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With interest rate uncertainty and the cost of buying a house a barrier to some first home buyers, NAB is freezing home loan application costs to help more Australians buy homes.
NAB's most popular Base Variable Rate home loans of $200,000 plus will have no application fee.
Warren Shaw, NAB's Regional General Manager Mortgages, said NAB's Spring campaign would have broad consumer appeal as the average loan size is more than $200,000.
"Research commissioned by NAB has found that removing fees is attractive to potential homebuyers," he said.
"NAB expects the current offer of no application fee for loans of $200,000 plus to be an important boost to help many first homebuyers to get a foothold in the market.
"And with renovators and upgraders also active at this time of the year, NAB believes its fee free banking will appeal to all types of homebuyers.
"NAB advises potential homebuyers to factor in the likelihood of future rate rises. Buyers should speak with their financial institution, look at the rates on offer and calculate repayments and other costs. This includes assessing repayments with their bank to ensure that they can meet repayments both today and in the future."
NAB's Spring campaign includes:
- No application fee for Base Variable Rate home loans of $200,000 or more approved by 1 December 2006.
- NAB Base Variable Rate home loans of $250,000 or more receive an annual 0.7 per cent discount off NAB's Standard Variable Rate for the life of the loan.
- NAB Base Variable Rate home loans below $250,000 receive an annual 0.5% discount off the Standard Variable Rate for the life of the loan.
For further information, please contact:
Kerrina Lawrence
NAB Retail Public Affairs Manager
National Australia Bank Limited
T (03) 8634 0693
M 0417 034 738
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