Finty
NRMA Insurance

NRMA Insurance Basic Home Loan

Variable or Fixed rateRedraw

For customers looking for a simple, no frills home loan with low upfront fees and no ongoing fees.

Written byDavid Boyd
Interest rate a year, from
6.19%
Comparison rate
6.23%
Upfront fees
$495
Annual fee
Not published
Monthly fee
None

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.19% (variable, live in, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$3,671
Total repayments
$1,321,532
Interest
$721,532

Rates

Every rate NRMA Insurance publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interestUp to 50%6.19%6.23%
VariableLive inPrincipal and interest50.01% to 60%6.19%6.23%
VariableLive inPrincipal and interest60.01% to 70%6.28%6.32%
VariableLive inPrincipal and interest70.00999999999999% to 80%6.33%6.37%
VariableLive inInterest onlyUp to 50%7.27%6.70%
VariableLive inInterest only50.01% to 60%7.29%6.70%
VariableLive inInterest only60.01% to 70%7.34%6.78%
VariableLive inInterest only70.00999999999999% to 80%7.39%6.83%
VariableInvestmentPrincipal and interestUp to 50%6.57%6.61%
VariableInvestmentPrincipal and interest50.01% to 60%6.59%6.63%
VariableInvestmentPrincipal and interest60.01% to 70%6.64%6.68%
VariableInvestmentPrincipal and interest70.00999999999999% to 80%6.69%6.73%
VariableInvestmentInterest onlyUp to 50%6.92%6.76%
VariableInvestmentInterest only50.01% to 60%6.94%6.78%
VariableInvestmentInterest only60.01% to 70%6.99%6.83%
VariableInvestmentInterest only70.00999999999999% to 80%7.04%6.88%
1 year fixedLive inPrincipal and interestUp to 80%6.59%6.40%
1 year fixedLive inInterest onlyUp to 80%7.09%6.45%
1 year fixedInvestmentPrincipal and interestUp to 80%6.74%6.74%
1 year fixedInvestmentInterest onlyUp to 80%6.84%6.75%
2 year fixedLive inPrincipal and interestUp to 80%6.59%6.42%
2 year fixedLive inInterest onlyUp to 80%7.09%6.52%
2 year fixedInvestmentPrincipal and interestUp to 80%6.74%6.74%
2 year fixedInvestmentInterest onlyUp to 80%6.84%6.76%
3 year fixedLive inPrincipal and interestUp to 80%6.69%6.47%
3 year fixedLive inInterest onlyUp to 80%7.19%6.61%
3 year fixedInvestmentPrincipal and interestUp to 80%6.84%6.77%
3 year fixedInvestmentInterest onlyUp to 80%6.94%6.80%
4 year fixedLive inPrincipal and interestUp to 80%6.79%6.54%
4 year fixedLive inInterest onlyUp to 80%7.29%6.72%
4 year fixedInvestmentPrincipal and interestUp to 80%6.94%6.82%
4 year fixedInvestmentInterest onlyUp to 80%7.04%6.86%
5 year fixedLive inPrincipal and interestUp to 80%6.79%6.57%
5 year fixedLive inInterest onlyUp to 80%7.29%6.78%
5 year fixedInvestmentPrincipal and interestUp to 80%6.94%6.84%
5 year fixedInvestmentInterest onlyUp to 80%7.04%6.88%

Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fees and features

Fees

Upfront fees
$495
Annual fee
Not published
Monthly fee
None

Features

Offset account
No
Redraw
Yes
Highest LVR
80%
Loan amount
From $50,000

How it compares

Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.

Variable rate

6.33%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

6.37%

For the same rate. Typical is 6.70%.

Upfront fees

$495

Typical upfront fees are $600.

Smallest deposit

20%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • A lower variable rate. 6.33%, below the typical 6.62%. On a $600,000 loan, every 0.10% less saves about $600 a year in interest.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
  • Fixed rates on offer. You can fix for 1 to 5 years if you'd like repayments that don't change for a while.
  • Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.

Cons

  • No offset account. Your savings can't reduce the interest unless you pay them into the loan.

Similar home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.