Home Loans
Interest Only
A great option of reducing repayments in the short term.
Wayne and Aydee Green | Father and Daughter from the Wholemeal Cafe in Tākaka | NBS personal and business banking clients
A great option for reducing repayments in the short term, assisting in managing your budget and giving you time before full principal and interest repayments need to be made.
How an Interest Only Loan Works
- You can set your home loan to be interest only for up to five years.
- You can choose fixed or variable interest rates.
- Repayments are made monthly.
- Your minimum repayments will only cover the interest charges on your loan.
- There is still some flexibility to repay loan principal.
Rates & Fees
| NBS Home Loan Rates | |
|---|---|
| 6 Months Fixed | 6.64% p.a. |
| 1 Year Fixed* | 5.75% p.a. |
| 2 Year Fixed | 5.99% p.a. |
| Variable** | 7.94% p.a. |
| NBS Flexi Loan - Interest rates start from** | 7.94% p.a. |
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Interest rates are current as of 6 December 2024 and subject to change at any time without notice. NBS General Terms and Conditions, general lending terms and criteria, and fees apply. * For new and roll-over loans only. NBS home loan rates are available for residential owner-occupied or investment property loans only. ** Effective rate for new clients 29 November 2024. Effective rate for existing clients from 15 January 2025.
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| NBS Residential Term, Residential Redraw, NBS Interest Only | |
|---|---|
| Loan Establishment Fee | From $450.00 |
| Loan Additional Funds | $250.00 |
| Interest Rate Review | $50.00 |
| Discharge Mortgage Fee | $50.00 |
| Default Interest Rate | 4.00% p.a. above annual interest rate |
| Default Administration Fee | $45.00 per event |
| Insurance Arrears Payment Fee | $25.00 |
| Rates Arrears Payment Fee | $25.00 |
| Motor Vehicle Security Variation/Security Swap Fee | $30.00 |
| Duplicate Statement Fee | $5.00 |
| Early Repayment Adjustment (Formula based calculation required CCCFA) | P.O.A |
| Early Repayment Administration Cost | $50.00 |
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Fees are subject to change.
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Terms and Conditions
NBS’ current Loan Agreement Specific Terms and General Lending Terms are available free of charge from any NBS branch. NBS lending criteria and the above terms apply.