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NAB Choice Package Loan

Features

The NAB Choice Package Home Loan combines your home loan together with your transaction accounts and credit card, giving you convenience, flexibility and the opportunity to save on fees.

If you’re looking to get more from your home loan and could benefit from the convenience of consolidating all your accounts and insurances into one bundle, then this loan may be worth considering.

The Choice Package can be applied to both a fixed and variable interest rate and gives you the option of paying interest for five years if you’re an owner occupier or 10 years if it’s an investment loan. You can also tailor your repayments to weekly, fortnightly or monthly and better balance your budget.

Depending on your loan amount, the Choice Package gives you access to discounts on the standard Variable, Fixed, and FlexiPlus interest rates.

If you’re looking for more ways to save, this loan comes with a 100 percent offset account which can help save you interest and potentially shorten the length of the loan. You also have the choice of making additional lump sum payments which can help you pay off your loan faster. Any additional repayments made into the loan can be withdrawn using the redraw facility.

Borrowers with a smaller deposit can borrow up to 95 percent of the property value, however loans over 80 percent may need to pay lenders mortgage insurance.

Who is the NAB Choice Package Loan good for?

This loan is all about the flexibility and the features. If you’ve got a couple of accounts and you pay home and car insurance, bundling them into this loan can potentially save you thousands of dollars a year. The 10-year interest only option may be appealing to investors, while the low deposit requirement and flexibility may tick the box for first home buyers.

Review - What RateCity says

When it comes to flexibility, the Choice Package Loan has plenty. It’s packed with features that have the potential to save you thousands of dollars a year in fees. But be aware that an annual package fee does exist.

The advantage of banking with a lender the size of NAB is the access you get to the breadth of financial products and services the bank offers. Standout features of this loan package are the ability to split this loan 10 times, which can be a bonus for borrowers that like the best of both worlds as well as the 10-year interest only option for investors.

Borrowers that find comfort in face-to-face banking are spoilt for choice as NAB has a huge branch network in addition to extended telephone support and online chat.

NAB Choice Package Loan Options

For more information about the NAB Choice Package Loan options, click the links below.

Product
Advertised rate
Comparison rate*
Monthly repayment
Go To Site

Fixed Rates from

3.69%

Advertised rate

4.84%

Comparison rate

Variable Rates from

4.34%

Advertised rate

4.74%

Comparison rate
Pros
  • 100 percent offset account.
  • Redraw facility.
  • Flexible repayment options.
Cons
  • Annual package fee.
  • Discharge fee.
  • Need to open additional accounts.
Eligibility

Provide proof of income and employment.

Provide proof of identity.

Provide a list of assets and liabilities.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $0
  • Discharge fees: $350
  • Ongoing fees: $395 annually

The Choice Package Loan has no upfront establishment fee. The package itself has an annual fee which essentially eliminates any other account and transaction fees attached to the loan. In addition, this loan gives you access to a discounted rate and further fee waivers on home and car insurance.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About NAB

NAB is one of Australia’s biggest banks, providing financial products and services to over 12 million customers. NAB has a diverse range of home loan products which cater to borrowers of all shapes and deposit sizes. Being a big bank, NAB offers its customers big telephone and an extended branch network.

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