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NAB Personal Loans

National Australia Bank (NAB) has been providing financial support to customers in Australia, New Zealand and around the world for more than 150 years. NAB offers personal loans, savings accounts, transaction accounts, credit cards, home loans and financial services for businesses.

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 loan compare with various products.

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NAB Personal Loans rates

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National Australia Bank (NAB) has been providing financial support to customers in Australia, New Zealand and around the world for more than 150 years. NAB offers savings and transaction accounts, credit cards, home loans, and financial services for individuals and businesses, including personal loans.

NAB’s unsecured personal loans don’t need to be guaranteed by an asset as collateral, and fixed or variable interest rate options are available to better suit different financial situations. Using these NAB personal loans, it’s possible to consolidate your debts, or pay for travel, a new car, or renovations to your home.

NAB can be contacted via phone, email or online via live chat, though if you’re not already an existing customer, NAB recommends visiting a branch first before applying for a personal loan, to better determine your financial requirements.

Features of a NAB personal loan

NAB’s unsecured personal loans are available for borrowing between $10,000 and $55,000, and you can choose either a fixed or variable interest rate, depending on whether you would prefer simpler budgeting or greater repayment flexibility.

NAB personal loans can be used for a wide range of purposes, including consolidating debt and making large purchases. You can also choose a loan term of between 1 and 7 years, so you can get your debt paid off more quickly, or make more affordable repayments. These repayments can be made monthly, fortnightly or weekly – whatever suits your budget.

What RateCity says

NAB’s fixed and variable personal loan interest rates are higher than the market average. When it comes to fees and charges, NAB’s upfront fee is lower than the market average, and the ongoing monthly fee is higher.

You have the option to make extra repayments onto NAB’s fixed or variable personal loans, so you can clear your debt more quickly and reduce the interest you pay. These personal loans also have no exit fees for paying off the loan early, so you can confidently make those extra repayments if you so choose. However, only the Variable rate NAB personal loan includes access to a redraw facility, which allows you to withdraw and extra repayments you make onto your loan in case of emergencies.

Features of a NAB personal loan

NAB’s unsecured personal loans are available for borrowing between $10,000 and $55,000, and 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, so you can get your debt paid off more quickly or make more affordable repayments. These repayments can be made monthly, fortnightly or weekly – whatever suits your budget. In some circumstances, you could receive your funds same day if you apply in-store by 2pm.

NAB personal loans can be used for a range of different purposes including:

  • New and used cars
  • Motorcycles
  • Boats
  • Student loans
  • Debt consolidation
  • Renovations
  • Shares
  • Holidays
  • Medical bills
  • Weddings and events

NAB personal loans – customer service

NAB customers can contact the bank online, via email or on the phone seven days a week. There is also a vast network of branches across Australia. Borrowers can also contact customer service via:

  • Online banking
  • Email
  • Phone
  • In store
  • Mobile banking

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 citizen, permanent resident or have a valid visa
  • Provide details of income and employment
  • Have a regular income and a good credit rating
  • 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 store. The process takes around 10 minutes and involves the following steps:

  • Apply online through the NAB website
  • NAB will then review your application and you’ll receive a decision within two business days
  • If approved, you can accept documents 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
  • Proof of income and employment
  • Details of any other financial commitments
  • Details of additional assets

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 higher than the market average. When it comes to fees and charges, NAB’s upfront fee is lower than the market average, while the ongoing monthly fee is higher.

With NAB personal loans, you have the option to make extra repayments onto NAB’s fixed or variable personal loans, which can 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 extra repayments you make onto your loan.

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

FAQs

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

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