NAB home loan
Wednesday October 15, 2008
The NAB home loan competes well with the offerings of any similar mortgage company. At the moment, a NAB home loan can provide a 3 year discounted variable rate of 8.56% p.a. or a 3 year fixed rate of 7.19% p.a. These rates are both quite generous, but it must be remembered that NAB variable rate mortgage home loans allow for unlimited extra repayments to be made while NAB fixed rate mortgage home loans only allow $20,000 in extra repayments to be made during the fixed interest period of the loan. While currently the NAB fixed rate is lower, if you are capable of making significant extra repayments to the mortgage company in the first few years you could find that you would pay more interest in the long run by choosing the variable rate and making higher repayments. As always, this will depend on your own financial situation and it is thus a good idea to consult a professional financial advisor to discuss what might be best for you.
A NAB tailored home loan can provide up to 100% of a property's value, so all you will need to save is enough to cover stamp duty and other such charges. All other NAB home loans will require a 5% deposit, though, in addition to other fees and you may need to take out lenders mortgage insurance if your deposit is less than 20% of the value of the property you wish to purchase. If you find yourself far ahead in repayments on a NAB home loan you may even become eligible to take a repayment holiday that you may organise with NAB.
Please visit our comparison page to compare home loans and mortgage or click on the link on our home page to apply for a NAB home loan or else choose a home loan with another mortgage company.
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