Thoroughbred Home Loan - Flexible

Gives you the ability to redraw or actively manage your finances.

The Thoroughbred Flexible Home Loan gives you the most flexibility over how you use your money. It is ideal for people who like to have control over their finances, have surplus income, or whose income varies. A Thoroughbred Flexible Home Loan is not available for business purposes.

How does it work?

  • A Thoroughbred Flexible Home Loan is a home loan and a transaction account all in one.
  • It works like an overdraft. You can re-borrow funds up to your loan limit, and you can make lump sum repayments at any time.
  • You may be able to combine all your debt at the one home loan interest rate, which is generally lower than other forms of borrowing.
  • You can earn interest on credit balances.
  • There is a single monthly account fee of $12.50 that covers all account and transaction fees for everyday transactions on your Flexible Home Loan.
  • You have easy access to your account through Online Banking, touchtone phone banking, ATMs, EFTPOS or cheque.
  • You may be able to borrow up to $350,000.
  • It could help you minimise interest payments (see below).

Here's how a Flexible Home Loan could help you minimise interest payments:

Interest on loan balances is calculated daily. So you may be able to reduce the amount of interest you pay by:

  • Direct crediting your income and then withdrawing money only when you need to.
  • Linking your Flexible Home Loan to a Thoroughbred Card. By purchasing all your day-to-day items on your Thoroughbred Card you can use the up to 55 day interest-free period on your card to further reduce your loan balance for that period. Then pay off your credit card balance in full so as not to incur interest on your credit card.
  • Consolidating all your borrowing into your Flexible Home Loan instead of borrowing on a credit card, personal loan or overdraft. Home loan interest rates are generally lower than other forms of borrowing.

For example:

Comparing Repayments

This example is based on a joint annual income of $68,000, monthly expenses of $2,850, with all income direct credited to the Flexible Home Loan, and the full use of a Thoroughbred Card with up to 55 days interest free period on your Thoroughbred credit card account.

What next?

Check out our competitive home loan interest rates and the comprehensive information and resources in our Home Buyers Centre.

You may wish to apply online for a conditionally pre-approved home loan to get an indication of how much you can spend on a home before you start looking. Or, apply online for a home loan now.

If you prefer, call 0800 185 185 to talk to a lending specialist, find a Mobile Mortgage Manager near you, e-mail us, visit our Home Buyers Centre or come into any branch.

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Budget Planner

Creating a budget is a great way to help you manage your finances. Enter your income and expenses into our Budget Planner, and we’ll do all the calculations and summarise your results.

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Top tip: Estimating your expenses

Check your account and credit card statements for all your income and expenses. The more information and detail you enter into the Budget Planner the more accurate the results will be.

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Organising your savings and investments can be simple. All you have to do is decide what your goals are, and we can help you find the best way of achieving them.

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If you’d like to talk further about any of these options, call 0800 18 18 18, contact any branch, or e-mail us.

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National Bank Personal Loan Debt Consolidation Calculator

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How much could you save if you combined all of your debts into one loan? Simply enter the details of your existing debts into the calculator below, and we’ll tell you how much you could save with a National Bank Personal Loan.

As a special offer, we have a great low interest rate of just 14.95% p.a. available until 31 March 2012 on all new personal loans for the purpose of debt consolidation.

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