NAB personal loans

NAB’s unsecured personal loans are available for those looking to borrow between $5,000 and $55,000. You can choose either a fixed or variable interest rate, depending on whether you would prefer simpler budgeting or greater repayment flexibility.

You can choose a loan term of between one and seven years, which allows you pay your debt off sooner or make more affordable repayments. These repayments can be made weekly, monthly or fortnightly or weekly. In some circumstances, you could receive your funds on the same day if you apply in-branch by 2pm.

NAB personal loans can be used for a range of different purposes including to help pay off student debts, consolidate debts, invest in share or to renovate your home.

NAB customers can contact the bank online, via email or on the phone seven days a week. Customer support phone lines are open between 8am - 7pm on Mondays to Fridays, 7am - 6pm on Saturdays, 9am - 6pm on Sundays.

There is also a vast network of branches across Australia, where customers can drop into for support.

To be eligible for a NAB personal loan, borrowers must meet the following criteria:

• Be at least 18 years old  
• Be an Australian or New Zealand citizen, Australian permanent resident or have a valid visa
• Have a regular income
• Be able to service the loan repayments

Applications for a NAB personal loan can be made online or in a branch. The process takes around 10 minutes and involves the following steps:

• Apply online through the NAB website.
• NAB will then review your application and, if eligible, you may receive conditional approval within 60 seconds. You will also be able to find out your indicative interest rate and repayment amount.
• If approved, you can accept loan documents, which state your final interest rate and repayment, online.
• Once accepted, the funds are paid directly into your NAB account.

At the time of application, you’ll need to provide the following documentation:

• Proof of identity
• Employment details for the past three years
• Details of your income before and after tax, and how often you are paid
• Details of your monthly living expenses
• Details of what you owe
• Details of what you own

A NAB personal loan can be used for a wide range of purposes like weddings, cars, holidays and renovations. Borrowers can borrow from $5,000 to $55,000, with loan terms from one to seven years and choose from either a fixed or variable interest rate.

While NAB personal loans have a range of features, it’s worth noting that NAB’s fixed and variable personal loan interest rates are considered to be moderate. NAB also charges an upfront fee and an ongoing monthly fee.

With NAB personal loans, you have the option to make extra repayments onto NAB’s fixed or variable personal loans, which could potentially reduce the amount of interest you pay. NAB personal loans also have no exit fees for paying off the loan early. However, only the variable-rate personal loan includes access to a redraw facility, which allows you to withdraw the extra repayments you have made into your loan.

Before choosing a personal loan, it always pays to do your research and compare your options.