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NAB Tailored Loan

Features

The NAB Tailored Home Loan gives you the freedom to enjoy the best of both worlds by splitting your loan into both a fixed and variable rate.

This Tailored Loan is packed with flexible features that can help you pay off your loan faster. Take advantage of the 100 percent offset account and use any extra cash you have to save on interest and potentially cut years off your loan.

On any fixed rate portion of the loan, you have the option of making up to $20,000 in extra repayments each year which can shave years off the loan.

This loan also lets you choose from weekly, fortnightly or monthly repayment options and if you are ahead on your repayments you can use the redraw facility to access these funds through internet banking.

Owner-occupiers can opt for interest only repayments for up to five years, while investors can choose a 10-year interest only option.

Borrowers looking to build can plan ahead with this loan and use the progressive payments feature to better manage their money through the construction period.

Bundling the Tailored Loan with the NAB Choice Package gives you the freedom to combine your transaction account, credit card and home loan into one convenient banking facility. Borrowers who opt for the Choice Package will also have access to a discounted rate and additional discounts on home and car insurance. 

Who is the NAB Tailored Loan good for?

When it comes to interest rates, this loan is not as competitive as other home loans. In saying that, investors might be lured by the 10-years interest only and the 100 percent offset account. Borrowers looking to bundle their loan and gain access to further discounts might find the convenience appealing.

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Borrowers that like the security of fixed rate payments together with the flexibility of a packaged loan might find value in the NAB Tailored Loan.

It’s worth pointing out that the interest rate is noticeably higher than a lot of other variable rate loans on the market which is something for borrowers to think about as it could add thousands of dollars to your repayments each year.

 

You do have the ability to claw back some potential savings by bundling this loan with the NAB Choice Package, but before applying you might want to do the sums to make sure that you come out on top.  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 Tailored Loan Options

The NAB Tailored Loan gives you the flexibility to choose between both a fixed and variable interest rate. Click the links below for further information about the options available.

Product
Advertised rate
Comparison rate*
Monthly repayment
Go To Site

Fixed Rates from

3.98%

Advertised rate

5.05%

Comparison rate

Variable Rates from

5.24%

Advertised rate

5.37%

Comparison rate
Pros
  • No upfront fees.
  • 100 percent offset facility.
  • Flexible repayment options.
Cons
  • High interest rate.
  • Ongoing annual fee.
  • Discharge fee.
Eligibility

Provide proof of income and employment.

Provide a list of assets and liabilities.

Must be an Australian citizen.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $600
  • Discharge fees: $350
  • Ongoing fees: $10 monthly - $8 monthly

The NAB Tailored Loan has no upfront fees. The loan itself has a small ongoing monthly fee, however if you opt to bundle this loan with the Choice Package, the monthly fee will get absorbed into the annual package fee. There is also a discharge fee payable when this loan ends or if you choose to refinance with another lender.

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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