The NAB Base Variable Loan is a variable rate home loan that gives you access to a range of features to help you save, including no ongoing monthly loan fees.
When it comes to flexibility, this loan lets you tailor your repayments to suit your salary, giving you the choice between weekly, fortnightly or monthly installments. You can also make additional lump sum repayments which can help to save you interest and get you on your way to owning your home faster.
While this loan does not have a 100 percent offset facility it does have a redraw facility which you can access through online banking. The redraw facility is free however there is a minimum redraw amount.
This Base Variable Loan also gives the option of opting for interest only payments for a period of 5 years.
Borrowers with a smaller deposit can loan up to 90 percent of the property value, however all loans over 80 percent may be subject to lenders mortgage insurance.
This big bank offers support with an online chat function and telephone support available 7 days a week.
Who is the NAB Base Variable Loan good for?
The low variable interest rate and flexible repayment options give this loan broad appeal.
However, this loan has no split option so borrowers looking for certainty might get more from a fixed rate loan.
The interest only option may appeal investors while the low deposit requirement and lack of ongoing fees is appealing to first home buyers and owner occupiers. Refinancers may be put off by the high upfront fee.
Review - What RateCity says
This NAB Base Variable Rate Loan has a low interest rate which makes this loan appealing to a wide range of borrowers. In saying that, there are a few things to consider, specifically the lack of 100 percent offset account.
Before you apply, do the sums to make sure that the low interest rate is enough of a saving without the ability to offset any interest.
The flexible repayment options and the lack of ongoing fees may appeal to some borrower.
It’s worth noting that this loan has no packaging option, so if you’ve got other credit card or transaction accounts you might find this loan limiting. Rates aside, an advantage of opting for a big bank like NAB is the big branch network and extended customer support options.
NAB Base Variable Loan Options
For more information about the NAB Base Variable Loan options, click the link below.
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