NAB

Tailored Home Loan Fixed (Interest Only in Arrears) 5 Years

Advertised Rate

3.99%

Fixed - 5 years

Comparison Rate*

4.43%

Maximum LVR
80%
Real Time Rating™

1.14

/ 5
Monthly Repayment

$1,431

based on $300,000 loan amount for 25 years

Advertised Rate

3.99%

Fixed - 5 years

Comparison Rate*

4.43%

Maximum LVR
80%
Real Time Rating™

1.14

/ 5
Monthly Repayment

$1,431

based on $300,000 loan amount for 25 years

Calculate repayment for NAB product

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,431

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 - 5 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 - 5 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, Loan Purpose

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

      What happens to your mortgage when you die?

      There is no hard and fast answer to what will happen to your mortgage when you die as it is largely dependent on what you have set out in your mortgage agreement, your will (if you have one), other assets you may have and if you have insurance. If you have co-signed the mortgage with another person that person will become responsible for the remaining debt when you die.

      If the mortgage is in your name only the house will be sold by the bank to cover the remaining debt and your nominated air will receive the remaining sum if there is a difference. If there is a turn in the market and the sale of your house won’t cover the remaining debt the case may go to court and the difference may have to be covered by the sale of other assets.  

      If you have a life insurance policy your family may be able to use some of the lump sum payment from this to pay down the remaining mortgage debt. Alternatively, your lender may provide some form of mortgage protection that could assist your family in making repayments following your passing.

      Do other comparison sites offer the same service?

      Real Time RatingsTM is the only online system that ranks the home loan market based on your personal borrowing preferences. Until now, home loans have been rated based on outdated data. Our system is unique because it reacts to changes as soon as we update our database.

      Savings over

      Select a number of years to see how much money you can save with different home loans over time.

      e.g. To see how much you could save in two years by switching mortgages,  set the slider to 2.

      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.

      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.

      Mortgage Calculator, Repayments

      The money you pay back to your lender at regular intervals. 

      What is the average annual percentage rate?

      Also known as the comparison rate, or sometimes the ‘true rate’ of a loan, the average annual percentage rate (AAPR) is used to indicate the overall cost of a loan after considering all the fees, charges and other factors, such as introductory offers and honeymoon rates.

      The AAPR is calculated based on a standardised loan amount and loan term, and doesn’t include any extra non-standard charges.

      How personalised is my rating?

      Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

      We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time. 

      What is a building in course of erection loan?

      Also known as a construction home loan, a building in course of erection (BICOE) loan loan allows you to draw down funds as a building project advances in order to pay the builders. This option is available on selected variable rate loans.

      What is a construction loan?

      A construction loan is loan taken out for the purpose of building or substantially renovating a residential property. Under this type of loan, the funds are released in stages when certain milestones in the construction process are reached. Once the building is complete, the loan will revert to a standard principal and interest mortgage.

      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 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, Property Value

      An estimate of how much your desired property is worth. 

      Why should you trust Real Time Ratings?

      Real Time Ratings™ was conceived by a team of data experts who have been analysing trends and behaviour in the home loan market for more than a decade. It was designed purely to meet the evolving needs of home loan customers who wish to merge low cost with flexible features quickly. We believe it fills a glaring gap in the market by frequently re-rating loan products based on the changes lenders make daily.

      Real Time Ratings™ is a new idea and will change over time to match the frequently-evolving demands of the market. Some things won’t change though – it will always rate all relevent products in our database and will not be influenced by advertising.

      If you have any feedback about Real Time Ratings™, please get in touch.

      Mortgage Calculator, Repayment Frequency

      How often you wish to pay back your lender. 

      Remaining loan term

      The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

      What is the flexibility score?

      Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

      What do mortgage brokers do?

      Mortgage brokers are finance professionals who help borrowers organise home loans with lenders. As such, they act as middlemen between borrowers and lenders.

      While bank staff recommend home loan products only from their own employer, brokers are independent, so they can recommend products from a range of institutions.

      Brokers need to be accredited with a particular lender to be able to work with that lender. A typical broker will be accredited with anywhere from 10 to 30 lenders – the big four banks, as well as a range of smaller banks, credit unions and non-bank lenders.

      As a general rule, brokers don’t charge consumers for their services; instead, they receive commissions from lenders whenever they place a borrower with that institution.

      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.