NAB Rural Lifestyle Fixed 10 Years

Like other Rural Lifestyle home loans offered by NAB, the 10-Year fixed rate loan comes with all of the features and affordability of the other loan designed for buying rural real estate.

The Rural Lifestyle Fixed 10-Years loan was developed with a 10-year fixed term that changes to a variable rate once it expires. It comes with common components of these products including repayment holidays, extra payment options, and split loans. The redraw facility is not available with fixed-rate mortgages. A monthly loan service fee of $8 applies.

For those who want more than a choice between fixed and variable rate home loans, the Rural Lifestyle loan also offers a line credit option.

KEY BENEFITS

Added Repayments

You can use this feature to pay as much extra as you like during your mortgage’s variable rate phase, but for the fixed term there will be a limit of $20,000 in extra payments you can make before penalties are incurred.

A Repayment Holiday

You can chose to pause further payments using the loan’s repayment holiday feature. This is available only for borrowers who have made advanced payments on their loan.

Using Split Loan

A split loan is a feature of NAB loans that lets you take on two different loans for the same house while treating them as one loan. You can make use of the benefits of different loans throughout the repayment term.

Maximum Loan

With rural properties that have been zoned as Rural Freeholds, you can get loans for up to 70% of the property value. Similarly, if the property is considered a Rural Leasehold, the percentage of the property value you can borrow would be 65%.