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NAB Tailored Home Loan – Fixed Rate (5 Years)

Posted May 7th, 2010 and last modified April 20th, 2012

NAB Tailored Fixed Rate Home Loan - 5 Year Fixed RateFind out more about the productFind out more about the productFind out more about the product
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Given the white knuckle volatility of financial markets in the post GFC world many Australians enjoy the certainty of knowing how much their regular mortgage payments will be over a period of time. The NAB Tailored home loan offers a fixed rate solution for borrowers wanting to “lock in” a competitive rate to ward off potential interest rate rises and making planning for the future easier.  Under the plan rates can be fixed for a period of 1 to 10 years. The 5 Year Loan offers an enticing rate of 6.84% p.a. Unlike many fixed loans it allows for extra repayments of up to $20,000 without penalty.

Benefits of the NAB Tailored Fixed Rate Home Loan

  • Additional Payments: As highlighted above the loan allows for extra repayments of up to $20,000 sans costs during the fixed period. Repayments default to unlimited once the fixed period is finished. However payments in excess of $20,000 during the fixed period will incur penalties.
  • Redraw Facility:  Is available at the end of the fixed term if you are ahead with your payments. The minimum redraw amount is $2,000.
  • Repayment Holiday: Allows you to take a break from repayments if you are ahead of schedule. This is particularly useful feature for those planning a family, renovating or taking a that big overseas trip.
  • Flexible Repayment Options: You can choose to pay weekly, fortnightly or monthly
  • Split Loans: Enables you to take out two separate loans against the one property with only one application fee.
  • Portability: If you purchase a new home you are able to transfer the loan to the new property
  • High LVR:  You can borrow up to 95% of the value of the property. This effectively means that you can dip your toe in the property market without having to save a huge deposit.
  • 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

Costs to Borrower

  • Upfront Application Fee: $600
  • Monthly Service Fee: 8 per month

Pros

A 95% LVR gives first home buyers with a 5% deposit access to this loan.

Cons

Additional repayments up to $20,000 without penalty, there may be charges after that.

This loan would be good for:

Locking into a five year fixed term is a commitment and you will need to be sure of your own financial stability when entering into a contract of this nature.


Minimum Loan Amount$20,000
Maximum Loan Amount$1,000,000
Maximum LVR95%
Maximum Insured LVR95%
Mortgage Offset AccountNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Interest Rate TypeFixed
Interest Rate6.84%
Comparison Rate7.05%
5 Year Fixed Rate7.99%
Repayment TypePrinciple & Interest
Repayment FrequencyWeekly
Extra RepaymentsYes
Application Fee$600
Legal Fee$0
Valuation Fee$0
Service Fee$8.00
Settlement Fee$0
Exit Fee$150


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