NAB Introductory 3 Year Variable Rate

NAB’s Introductory 3-Year Variable Rate home loan has an extended introductory period that lasts for 3 years. As with the one-year variable rate the interest rates is variable and not fixed for the initial term. Once the introductory period expires, the interest rate reverts to the NAB’s standard variable rate.

This home loan provides the same features as the NAB 1-Year Variable Rate home loan. Borrowers can make extra payments or split the loan. There is also a $10 monthly service charge that must be paid by borrowers for this group of loans.

The NAB provides borrowers different types of introductory home loans with discounted introductory rates with fixed and variable terms ranging from one to three years.

KEY BENEFITS

Portability

These loans can be used as security to purchase another property.

Split Loans

This option allows you to have two different loans for the same property while only paying one application fee. You can take advantage of the features of two different loans.

Redraw Facility

This option lets you access additional money during the loan’s variable rate term. It is only available if you’re ahead of your scheduled repayments. There is a minimum redraw amount of $2,000.

Repayment Holiday

You can stop paying periods by using a repayment holiday provided you are ahead in your scheduled repayments.

Extra Repayments

You can repay the loan quicker by making unlimited number of extra payments within the loans’ variable rate period and up to $20,000 during the fixed rate term without incurring penalties.