fyi NAB Homeplus broker product transitioning to Choice

Discussion in 'Loans & Mortgage Brokers' started by Zoolander, 27th Jun, 2017.

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  1. Zoolander

    Zoolander Well-Known Member

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    Hi all,

    For anyone who signed up via a broker to a NAB Homeplus product, this is being end of lifed and the bank is proactively reaching out to some customers to request a transition to their consumer-facing Choice product.

    The only change I'm aware of is the $10/mth fee per loan is being replaced with a blanket $395/year across variable loans. If you have several loans the annual fee may work out cheaper than the $10/mth. Product will operate as usual. Having one loan, it sounds like it's better to pay $10/mth or $120/year than $395.

    Speak to your broker or call up NAB's mortgage team for more information.

    Feel free to correct or add to this general FYI if you're closer to the situation- brokers or NAB staff etc.
     
    Zoolander, 27th Jun, 2017
    #1
  2. EN710

    EN710 Well-Known Member

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    Only have one loan with them. Ain't paying $395!
     
    EN710, 27th Jun, 2017
    #2
  3. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    You don't have to. They want people to transition to the Choice package and the HomePlus is now discontinued for new borrowers, but they're not forcing the switch at this point.
     
    Peter_Tersteeg, 27th Jun, 2017
    #3
    Zoolander and EN710 like this.
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    One loan, CC, offset & other accounts.
     
    Scott No Mates, 27th Jun, 2017
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  5. EN710

    EN710 Well-Known Member

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    One loan and one offset, no CC (already with a different bank)
     
    EN710, 27th Jun, 2017
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  6. Corey Batt

    Corey Batt Well-Known Member

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    Not quite 100% accurate. You do not need to take up their Choice package - you just have the option. Alternatively Homeplus products will be updated to the NAB Tailored Home Loan and keep the same interest rate as they currently receive. The monthly fee will reduce from $10 to $8/month.

    Yes, the bank is going to change you to their latest product and reduce their fees - don't see that happen every day.
     
    Corey Batt, 27th Jun, 2017
    #6
    EN710 likes this.
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