Finder now to find out more about line of credit home loans and whether your situation and spending style would benefit.

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