Why this new chapter for NRMA Insurance is a big win for Aussie home buyers
When you hear NRMA, you probably think of trusted insurance that Aussies have relied on for decades. But did you know, NRMA Insurance has recently stepped into the home loan space, aiming to provide Aussie borrowers with the same reliability and value that has kept them a household name for over 90 years.
First up, its home loans are available for live-in borrowers with as little as a 10% deposit and there are competitive variable and fixed rate terms of up to 5 years to choose from. NRMA Insurance also provides borrowers with an option to choose between principal and interest or interest-only repayments.
There are no application, monthly or annual fees which mean 100% of your repayments will go towards paying down your home loan.
But NRMAs’ home loans aren’t just about low costs – they’re about flexibility too. You can make unlimited additional repayments on variable loans (capped at $20K per year on fixed rate loans) at no extra charge, or for $10 a month you can get the optional offset account, which can help you to pay off your home loan faster. If you ever need to access those extra funds, there is a free online redraw.
Lengthy application processes are also done away with. NRMA insurance says the application should only take 20 minutes to complete online.
There are some eligibility criteria to be aware of. The home loans are only available for properties in capital cities and major regional centres and excludes properties in Victoria. And you must be purchasing an established property, not land or off-the-plan
But if you’re eligible and you’re looking for a big bank alternative and want a trusted and reliable provider, NRMA Insurance might be a good home loan fit for you - see below for more details.
VARIABLE HOME LOAN
NRMA Insurance Variable Home Loan
- 6.03% p.a. variable rate (6.07% p.a. comparison rate*)
- Zero application fees to pay
- Free additional repayments and online redraw
Enjoy a competitive interest rate on up to a 30 year loan term with the NRMA variable home loan. There is no application fee to pay and you can make unlimited additional repayments to pay your home loan off sooner. You’ll get free online redraw and have the option to add a 100% offset account for a small fee. 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.
FIXED HOME LOAN
NRMA Insurance 2 Year Fixed Home Loan
- 5.54% p.a. 2 year fixed rate (5.97% p.a. comparison rate*)
- Zero application fees to pay
- Free additional repayments up to $20,000 per year
Competitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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