New NAB Homeowner Loan Package

National Australia Bank has announced the introduction of a new Homeowners Loan package featuring a variable interest rate of 6.25%.

The new product is designed to provide home buyers with savings on a package of essential household banking services, including a home loan, transaction account and credit card.

The package includes features such as;
 A National Tailored Home Loan at a variable rate of 6.25%, compared to the standard variable rate of 6.70%.
 No home loan application fee (a saving of $600) and no monthly service fee.
 A combination of variable and fixed interest rates under one annual package fee.
 A National transaction account free of standard fees (non-National ATM fee applies).
 A standard National credit card included in the annual package fee.
 Bonus interest rates on selected National term deposits.
 Access to a full range of loan, life and general insurance products.

An annual fee of $300 applies, payable at the end of the first year of the package.

The home loan does not allow for a redraw or provide an offset account but you are able to make additional repayments.

The NAB is the last of the majors to introduce a “basic” type home loan but have introduced it as a complete banking package which again highlights how important the banks perceive the concept of marketing not one but a number of individual products to customers.