National Bank Home loans.Australia National Bank (NAB) offer competitive home loans, just like all the other major Australian banks. And just like the other lending institiutions, buyers have to be aware of all the costs and pitfalls involved in securing a home loan from the NAB.
The annual home loan percentage rate (APR):The APR is the single most important thing to compare when you shop for a loan. It takes into account not only the interest rate, mortgage broker fees, and certain other credit charges the lender requires the borrower to pay, expressed as a yearly rate.The term of the home loan:How many years will you make payments on the loan? If you're getting a home equity loan that consolidates credit card debt and other shorter-term loans, remember that the new loan may require you to make payments for a longer time.The monthly payment:What's the amount? Will it stay the same or change?Prepayment penalties:Prepayment penalties are extra fees that may be due if you pay off the loan early by refinancing or selling your home.Whether the interest rate for the home loan will increase if you default.An increased interest rate provision says that if you miss a payment or pay late, you may have to pay a higher interest rate for the rest of the loan term.The best piece of advice would be to ensure that you can afford the loan. Figure out whether your monthly income is enough to cover each monthly payment, in addition to your other monthly bills and expenses. If it isn't, do not take out a loan. |
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