1. Features
[ ] Offset Account
[ ] Redraw Facility
[ ] Allow Extra Repayment
[ ] Allow Loan Increase
[x] Split Loans
[x] Interest In Advance
2. Upfront Fees
This is a fee that may be payable by the borrower to a lender prior to or at the application stage, of the lending process. An example of an upfront fee maybe an Application fee (while some may charge upfront, most do not), or Valuation fee (some lenders may charge, while others will cover this cost)
| Fee | Cost |
|---|---|
| Establishment Fee | $0 |
| Settlement Fee | $0 |
| Valuation Fee | $0 |
- Only mandatory fees are included in the Total and Total Cost
3. Ongoing Fees
An ongoing fee refers to a reoccurring charge or cost that is present for the life of the loan. This may appear in the form of an annual fee (sometimes known as package) or a monthly account fee.
| Fee | Cost |
|---|---|
| Account Service Fee | $0 |
| Package Fee | $395 |
- Only mandatory fees are included
4. Exit Fees
Exit fees represent costs associated with discharging a loan, either paying out a loan by refinancing or sale of a property.It is important to note that discharging fixed rate loans during the fixed period may incur break costs (penalty). Details of break costs will vary depending on situation so this information should be obtained directly from the lender.
| Fee | Cost |
|---|---|
| Discharge Fee | $350 |
- Only mandatory fees are included
5. Eligibility
The 2 year special rate for first home buyers has some conditions, including:
- It must be a principal and interest loan
- The loan amount must be $150,000 or more
- This offer only applies to owner occupiers
- It can only be used for new purchases of residential properties
How to Apply
When you apply for the NAB Choice Package Fixed Rate Home Loan, you’ll need to provide the following:
- Personal details. You’ll need to provide your name, date of birth, residential address and nationality. NAB will need to see 100 points of ID documents. These can include a combination of one primary photographic (driver’s licence or passport) and one secondary document (Medicare card).
- Proof of income. NAB will require you to provide evidence of your income from all sources, including a current bank statement showing the last two salary payments or a letter from your employer.
- Asset details. You’ll need to provide information about any assets that you have (e.g. shares or managed funds).
- Debt details. NAB will need to see details regarding any debts that you have (e.g. credit cards or personal loans), including repayment amounts.
About NAB
National Australia Bank is one of the big four banks in Australia and one of the top 50 banks in the world.
In recent times NAB has set itself apart from the other big four banks; by expanding their ATM network, removing many fees and maintaining low standard variable home loan rates. NAB’s changes to its financial products have made their home loan, credit card, loans, savings accounts and personal loans more competitive within the banking industry.
Recent News in the Media
19 September 2017 - NAB Group changes credit policy - The Adviser
19 September 2017 - NAB predicting gradual interest rates rise - Sky News