NAB Tailored Home Loan – Fixed Rate (5 Years)
Posted May 7th, 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
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.
Read the NAB Tailored Fixed Rate Home Loan - 5 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 | 6.84% | |
| Comparison Rate | 7.05% | |
| 5 Year Fixed Rate | 7.99% | |
| 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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