The Base Variable Home Loan is an easy to manage home loan. There are no monthly fees to worry about and you can tailor your repayments to suit your lifestyle. If you choose to make interest and principal repayments you can opt for weekly, fortnightly or monthly repayments. There is also an interest only option (for up to 5 years) for investors and owner-occupiers but you can only pay monthly (in arrears) if you choose this.
You can make additional payments for free and if you need the cash at a later point in time you can redraw anytime for free but the minimum redraw amount is $2000. The good thing about getting ahead in your repayments is that with the Base Variable Home Loan you can take a repayment holiday if you need due to family or personal reasons for a period of time.
The 3.69% interest rate is available whether you are borrowing $20,000 or $2 million as there is no maximum loan amount. With this loan you can also borrow up to 95% of the property value but lenders mortgage insurance will be required for anything over 80%.
There is also a split option available if you want to split the loan between the Base Variable and another NAB home loan such as a fixed rate loan.
Who it's good for:
Anyone who is looking for an easy to manage home loan and likes the security of a Big 4 Bank.
As with all variable rate loans rates are likely to move at some point in the future so be sure to keep an eye on the interest rates and switch again if you aren't getting a good deal.