NAB Rural Lifestyle

NAB Rural Lifestyle home loans are the perfect option for those borrowers who want flexible and affordable loan options designed for buying rural properties.

As with other home loans offered by NAB, the Rural Lifestyle home loan is available with some added bonuses such as additional repayments, repayment holidays, and split loans (Redraw facility is only available with variable rate loans.)They come with several term length options ranging from 1 year to 10 years. Additionally, borrowers must pay an $8 monthly service fee.

With the NAB’s Rural Lifestyle home loans you have the option of choosing between fixed and variable rate loans. Plus, for even more flexibility, you can obtain a line of credit.

KEY BENEFITS

Repayment Holidays

This allows you to stop paying principal on the loan temporarily. However, you are required to have loan repayments paid ahead to use it.

Redraw

This feature lets you withdraw funds at any time. The minimum redraw amount is $2,000. If a line of credit is added to more than one account, you can only withdraw to the limit on each account. This feature is only available with variable rate Rural Lifestyle loans.

A Split Loan

You can use two different loans for the same property and only pay for one application fee. You may have two different types of NAB loans.

Additional Repayment

You can make additional unlimited payments. However, you can only make extra payments up to $20,000 during the fixed rate period. There may be additional fees for extra payments.