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When you take out a NAB Home Loan, there are bank and government fees that you need to budget for. Bank fees cover such things as application and service fees, while government fees cover stamp duties, Title Office charges etc.
Full details of fees and charges and the relevant terms and conditions are available on application from your local branch, or by phoning 13 13 12 between the hours of 8:00am - 9:00pm (Melbourne time, GMT +10), 7 days a week. Other fees and charges are payable.
Applicable interest rates
Bank fees
Government fees
Economic costPrepayment fees
Default fee
BANK FEES
These include an application fee, monthly service fee and, if applicable a facility fee.
Application Fees:
The application fee covers:
- Preparing the loan application and supporting documents
- Property valuation of existing home
- Obtaining details of the Certificate of Title
- There is no extra charge for the preparation of our own legal documents.
Partial drawdowns are not available on fixed rate NAB Home Loans.
Service Fees:
Current monthly service fees:
- Fixed and variable rate National Tailored Home Loans $8
- National 100% offset $10
- National Introductory Rate Home Loan $10
Current annual mortgage facility fees:
Switch Fees $300
Payable whenever we agree to your request to change the type of your interest rate or repayments or to increase the amount of credit except by way of redraw.
For example, a switch fee is payable for home loans changing from:
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Fixed to variable
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Variable to fixed
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Variable without 100% offset to variable with 100% offset
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Base Variable Rate Home Loan- interest only to principal and interest
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FlexiPlus Mortgage switch fee payable whenever you agree to increase your facility limit or any account limit under your FlexiPlus Mortgage Contract
Other home loan changes not detailed attract an Application Fee of $600. For loan contracts included in a National Choice Package, Homeowner's Package and Private Tailored Package, the Switch Fee does not apply.
GOVERNMENT FEES
Government fees are not bank fees. They may include stamp duty on the mortgage, stamp duty on the transfer of land and other Titles Office charges. The Bank collects these charges on behalf of the government and passes on the full amount. You should also allow for your own costs, such as solicitor and conveyancing costs.
ECONOMIC COST
Economic costs may be payable when you prepay the whole of the loan amount which is under a fixed interest rate.
They may also be payable when you prepay less than the whole of the loan amount during a fixed rate period. However, for prepayments less than the whole loan amount NAB will waive economic costs on the first $20,000 prepayment per fixed rate period, except for prepayments of Personal Residential Investment Fixed Rate Interest Only Loans.
Where you prepay less than the whole amount of the loan under a National Tailored Home Loan Package contract produced prior to the 22nd March 2004 (i.e. under a National Tailored Home Loan Package contract which specifies a disclosure date prior to the 22nd of March 2004), NAB will waive the economic costs (in accordance with your contract).
The economic cost is the Bank's reasonable estimate of its loss (if any) from the early termination of the loan or a prepayment. It is calculated by the Bank as the difference between the Bank's cost of funds at the start of the relevant fixed rate period and its cost of funds at the date of termination or prepayment over the remainder of that period. This is then discounted back to the net present value at the rate equivalent to the Bank's cost of funds at that date.
Before terminating the loan or making a prepayment, you should ask the Bank to indicate what the economic cost (if any) might be.
PREPAYMENT FEES
The prepayment fee for fixed rate home loans is $360.
Prepayment fee is payable when you prepay the whole amount which is under a fixed interest rate.
It may also be payable when you prepay less than the whole of the loan amount. However, for prepayments less than the whole loan amount NAB will waive the prepayment fee on the first $20,000 prepayment per fixed rate period, except for prepayments of Personal Residential Investment Fixed Rate Interest Only Loans.
Where you prepay less than the whole amount of the loan under a National Tailored Home Loan Package contract produced prior to the 22nd March 2004 (i.e. under a National Tailored Home Loan Package contract which specifies a disclosure date prior to 22nd of March 2004), NAB will waive the prepayment fee (in accordance with your contract).
Default Fee
Default Fee is payable for the first and each subsequent Collection Letter issued when your loan repayments are past due by 30 days or more.
Full details of fees plus relevant terms and conditions are available on request from your local branch, or by phoning 13 13 12 between the hours of 8:00am - 9:00pm (Melbourne time, GMT +10), 7 days a week. Other fees and charges are payable.
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