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How does a NAB FlexiPlus Mortgage, NAB Home Equity Line of Credit (HELOC) or NAB Portfolio Facility differ from a normal overdraft?

April 26, 2017facility FlexiPlus HELOC home equity line of credit mortgage NAB portfolio

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How does a NAB FlexiPlus Mortgage, NAB Home Equity Line of Credit (HELOC) or NAB Portfolio Facility differ from a normal overdraft?

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A NAB FlexiPlus Mortgage, NAB HELOC or NAB Portfolio Facility is an all-in-one wealth management facility, which incorporates a line of credit, along with other features a normal overdraft doesn’t provide. The line of credit portion of the facility operates much like an overdraft, but your credit limit is higher (up to 90% of the market value of your property) and the interest rate is lower than most overdrafts and personal loans. You access the money through a transaction account and there are no NAB transaction fees.