NAB Rural Lifestyle Home Loans
With the increasing cost of large areas of rural land it can be difficult to gain the funding to buy the property. The costs have been raised due to the growth of some of Australia’s small towns into cities with many people and business. The NAB Rural Lifestyle Home Loans are designed to give you a helping hand in buying a rural home. The NAB Rural Lifestyle Home Loans give you the choice of applying for either of the NAB Rural Lifestyle Home Loans – Fixed Rate or the NAB Rural Lifestyle Home Loans – Variable Rate loans or the Rural Life Style FlexiPlus Mortgage. These loans will offer a variety of features and discounts to make moving into your rural property more affordable.
Features of the NAB Rural Lifestyle Home Loans
The NAB Rural Lifestyle Home Loans come with a variety of features and discounts that can help you save money. These can include:
- How much can you borrow. All the NAB Rural Lifestyle Home Loans allow you to borrow up to 70% of the value of the property that you are buying.
- Additional repayments. All the NAB Rural Lifestyle Home Loans allow you to make additional repayments if you come into extra money. The NAB Rural Lifestyle Home Loans – Variable Rate and the Rural Life Style FlexiPlus Mortgage allow you to make unlimited additional payments while the NAB Rural Lifestyle Home Loans – Fixed Rate limits you to a total of $20,000 during the fixed rate period. By making additional repayments you are able to reduce the value of the loan faster and reduce the amount of interest that is charged to the account.
- Redraw Facility. The NAB Rural Lifestyle Home Loan – Variable Rate and the Rural Life Style FlexiPlus Mortgage allow you to redraw the additional repayments you have made at anytime. The NAB Rural Lifestyle Home Loan – Variable rate has a minimum redraw of $2,000.
- Repayment holiday. All NAB Rural Lifestyle Home Loans allow you to take repayment holidays. This feature allows you to pay only the interest portion of the repayments for a 5 year period during your loan. This is a great feature that can free up money when you need it the most.
- Split the loan. All the NAB Rural Lifestyle Home Loans allow you to split the loan to take advantage of the features of other loans. You can split the loan anyway you want but the most common split would be to have half of the loan on a variable interest rate and the other half on the fixed rate. This can allow you to receive all the benefits of the loans while not being fully affected by the restrictions of a particular loan type.
- Interest offset account. The Rural Life Style FlexiPlus Mortgage allows you to save money on the interest that is charged to your account by providing you with a interest offset account. The interest offset account allows you to offset your savings onto the loan so your interest charges are lower. This is a great way to save money if you have savings set aside.
- Fees. The fixed and variable NAB Rural Lifestyle Home Loans only require you to pay a monthly account fee of $8, while the fees of the Rural Life Style FlexiPlus Mortgage are covered in the annual $250 package fee.
The NAB Rural Lifestyle Home Loans are a great way to make buying a property in a rural area affordable. The NAB Rural Lifestyle Home Loans offer you a great loan package with a variety of features that will help you save money over the course of your loan. Because your income can vary the NAB Rural Lifestyle Home Loans have a bit of added flexibility so if you have a bad year you can be sure you can still make your payments.
You may also check out other Investment Home Loans in the market before launching your application.
Related posts:
- Using Home Loans To Finance Lifestyle Events
- NAB Home Loans
- Home Loan Features
- IMB Home Loans
- Basic Variable Home Loans
- ANZ Three Year Fixed Rate Home Loan
- Australian Home Loans
- NAB Solutions for Self-Employed (‘Low Doc’)
- What Features do the different Home Loans have?
- Types of Home Loans
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| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
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 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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