NAB Home Plus Variable Rate NAB Home Plus Variable Rate $250K-$749K LVR >90% (Interest Only) (Owner Occupied)

  • 4.58%
    p.a Standard Variable
  • 4.63%
    p.a Comparison**
  • $250
    Upfront fees
  • $120
    Annual fees
  • 95%
    Max Lvr
  • $1,971
    Per Month*

About National Australia Bank

National Australia Bank Group is a financial services organisation with over 12,700,000 customers and 42,000 people, operating more than 1,700 stores and business banking centres globally. NAB’s major financial services franchises in Australia are complemented by businesses in New Zealand, Asia, the United Kingdom and the United States. Each brand is uniquely positioned yet built on a common commitment to provide customers with quality products and services, fair fees and charges, and relationships built on the principles of help, guidance and advice.

Standard Variable

Repayments calculated to take into account ongoing monthly and anual fees.

Monthly repayment*
$1,971
rate per annum
4.58%

Loan to Value Ratio

Borrow up to the maxium of 95% of the value of the property.

Lenders Mortgage Insurance, or LMI, will be payable on most loans where the borrowings are greater than 80% of the value of the property.

However, you may be able to capitalise LMI into your loan, increasing the overall loan amount by about 2% (in order to cover the cost of the insurance). Contact a loan market broker to find out how LVR and LMI might impact the cost of your loan repayments.

Lvr
95%
Capitalise LMI
Yes

Availability

For ["Construction", "Owner Occupied", "Vacant Land"], in ["NSW", "NT", "QLD", "SA", "WA", "VIC", "TAS", "ACT"].

Term
8 - 30 years
Min
$250,000
Max
$749,999

Eligibility

The level of financial documentaion and credit history required to apply for the loan.

Financials
Full Doc
Credit History
Conforming
Genuine Saving
Required

Redraw Facility

Get quick access to cash by drawing on the loan to pay for renovations or other purchases.

Redraw Facility
Yes
Min Redraw
$500.0
Redraw fee
$0

Banking Features

Given the wide range of loans on offer – with different interest rates, product features and fees – it pays to shop around to find the loan that fits your needs and circumstances. Some loans offer features that may be appropriate for your situation and result in savings over the life of the loan.

Some features you may wish to consider include:

  • an offset account;
  • ability to make extra repayments;
  • a redraw facility; and
  • linked credit card and savings accounts;
  • ability to split your loan between fixed and variable interest rates
Offset Account
Yes
Redraw Available
Yes
Credit Card
Yes
Internet Banking
Yes
Telephone Banking
Yes
BPay Option
No
Portability of Loan
Yes
Professional Pack
Yes
Check Account
Yes
Direct Salary Credit
Yes
Free Transactions
Yes
Minimum Redraw
Yes
Redraw Fee
No

Repayments

You can make your repaments Monthly.

Interest Only Option
Yes
Max Interest Only
5 years

Upfront Fees

Upfront fess associated with estabilishing the loan. Other loan set-up fees, such as valuation fees and lender's mortgage insurance, and Government charges, such as registration fees and stamp duty on property transfer, have not been included. These will be determined after application.

Total
$250
Legal/Solicitor
$250

Ongoing Fees

Monthly and annual fees and charges during the loan period.

Total
$120
Ongoing Monthly
$10

Exit Fees

Fees associated with prematurely ending the loan.

Total
$300
Exit
$300
Early Repayment
$0
Switch To Fixed
$0

Notes

PLEASE NOTE: For a limited time, the $600 Application Fee has been waived for all new applications and refinances with aggregate lending of $250,000 and above. Excludes NAB to Nab Broker refinances. 250k Velocity Points Offer New Owner Occupied or Investment Home loan of $250K or more -Have or apply (and are approved) for a NAB transaction account and NAB Credit Card -Must make a salary or equivalent income credit to the NAB Transaction account -Applications submitted by 31 December 2016 and drawn down on or before 31 March 2017. -For this offer, brokers must enter “NAB Velocity Points OO Offer" into the application notes. $1,500 Cash Back Offer -New Owner Occupied or Investment Home loan of $250K or more -Have or apply (and are approved) for a NAB transaction account and NAB Credit Card -New NAB Home loan repayments must be paid from the NAB transaction account -Applications submitted by 31 December 2016 and drawn down on or before 31 March 2017. -For this offer, brokers must enter "$1500 NAB Cash Back Offer" into the application notes.

LVR Notes

Debt consolidation – Max LVR 90% Refinance Applications – Max LVR 90%. The following applies for loans with LVR >90%: 1) Minimum twelve (12) months full time employment tenure OR Minimum two years continuous employment in same industry, and 2) CRAA defaults paid (are greater than 6 months old) and accompanied by written customer explanation **In all cases, Maximum LVR is inclusive of any LMI Premium.

Notes

For owner occupied loans (Purchase/construction) No Genuine Savings under 90% LVR, where LVR is greater than 90% NAB will require 5% Genuine savings. Genuine savings needs to be evidenced when: LMI applies; The LVR is more than 90% and A system declined decision is overridden to Approved. Genuine savings must be held in the borrowers names and can include: - Funds held or accumulated in a savings account or term deposit for 3 months or more. - Equity in residential property. - Shares held for 3 months or more - After tax bonus payments from employer

Fee Notes

Rate Lock Fee: 0.15% of approved facility limit, rounded to the nearest $10 - minimum $50. $300 Variation Fee applies for each application to increase a facility limit or change the security - including discharge of mortgage. Property value > $2.5M – a special val fee is payable for each property which has an estimated market value of $2.5M or more. Legal service fee and Government fees and charges may be payable and will be disclosed in contract.

*Monthly Repayments

Monthly repayments are calculated to take into account the loan amount, repayment term and ongoing fees and charges over the life of the loan.

  • Variable rate loans show the monthly repayments at the current rate.
  • Fixed rate loans show the monthly repayment during the fixed period only.
  • Monthly repayment calculations are an approximate guide only. Speak to a LoanMarket Mortgage broker to understand the exact cost of a loan given your particular circumstances.

**Comparison Rates

A comparison rate is a tool to help consumers identify the true cost of a loan. It factors in the interest rate, loan amount, repayment term and ongoing fees and charges and displays this as a single percentage rate that can be used to compare various loans from different lenders.

Monthly Repayment and Comparison Rate* calculations do not include:

  • The use of account features such as early repayments and offset accounts which vary widely among loans and can reduce the cost of a loan significantly.
  • Cost savings such as fee waivers or special rate discounts.
  • Fees and charges associated with loan options or events that may or may not be used by the borrower, such as early repayment or redraw fees
  • Lenders Mortgage Insurance (LMI) which may be required to secure the loan and can increase the cost of the loan.
  • Government charges such as stamp duty or mortgage registration fees.
  • Fees and charges which aren’t available at the time the comparison rate is provided