National Australia Bank (NAB) is one of the oldest and biggest banks in Australia. Aside from serving locally, NAB has also expanded its operations to other countries. As such, this bank is trusted all over the world for its services. Their selection of loan and mortgage plans is also among the best in the country.
As with other banks, NAB has special offers to top off their standard loans. Some of these include:
• Basic Variable: NAB’s basic variable loan is simple but effective. This is a low-interest rate loan that promises no ongoing fees.
• Variable-rate With Offset: Another variable-rate plan, this offers much more features compared to the basic variable loan. As such, you get more options for customising your plan.
• Fixed-rate Loan: If you want predictable and stable repayments, then a fixed-rate loan is your best choice. NAB’s fixed-rate loan even allows splitting between fixed and variable interest rates.
A big draw that NAB loans have over other banks’ loans is mortgage customisability. If you need something beyond a basic loan and mortgage, they offer packages that give you better options.
Getting an NAB mortgage is practical, considering the following benefits it offers.
• Free extra repayments: NAB is extremely lenient in terms of extra repayments compared to other banks. You can make extra repayments without incurring additional charges, which would allow you to pay off your mortgage faster.
• Flexible repayments: Most of this bank’s mortgage plans are highly flexible. They allow more customisation options compared to other banks and offers clients an unparalleled amount of pre-planning and convenience.
• Redrawing: Some mortgage plans allow redraws if extra repayments have been made. NAB mortgage is an excellent option, especially considering how easy it is to make extra repayments with NAB.
• Online Banking: NAB has one of the best online banking platforms available. The bank’s app is easy to use and offers a wider range of services compared to others.
• Customer Service: Being one of Australia’s best, NAB naturally has excellent customer service.
You might think twice about getting a NAB mortgage due to the following setbacks:
• Discount restrictions and requirements: The application process is quite easy for this bank. However, applying for discounts and rate cuts once you have a plan can be tough.
• Extra fees: Like other banks, NAB also charges extra fees for some of their services. For example, they have discharge fees when the mortgage is fully paid off.
• Limited redraws: Not all NAB mortgage plans allow redraws. For those that do, there are limitations on how often on can redraw.
To choose the right mortgage, make sure to compare all the advantages and disadvantages. Before making the final decision, consider your needs and ability to pay before committing to a plan. Comparison sites like Makes Cents can help you see and narrow down your options.