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 10.00 %

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

Product
Advertised Rate
Comparison Rate*
Repayment
Upfront Fee
Features
Go to site
Company

12.77%

Variable

12.99%

$679

based on $30,000 loan amount for 5 years

$150

Redraw facility
Extra repayments
Fully drawn advance
Secured
NAB
More details

12.69%

Variable

13.56%

$678

based on $30,000 loan amount for 5 years

$150

Redraw facility
Extra repayments
Fully drawn advance
Secured
NAB
More details

12.69%

Fixed

13.56%

$678

based on $30,000 loan amount for 5 years

$150

Redraw facility
Extra repayments
Fully drawn advance
Secured
NAB
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 NAB

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.

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 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 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

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.

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 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.

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.

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.

Are there low doc personal loans?

Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.

It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.

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.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.