Home Loans from the National Australia Bank
Home Loans from the National Australia Bank
March 5th, 2010
The National Australia Bank, or more commonly NAB, is one of the largest banks in Australia and has eleven home loan products.
The NAB Base Variable Rate Home Loan is a loan that tracks the RBA set base rate. It is low cost, as there are no annual or monthly account holding fees and the rate is low. However it does have the risk that if the base rate goes up then the interest rate will also go up.
The NAB Introductory Rate Home Loan is aimed at first time buyers. It offers a discounted rate for between 12 to 36 months, which goes to the standard variable rate after the introductory period. The discounted rate is available either as a fixed rate or a discount on the standard variable rate.
There is a product, the NAB Tailored Home Loan, which has a number of features aiming to accelerate the repayment of the home loan so that the product can be owned outright sooner. It is available both as a variable and a fixed rate loan.
The NAB Home Equity Line of Credit is a second mortgage which allows a home owner to have access to lending on demand through the internet, up to the value of the house. As it is secured the house is at risk if it is not repaid, although this means that the interest rate is lower and the amount that the bank is prepared to be advance is larger. As it is a line of credit the interest is only charged on the amount of money that is advanced. The NAB FlexiPlus Mortgage Facility is a similar product aimed at the investment market.
The NAB Portfolio Facility is a consolidated account which covers the current account, savings account, car loan and credit cards. This has the effect of drastically lowering the overall interest rate (and raising the rate that would be achievable with the savings).
The NAB Choice Package is not a mortgage as such but a way of charging for all NAB services, including a mortgage, in a package fee. This reduces the administration fees.
The NAB Clear Banking Home Loan is a home loan that offers a pared down mortgage service in return for a low (variable interest rate and no need to pay exit fees.
There are some specialized home loan solutions. The Rural Lifestyle Home Loans are aimed for those who are buying a second home. There are low documentation, or ‘Low Doc’, home loans are aimed at self-employed home buyers who have less ability to prove an income. The NAB Defence Force Home Loan is for homebuyers in the Defence Home Ownership Assistance Scheme.
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