NAB is trying to win back Investors with a low rate variable Principal and Interest or Interest Only offer.
Details below.
“Effective Friday 16 August 2019, NAB will introduce a new Residential Investor Variable Rate for new lending:
Loan Purpose | Repayment type | Loan to Value Ratio (LVR)^ | Interest rate# | Comparison rate | Discount* |
Residential Investment | Principal & Interest | ≤80% | 3.65% | 3.69% | 1.66% |
>80% | 3.85% | 3.89% | 1.46% | ||
Interest Only** | ≤80% | 3.95% | 4.24% | 1.36% |
(Variable rates are subject to change)”
This is in addition to NAB’s “Base Variable Rate Home Loan offer” for new owner occupier, principal & interest lending which offers owner occupier customers the following:
- 3.35% p.a. where LVR ≤80% (comparison rate 3.39% p.a.)
- 3.55% p.a. where LVR >80% (comparison rate 3.59% p.a.)
Eligibility criteria
- Available on a new Base Variable Rate Home Loan
- New interest rates will apply to all applications for Base Variable Rate Home Loans submitted from Friday 16 August 2019
- New lending only including existing borrowers taking out a top up of an existing home loan by $20,000 or more (application fee applies)
- $600 application fee applies
- LMI payable where the borrower’s loan to property value ratio (LVR) is greater than 80%
- Not available for non-resident borrowers
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