to nab or not - 3 year introductory variable rate

[tdh78au]

folks,

I'm hoping to pickup my next IP soon ... and will be looking to borrow @ 80% LVR with preference for variable loan.

The NAB 3yr variable at 5.69% is tempting ==> http://www.nab.com.au/wps/wcm/connect/nab/nab/home/personal_finance/2/20/8

I don't require any offset facilities hence ok on that front. Unfortunately this loan doesn't offer IO repayment ... hence need to weigh that up. The idea being that I can compromise with P+I for 3 years and then move it over to the NAB Choice package with new valuation (with it's respective % discount off the standard variable)

Anyone see any other 'gotchas' with this one? ==> http://www.nab.com.au/wps/wcm/connect/nab/nab/home/personal_finance/2/1/3

 

[Rolf Latham]

hiya TDH

can u get to 75 % ?

if yes, the homeside ongoing offering at 5.72 with IO is quite attractve, because you wont have to be concerned after 3 years..........

ta
rolf

 

[tdh78au]

Thanks Rolf ... I might be able to do 75% and will keep this one on the radar.

Looking to score the next IP @ 500k (130k ready to go towards deposit + costs) ... but if I bag one for <500K then 75% shouldn't be an issue.

btw, is the Homeside rate inclusive of the last rate rise?

 

[Rolf Latham]

yup !

Thats the current indicative rate, of course the CCR will be different

Match that with no app fees to 300 k and a 10 a month service fee, it presents well right now

BUT, get in early, Homeside can be ticky with service levels, one day you get a brilliant fast approval, other days it can be a long time between drinks


ta
rolf

 

[Bradsdad]

yup !

Thats the current indicative rate, of course the CCR will be different

Match that with no app fees to 300 k and a 10 a month service fee, it presents well right now

BUT, get in early, Homeside can be ticky with service levels, one day you get a brilliant fast approval, other days it can be a long time between drinks


ta
rolf

It'll be interesting to see how they go should they get a sudden influx of applications for this 75% deal. It's certainly a very sharp product in the market place at present. The next couple of weeks should give a good indication. I'll be keeping a close eye on any changes to turnaround times.

Regards
Steve

 

[tdh78au]

No worries ... thanks for your help Rolf.