Living with a home loan is easier when it changes with you. Some home loans may allow you to reduce interest with an offset account, take advantage of additional equity at your disposal with redraw, or take your loan with you when you move house.
Getting a home loan health check
Your home loan might not suit you as it once did. If your circumstances or priorities have changed, it's time for a home loan health check. Give us a call on 13 78 79 from 8am-8pm Mon-Fri, or 9am-6pm on weekends (AEST/AEDT), or talk to your banker.
Reducing your home loan costs
The are several ways to reduce the total cost of your home loan. One way is to increase the amount or frequency of your repayments. Our loan repayment calculator shows you the effect of increasing your regular repayments. You could also pay in the occasional lump sum when you can afford it.
There are other home loan features that can save you money:
- 100% offset uses money in a linked transaction account to reduce your interest charges on your home loan while keeping the money available to you. Deposits into your linked account save you even more (read more about how an offset account could save you money). You can get 100% offset with the NAB Tailored Home Loan — Variable Interest Rate.
- NAB Choice Package offers you discounted home loan interest rates and savings on NAB products and services for one annual package fee. You can package a NAB Tailored Home Loan or NAB FlexiPlus Mortgage Facility.
Using your extra equity
If you're well ahead of your scheduled home loan repayments, you can access your extra equity.
- Redraw is available with all of our variable rate home loans. If you're sufficiently ahead of your repayments, you have the option to withdraw the available excess funds on your home loan account.
- Repayment holidays are available with most of our home loans. If you're far enough ahead with your repayments, you can take a break for 2-12 months. This frees up cash for spending on renovations, repairs and so on.
- With a line of credit, your home loan is like an overdraft backed by your equity. You can access funds up to your credit limit.
Keeping your loan when you move
Certain home loans are portable. This means that when you move, you can keep your loan and secure it against your new house. You may need to pay for a new mortgage to secure your new property but this could mean your loan could stay consistent when you move.