NAB Tailored Home Loan – Fixed Rate (Interest Only paid in arrears)
Posted May 21st, 2010
and last modified April 20th, 2012
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- 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
Interest only loans are a great way to get an investment property. They will allow you to receive some income from the property while only paying a minimal amount on off the loan. However, if you are considering purchasing an investment property and have a large sum of money available you may want to consider an interest only paid in arrears loan. The NAB Tailored Home Loan – Fixed Rate (Interest Only paid in arrears) is an interest only loan that allows you to pay the interest in arrears by a lump sum payment. By paying the interest in a lump sum you will receive a discount on the fixed interest rate that is charged to the loan account. The interest rate that is charged with the NAB Tailored Home Loan – Fixed Rate (Interest Only paid in arrears) will vary depending on the fixed rate period. The interest rates offered under the NAB Tailored Home Loan – Fixed Rate (Interest Only paid in arrears) are:
Features of the NAB Tailored Home Loan – Fixed Rate (Interest Only paid in arrears)
The NAB Tailored Home Loan – Fixed Rate (Interest Only paid in arrears) is limited with features but you save money from paying the interest in a lump sum payment. This section will describe the borrowing conditions of the NAB Tailored Home Loan – Fixed Rate (Interest Only paid in arrears) and some of the features that are available. These are:
- How much can you borrow. You can borrow between $20,000 and $10,000,000 when using the NAB Tailored Home Loan – Fixed Rate (Interest Only paid in arrears). If you borrow 95% of the property value or below you will not have to pay mortgage insurance. However, you can borrow up to 95% of the property value but you will have to pay mortgage insurance on any amounts over 95%.
- How long can you take to pay off the loan. The NAB Tailored Home Loan – Fixed Rate (Interest Only paid in arrears) can be paid off over a 30 year period.
- Who is this loan for. This loan is for investors only.
- Split the loan. The NAB Tailored Home Loan – Fixed Rate (Interest Only paid in arrears) allows you to split the loan. By splitting the loan you are able to have different portions of the loan under different loan schemes. For instance, you may only want to pay the interest in arrears on half the loan. If you want to do this, you can set the other half of the loan onto a variable rate loan where you will pay both interest and principal.
- Fees. The NAB Tailored Home Loan – Fixed Rate (Interest Only paid in arrears) does not charge any legal, valuation or settlement fees. The fees you will be required to pay are the application fee of $600, a service fee of $8 a month and an exit fee of $900.
Interest only loans are a great way of buying an investment property while receiving an income off the rent. The NAB Tailored Home Loan – Fixed Rate (Interest Only paid in arrears) allows you to get a discounted interest rate while you are on an interest only loan. Buy paying the loan in arrears you can save up for the lump sum payments from the income of the rental property and spend the rest of the money on you.
Read the NAB Tailored Home Loan - Fixed Rate (Interest Only paid in arrears) terms and conditions.
| Minimum Loan Amount | $20,000 | |
|---|---|---|
| Maximum Loan Amount | $10,000,000 | |
| Maximum LVR | 95% | |
| Maximum Insured LVR | 95% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | Yes | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 6.34% | |
| Comparison Rate | 7.47% | |
| 1 Year Fixed Rate | 6.34% | |
| 2 Year Fixed Rate | 6.34% | |
| 3 Year Fixed Rate | 6.59% | |
| 4 Year Fixed Rate | 7.09% | |
| 5 Year Fixed Rate | 7.14% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $600 | |
|---|---|---|
| Legal Fee | $0 | |
| Valuation Fee | $0 | |
| Service Fee | $8.00 | |
| Exit Fee | $150 |
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