NAB Personal Loans

NAB bank

NAB is one of Australia’s ‘Big Four’ banks, providing personal loans, home loans, bank accounts, investments, insurance and advisory services.

Compare NAB personal loans and rates

The table below displays a snapshot of NAB’s secured and unsecured personal loan products and rates on Canstar’s database, sorted by Star Rating (highest to lowest). Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in NSW.

Compare Personal Loans

What personal loans does NAB offer?

NAB currently offers two personal loans at the time of writing. These personal loans are both unsecured with the option of either variable or fixed interest rates. Both loans can provide you with same-day funds if you’re approved in a NAB branch before 2pm, as well as an inbuilt redraw facility.

  • Fixed rate: NAB offers a ‘headline’ rate of 13.49% p.a. with a comparison rate of 14.36% p.a.
    • The minimum rate is 11.49% p.a. with a maximum of 18.99% p.a. – the comparison rate starts at 12.37% p.a. with a maximum of 19.83% p.a.
  • Variable rate: NAB offers a ‘headline’ rate of 12.69% p.a. with a comparison rate of 13.56% p.a.
    • The minimum rate is 10.69% with a maximum of 18.69% – the comparison rate starts at 11.58% p.a. with a maximum of 19.53% p.a.

The minimum loan amount is $5000, and the maximum is $55,000.

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What can you use NAB’s personal loans for?

A personal loan with NAB can be used for many important life events, such as:

  • Buying a car
  • Debt consolidation
  • Holidays
  • Home renovations
  • Weddings
  • Unexpected expenses

Personal loans are a relatively straightforward way of borrowing money with a structured repayment program. A personal loan with NAB could give you access to more money to pay for these major life events.

Check the product disclosure statement (PDS) from NAB to see what you can and can’t take out a personal loan for.

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NAB FAQs

NAB offers repayment periods of between 1 and 7 years, giving you flexibility to focus on paying off your loan early, or on low repayments. NAB allows payments every week, fortnight or month, allowing you to cater to your income and expenses.

There are a number of fees to be aware of when taking out a personal loan with NAB:

  • A once-off $150 application fee
  • A monthly $10 fee

See this article for look at the average fees currently charged by personal loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017) to see if NAB’s fees are more or less what the average customer is paying.

Yes, NAB personal loans require minimum monthly repayments. This amount varies depending on the length of your loan, the principal amount borrowed and your interest rate (fixed or variable). The lowest repayments are on a $5000 fixed-interest loan over 7 years – $88 per month at the time of writing.

Applying for a NAB personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with NAB (or most providers in Australia for that matter), you generally need to meet the following criteria:

  • You must be 18 years or old
  • You must live in Australia
  • You must be permanent Australian resident
  • Hold a regular income and good credit rating (see here for more info on how to get a good credit rating)
  • Show an ability to afford your loan repayments

If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:

  • A current driver’s license
  • Details of your current and previous (if applicable) employer
  • Details of your income, assets, expenses and liabilities
  • Previous tax returns if you are self-employed
  • Your NAB ID number (if you’re an existing customer)

You may also require your current account number for NAB if you’re an existing member.

In addition to personal loans, NAB also offers a secured car loan. The table below displays a snapshot of NAB’s car loan products, sorted by Star Rating (highest to lowest). The results shown are based on a 5-year loan for $20,000 in NSW.

Compare Car Loans

NAB is one of Australia’s largest banks, with operations in the UK, US and New Zealand. The company serves more than 9 million customers worldwide and employs around 30,000 people across its main business and subsidiaries MLC and BNZ. The bank is active in Australian culture, providing major sponsorship towards the AFL and Football Federation Australia, as well as to numerous local scholarship funds around the country.

NAB Personal Ln Unsec Var

Canstar Research
Rating:
Award: 3-Star Rated Personal Loan

NAB Personal Ln Unsec Var

Personal Loan

View The 2017 Star Ratings Personal Loan Report

Written by: Sam Bloom | Last updated: