NAB personal loans

Compare fixed rate and variable rate personal loans from NAB.

By   |   Updated 28th September 2021

Comparing NAB personal loans for $20,000.00 over 36 months

NAB Variable Rate Personal Loan

On NAB's website

NAB Variable Rate Personal Loan

Interest rate

From 6.99% (personalised)

Comparison rate

From 7.91% (personalised)

Repayment period

3 years

Application fee

$150.00

Monthly repayment

$622.08

Total repayment

$22,394.88

Highlights

  • Get a variable headline rate of 12.69% p.a.* (for new loans only). The interest rate you get may be different depending on your circumstance.
  • 13.56% p.a. variable comparison rate.
  • With redraw facility.
  • 1-7 years flexible loan term.
  • Borrow from $5,000 up to $55,000.

*The variable headline rate is what the majority of personal loan customers will get or lower.

Disclaimer: The target market determination for this product is available atnab.com.au/TMD

NAB Fixed Rate Personal Loan

On NAB's website

NAB Fixed Rate Personal Loan

Interest rate

From 6.99% (personalised)

Comparison rate

From 7.91% (personalised)

Repayment period

3 years

Application fee

$150.00

Monthly repayment

$622.08

Total repayment

$22,394.88

Highlights

  • Get a fixed headline rate of 12.69% p.a.* (for new loans only). The interest rate you get may be different depending on your circumstance.
  • 13.56% p.a. fixed comparison rate.
  • 1-7 years flexible loan term.
  • Borrow from $5,000 up to $55,000.
  • Flexible weekly, fortnightly or monthly repayments


*The fixed headline rate is what the majority of personal loan customers will get or lower.
Disclaimer: The target market determination for this product is available at nab.com.au/TMD

Overview

Whether you’re looking to buy a car, book a holiday, or improve your home, a personal loan is a viable option for anyone with a good enough credit rating. NAB offers flexible terms, same-day funds, and online processing. Here’s all you need to know about applying for a personal loan with NAB.

Types of NAB personal loan

NAB offers two types of personal loans: fixed and variable.

NAB fixed rate personal loan

If you like certainty, then a fixed rate is worth considering since you know exactly what your payments will be each month for the entire tenure of the loan.

NAB variable rate personal loan

While a variable rate loan may change your minimum repayment over time, a fixed rate loan remains static throughout the length of time your loan payments last.

What can a NAB personal loan be used for?

There are many reasons why you may want to take out an NAB personal loan.

Useful NAB personal loan features

NAB includes a range of attractive features with their loans.

Redraw facility

Redraw is available with their variable loan, allowing you to redraw money if you were ahead in your payments.

Same-day funds

Existing NAB customers who apply and are approved can have funds deposited on the same day.

No exit fees

If you get a variable loan and want to pay it back faster, NAB will not charge an exit fee for doing so.

Flexibility

Repayment terms for a NAB loan range from 1 - 7 years and you can choose weekly, fortnightly, or monthly repayments.

Personalised rates

The better your credit rating, the lower your interest rate will be. This is known as risk-based pricing and is more commonly used at smaller non-bank lenders such as MoneyMe and SocietyOne.

Who can apply?

To apply for a NAB personal loan, you must be over 18 and earn a regular income. You'll also need to be a citizen of Australia or New Zealand or have permanent or temporary residency in Australia.

How to apply

Most people will be able to apply for a NAB personal loan directly on their website. Joint applications are possible, but these must be carried out in-branch. You’ll need to provide income and employment details, living expenses, owned assets, existing debt, and a valid form of photo ID to complete your application.

Learn about NAB personal loans

More info about how a NAB personal loan works.

  • FAQs

Are interest rates personalised based on your credit score?

Yes. People with excellent credit scores will be offered a lower interest rate.

Are NAB personal loans secured?

No, NAB personal loans are not secured.

Can I increase my loan amount?

No, your loan amount cannot be changed even on the variable rate loan. Therefore, it's essential to apply for the amount you need in the first place.

Can NAB personal loans be paid off early?

Yes, if you have a variable rate. NAB does not charge an exit fee if you pay it off early.

Can people who already have a personal loan apply for a NAB personal loan?

Yes, provided you have a good credit score and pass affordability checks. If you’ve missed payments on your existing loan, you may not be eligible for a NAB personal loan.

Can temporary residents apply?

If you have a valid temporary resident visa, you are eligible to apply for a NAB personal loan.

Do NAB check credit scores when processing an application?

Yes. NAB will pull your credit report when processing your application.

How do I pay off my loan in full and close the account?

You can use the NAB Internet Banking service and app to view your balance and make payments. If you prefer, you can go into a branch to make your final payment.