Move your existing home loan to NAB and gain access to different home loan features, attractive interest repayments, and multiple NAB offers.
When you refinance with National Australia Bank Limited (NAB) - one of Australia's leading banks, you get to avail a suite of attractive features.
These include a 100% offset account, fee-free redraw on variable loans, and a $2,000 cash bonus offer based on eligibility criteria to help you move lenders quickly when refinancing your home loan to NAB.
In addition, the feature-rich NAB Mobile App helps you interact with the site, get updates, and manage your home loan repayments conveniently.
Here’s our short guide on NAB home loan products and customer refinances for those actively considering future refinance.
Qualifying and Lending Criteria for the $2000 NAB Home Loans Refinance Cash Bonus
Switching your present home loan to NAB may help you save money, avail different home loan features, or consolidate your debts.
Fulfilling the following criteria makes you eligible for the NAB Home Loan Refinance $2,000 Cash Bonus:
- You must be refinancing an existing loan of $250,000 or more.
- You must also hold a NAB transaction account at the time of drawdown.
- You must refinance your existing home loan with another financial institution to NAB.
- Your refinance drawdown should occur from September 7, 2020, until the time of withdrawing the offer.
- The primary applicant mentioned in your loan should have a NAB transaction account open at drawdown.
- Individual applicants who are owner occupiers or residential investor borrowers can access this offer. It does not include refinances of First Home Loan Deposit Scheme loans, businesses, non-residents, trusts, and other non-natural persons.
Other Inclusions and Exclusions
The $2,000 NAB Home Loan Refinance Cash Bonus offer is available on all NAB Home Loan products. It does not include lines of credit, loans for building and construction purposes, NAB Portfolio Facility, and NAB Private Portfolio Facility.
You can avail of the offer only on refinances from another financial institution (this excludes NAB, Advantedge Home Loans, UBank, or Medfin)
The offer excludes refinances into Medfin, UBank, or Advantedge Home Loans.
Can you Qualify for More Than One $2000 Cash Bonus offer?
The cash bonus offer is only available once per customer, within the offer period. Therefore, if you refinance more than one loan, you will receive the cash bonus once only.
Suppose there is more than one borrower. In that case, only the primary borrower will receive the cash bonus payment. If any borrower gets the cash bonus during the offer period, then no additional cash bonus will be payable on any future refinance wherever that individual is also a borrower.
How and When will the $2000 Cash Bonus be Paid?
The primary applicant mentioned in your loan should have a NAB transaction account open at drawdown.
This enables you to receive your cash bonus payment. The cash bonus will be automatically credited to your account within 90 days of drawdown.
Other Important Information About the NAB $2000 Refinance Bonus Offer
Other product offers from NAB, including the credit card offers made by the bank, or the Base Variable Rate Application Fee Waiver, are independent of NAB's Home Loan Refinance Cash Bonus offer. However, you can access multiple NAB offers based on eligibility and other necessary requirements for those offers.
A variation of an existing NAB Home Loan, which does not include new lending over $250,000 that leads to a new account number, will not qualify as eligible refinance for cash bonus purposes.
All NAB products are subject to eligibility and lending criteria, terms, conditions, and fees as applicable. NAB reserves the right to vary or withdraw its Cash Bonus offer at any time, without the obligation to provide notice.
The details of the $2,000 NAB Home Loan Refinance Cash Bonus are correct as of July 6, 2021.
How Refinancing Can Benefit Owner Occupiers
Switching your loan is a personal decision. Knowing the benefits of refinancing for owner occupiers will help you make an informed decision. The benefits of refinancing include:
Better interest rate: It's one of the most common reasons that motivate borrowers to refinance their home loans. Lower interest repayment frees up your financial resources for home renovations, purchasing a new vehicle, or going on a vacation.
Feature-rich home loans: Refinancing could also help you benefit from features and add-ons like an offset account, fee waivers, flexible payment, etc.
Debt consolidation: Many borrowers seek to refinance for debt consolidation as it helps pay off high-interest debt with one lower-interest loan, thus reducing interest payments and saving money.
To reduce loan term: As your career and personal circumstances evolve, you may be financially better off than when applying for the loan. Refinance option facilitates quicker principal and interest repayments, thereby shortening the overall term of your existing loan.
Moving to a different loan type: As circumstances change, you may want to switch from variable-rate to fixed rate or vice versa. Eligible customers can make the most of refinancing options to manage their financial obligations.
In short, owner occupier borrowers often consider refinancing for cost savings. However, this isn't the only reason for looking to move a home loan. Refinancing can help you enjoy greater flexibility with your money and allows you to adapt your loan to meet your evolving needs and requirements.
Try the Joust Home Loan Refinance Calculator to find out how much money you may be able to save by refinancing an existing loan.
Helpful Hints When Refinancing Your Home Loan
As we have stated earlier, refinancing your home loan can be a challenging process. Here are some ways to help you get around the initial hurdles and get a good refinance deal.
1. Carefully Analyse Your Expectations From Your Home Loan
Home loans are a significant expense in a person's life. You may not be satisfied with your existing home loan and looking to refinance with another lender on more attractive terms. Irrespective of the reason you want to shift your loan, think carefully about what features and benefits would be most advantageous to you.
2. Study Various Home Loan Offers
Having decided the reason you want to refinance, study lenders' various products and offers and their eligibility requirements. Joust's user-friendly Instant Match helps you connect with reliable Aussie lenders specialising in attractive home loan deals.
3. Weigh-In the Costs of Refinancing
Study and compare the costs involved when you switch your home loan. You may need to incur exit/application fees, and other charges. In addition to our Refinance Calculator, our Home Loan Comparison Calculator and Borrowing Power Calculator are excellent tools to help you get an estimate of the costs.
Feel free to look up our blog for more detailed resources on refinancing.
Visit Joust for all Your Home Loan Refinancing Needs
Joust is one of Australia's leading online home loan marketplaces, providing home loan customers access to over 80% of the home loan products in the market.
Our user-friendly and free-to-use platform delivers our users a highly secure and technologically superior experience in finding a suitable home loan. Even better, you are under no obligation or pressure to proceed.