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NRMA Home Loan key facts:
NRMA is an insurance provider which also offers home loans through its partnership with Bendigo and Adelaide Bank.
To be eligible for an NRMA home loan you must live in a capital city or major regional centre, outside of Victoria.
The application process for an NRMA home loan is fully digital.
NRMA Home Loan features
Here are some of the key features to know about NRMA's home loan options:
Feature
Details
Deposit size
You will need a deposit of at least 10% to get a NRMA home loan.
Optional offset account
You can choose to have a 100% offset account attached to your home loan for a fee of $10 a month.
Loan types
You can choose an owner-occupier loan or an investment loan, with variable and fixed rate options.
Repayment options
NRMA home loans are available as principal and interest repayments or interest only.
Loan term
The minimum loan term available is 10 years and the maximum is 30 years.
Loan amount
You can borrow from $50,000 up to $3 million.
Redraw
Unlimited redraw on funds from repayments above your monthly minimum repayments. There's no fee for electronic redraw but a $50 fee for manual.
How do I apply for an NRMA home loan?
When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.
Eligibility
The eligibility criteria for an NRMA home loan is as follows:
Age. You must be over 18 years of age.
Residency. You should be a permanent resident or citizen of Australia.
Employment. You should have a regular source of income.
Location. Your property must be in a capital city or major regional centre.
Property type. The property must be an established property, not land or off plan.
Documents required
When you apply for a mortgage with NRMA you will need to provide the relevant documentation.
Property details.
You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.
Identification documents.
You will need identification such as a driver's licence, passport or birth certificate.
Proof of income documents.
Recent payslips can establish your income.
Proof of employment.
You must be able to verify your employment. Different forms of verification are acceptable for employed, self-employed and casual workers.
Financial situation.
Being completely online, NRMA has capability for you to connect your bank statements digitally. Alternatively, you can manually upload the required documents, which may bank transactions, loan statements and credit card statements.
More home loan questions
To make sure you find the right NRMA home loan, you need a clear idea of what you're looking for in a mortgage. These simple questions can help:
Are you comfortable applying online? NRMA offers a completely digital application so you need to be comfortable completing the entire home loan process online.
What do you need the loan for? If you're buying a home to live in you need an owner-occupier loan. Property investors need an investment loan rate. NRMA has both.
Fixed or variable? Do you want the flexibility of a variable rate loan that could rise or fall at any time? Or are you happy to lock in a fixed rate for a certain period so you can forget about rate changes at all?
What features do you need? If you want a 100% account with your home loan, you can choose this with an NRMA loan but you will need to pay $10 a month.
Home loan pre-approval is an optional step in the application process that some lenders offer. Pre-approval means a lender has examined your savings, income and spending habits and has a rough idea of how much it could lend you. It's not the same as full loan approval and it's no guarantee that the lender will ultimately approve a full application. But it does allow borrowers to start looking for a home with more confidence and a clearer idea of their borrowing power.
Pre-aproval is not something every lender offers, but many do.
Deciding between a fixed or variable rate depends on what you want from the loan. A variable rate loan can change at any time, either up or down. A variable rate usually offers more flexibility in how fast you can repay the loan and the cost of refinancing.
A fixed rate loan offers total certainty about your rate, for the fixed period. This means it won't rise, costing you more. But if your lender starts lowering rates you won't benefit either. Refinancing a fixed rate loan means breaking the loan, because you've agreed to a specific rate. This means you may have to pay a fixed rate break fee.
Mortgage brokers are home loan professionals who can help you find a suitable loan. A broker typically charges you no fee, because they receive a commission from your lender. Brokers are great if you are short on time or find the whole process of researching and applying for a home loan confusing. But you can definitely do it yourself and find a good loan. You may even find a better deal. That's because brokers don't compare loans from every lender in the market. They have access to a panel of loans and often don't have smaller online lenders in their panel.
Rebecca Pike is Finder’s senior money writer, with over 10 years of experience in mortgages and personal finance. A frequent TV and radio commentator, she frequently appears on Sunrise, A Current Affair, 9News, and Sky News, and contributes expert analysis to publications like Yahoo Finance and The Latch. Rebecca previously served as Editor of Mortgage Professional Australia. She has a Master’s degree in Journalism as well as ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, which comply with ASIC guidelines. See full bio
Rebecca's expertise
Rebecca has written 228 Finder guides across topics including:
Home loan cashback deals can help you refinance to a cheaper interest rate and get a lump sum cash payment. Compare the latest deals and check your eligibility today.
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