NAB

Tailored Home Loan Fixed (Interest Only in Arrears) 2 Years

Advertised Rate

3.78%

Fixed - 2 years

Comparison Rate*

4.64%

Maximum LVR
80%
Real Time Rating™

1.14

/ 5
Monthly Repayment

$1,394

based on $300,000 loan amount for 25 years

Advertised Rate

3.78%

Fixed - 2 years

Comparison Rate*

4.64%

Maximum LVR
80%
Real Time Rating™

1.14

/ 5
Monthly Repayment

$1,394

based on $300,000 loan amount for 25 years

Calculate repayment for NAB product

I'd like to borrow

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Loan term

years

Your estimated repayment

$1,394

based on $300,000 loan amount for 25 years

MICHAEL KIANG

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Pros and Cons

Pros and Cons

    • Limited extra repayments
    • No redraw and no offset
    • Not available for first home buyers
    • Ongoing fee

    NAB Features and Fees

    NAB Features and Fees

    Details

    Maximum LVR

    80%

    Total Repayments

    Next LVR

    Interest rate type

    Fixed - 2 years

    Borrowing range

    Suitable for

    Owner Occupiers

    Loan term range

    1 - 30 years

    Principal & interest

    Interest only

    Applicable states

    ACT, NSW, NT, QLD, SA, TAS, VIC, WA

    Make repayments

    Monthly

    Features

    Extra repayments

    Yes - limited to $20000

    Redraw facility

    Split interest facility

    Loan portable

    Repayment holiday available

    Allow guarantors

    Available for first home buyers

    Fees

    Total estimated upfront fees

    $600

    Application fee

    $600

    Valuation fee

    $0

    Settlement fee

    $0

    Other upfront fee

    $0

    Ongoing fee

    $8 monthly

    Discharge fee

    $350

    Application method

    Online

    Phone

    In branch

    Specials
    • Cashback $2,000 cashback when you refinance a loan of $250,000 or more

    Pros and Cons

      • Limited extra repayments
      • No redraw and no offset
      • Not available for first home buyers
      • Ongoing fee

      NAB Features and Fees

      Details

      Maximum LVR

      80%

      Total Repayments

      Next LVR

      Interest rate type

      Fixed - 2 years

      Borrowing range

      Suitable for

      Owner Occupiers

      Loan term range

      1 - 30 years

      Principal & interest

      Interest only

      Applicable states

      ACT, NSW, NT, QLD, SA, TAS, VIC, WA

      Make repayments

      Monthly

      Features

      Extra repayments

      Yes - limited to $20000

      Redraw facility

      Split interest facility

      Loan portable

      Repayment holiday available

      Allow guarantors

      Available for first home buyers

      Fees

      Total estimated upfront fees

      $600

      Application fee

      $600

      Valuation fee

      $0

      Settlement fee

      $0

      Other upfront fee

      $0

      Ongoing fee

      $8 monthly

      Discharge fee

      $350

      Application method

      Online

      Phone

      In branch

      Specials
      • Cashback $2,000 cashback when you refinance a loan of $250,000 or more

      FAQs

      Mortgage Calculator, Deposit

      The proportion you have already saved to go towards your home. 

      Mortgage Calculator, Loan Results

      These are the loans that may be suitable, based on your pre-selected criteria. 

      How common are low-deposit home loans?

      Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

      However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

      What is breach of contract?

      A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

      Mortgage Calculator, Property Value

      An estimate of how much your desired property is worth. 

      What is bridging finance?

      A loan of shorter duration taken to buy a new property before a borrower sells an existing property, usually taken to cover the financial gap that occurs while buying a new property without first selling an older one.

      Usually, these loans have higher interest rates and a shorter repayment duration.

      What is a valuation and valuation fee?

      A valuation is an assessment of what your home is worth, calculated by a professional valuer. A valuation report is typically required whenever a property is bought, sold or refinanced. The valuation fee is paid to cover the cost of preparing a valuation report.

      What is a fixed home loan?

      A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.

      How is the flexibility score calculated?

      Points are awarded for different features. More important features get more points. The points are then added up and indexed into a score from 0 to 5.

      What is an ombudsman?

      An complaints officer – previously referred to as an ombudsman -looks at formal complaints from customers about their credit providers, and helps to find a fair and independent solution to these problems.

      These services are handled by the Australian Financial Complaints Authority, a non-profit government organisation that addresses and resolves financial disputes between customers and financial service providers.

      Monthly Repayment

      Your current monthly home loan repayment. To accurately calculate how much you could save, an accurate payment figure is required. If you are not certain, check your bank statement.

      What is the amortisation period?

      Popularly known as the loan term, the amortisation period is the time over which the borrower must pay back both the loan’s principal and interest. It is usually determined during the application approval process.

      What is appreciation or depreciation of property?

      The increase or decrease in the value of a property due to factors including inflation, demand and political stability.

      Mortgage Calculator, Repayment Type

      Will you pay off the amount you borrowed + interest or just the interest for a period?

      How often is your data updated?

      We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

      Mortgage Calculator, Loan Purpose

      This is what you will use the loan for – i.e. investment. 

      Does each product always have the same rating?

      No, the rating you see depends on a number of factors and can change as you tell us more about your loan profile and preferences. The reasons you may see a different rating:

      • Lenders have made changes. Our ratings show the relative competitiveness of all the products listed at a given time. As the listing change, so do the ratings.
      • You have updated you profile. If you increase your loan amount, the impact of different rates and fees will change which loans are the lowest cost for you.
      • You adjust your preferences. The more you search for flexible loan features, the more importance we assign to the Flexibility Score. You can also adjust your Flexibility Weighting yourself, which will recalculate the ratings with preference given to more flexible loans.

      Interest Rate

      Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

      What does going guarantor' mean?

      Going guarantor means a person offers up the equity in their home as security for your loan. This is a serious commitment which can have major repercussions if the person is not able to make their repayments and defaults on their loan. In this scenario, the bank will legally be able to the guarantor until the debt is settled.

      Not everyone can be a guarantor. Lenders will generally only allow immediate family members to act as a guarantor but this can sometimes be stretched to include extended family depending on the circumstances.

      Who offers 40 year mortgages?

      Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

      Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

      Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.