NAB personal loan repayment calculator

Thinking about taking out a personal loan with NAB? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how NAB personal loans compare with other options.

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 6.99 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Additional repayments allowed
  • No early exit fees
  • Can apply online
  • Upfront fees
  • Monthly fees
  • Not the lowest rates on the market

NAB personal loans rates

Advertised Rate

6.99

% p.a

Fixed up to 18.99%

Comparison Rate*

7.91

% p.a

Fixed up to 19.83%

Repayment

$594

based on $30,000 loan amount for 5 years at 6.99%

Upfront Fee

$150

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 7.91% would be $35,634*. Terms from - years

More details
Advertised Rate

6.99

% p.a

Variable up to 18.99%

Comparison Rate*

7.91

% p.a

Variable up to 19.83%

Repayment

$594

based on $30,000 loan amount for 5 years at 6.99%

Upfront Fee

$150

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 7.91% would be $35,634*. Terms from - years

More details
Advertised Rate

12.77

% p.a

Variable

Comparison Rate*

12.77

% p.a

Variable

Repayment

$679

based on $30,000 loan amount for 5 years at 12.77%

Upfront Fee

$150

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 12.77% would be $40,744*. Terms from - years

More details

Features of a NAB personal loan

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 personal loans – customer service

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.

Who is eligible for a NAB personal loan?

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

How to apply for a NAB personal loan?

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

NAB personal loans review

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.

Learn more about personal loans

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

Is a personal loan a variable or fixed-rate loan?

Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.

A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.

With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

What are the Westpac personal loan eligibility criteria?

The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:

  • You should be over 18 years old
  • You must be a permanent resident or hold a valid visa with confirmed employment in Australia
  • You should earn a regular and permanent income of at least $35,000 before taxes

If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:

  • Personal details including name, contact information, and residential address 
  • Proof of identity such as drivers licence or passport details
  • If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
  • If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips

Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

Can I merge my personal loan with my home loan?

Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.

However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.

Can I repay a $3000 personal loan early?

If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.

Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

How long does it take to get a student personal loan?

Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.