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To get the full story on a NAB Personal Loan, take a look at the below frequently asked questions. If you have any other questions, please call us on 13 13 12 from 8am - 9pm EST, 7 days a week. We'll be happy to help.
What are the major benefits of a NAB Personal Loan?
How much can I borrow?
How long can I take out a loan for?
Do I have to provide security for my loan?
How long does it take for the loan to be approved?
Can I get conditional approval before I find exactly what I want?
How do I make repayments?
How much can I redraw?
How do I redraw?
Can anyone apply for a personal loan from NAB?
How can I save on loan repayments?
What do I need to apply for a loan?
What if my personal or financial circumstances change?
Experiencing financial difficulty?
What are the major benefits of a NAB Personal Loan?
With a NAB Personal Loan you can select loan options that suit your needs. You can borrow from a minimum of $5,000*, set your loan term from one to seven years, and even choose between a variable or fixed interest rates.
How much can I borrow
The minimum amount you can borrow is $5,000*. A maximum loan amount can be calculated according to your specific details, up to $80,000. You may like to consider a NAB Credit Card for amounts less than $5,000. Our Loan Calculator can help you work out how much you can borrow.
* If you are borrowing through the NAB Graduate Package, or if you are a NAB Home Loan customer unable to use redraw to access small loan amounts, you can borrow from a minimum of $2000. If you are borrowing through the Tertiary Student Package you can borrow from a minimum of $500.
How long can I take out a loan for?
You can take out a NAB Personal Loan from one to seven years. Choose a period that's comfortable for you. Our Loan Calculator can help you determine a suitable loan term.
What type of interest will I be paying?
A NAB Personal Loan gives you the choice of a fixed or variable interest rate. You can decide whether you want the security of always knowing how much your repayments will be with a fixed rate, or enjoy the competitive rate of our variable loan.
Refer to the current competitive NAB Personal Loan interest rates and comparison rates.
Do I have to provide security for my loan
This will vary depending upon your individual circumstances. NAB offers both an unsecured and secured personal loan.
If you qualify for an unsecured personal loan, you don't need to provide any type of security.
If you provide security for your NAB Personal Loan, you will be entitled to an interest rate lower than the unsecured NAB Personal Loan rate. For a secured loan, the bank requires security such as a mortgage over property or Term Deposit account.
How long does it take for the loan to be approved
Once you know how much you want to borrow, your application can be processed and, in most cases, a conditional approval of your loan will provided within 24 to 48 hours. Based on verification of the details you provided in your application, we will begin preparing the loan contract/s, which usually takes 3 to 4 working days. Your money is available once the contracts have been signed. In most cases, your money will be provided by cheques - made out to the specified creditors in your loan application.
Can I get conditional approval before I find exactly what I want?
Yes. We can conditionally approve a loan for you before you buy, so you can search for that car, boat, couch or something special with the confidence of knowing your budget. All you need to do is complete an application form and let us know how much you want to borrow. From this information we can tell you whether or not your loan is conditionally approved.
If you are unsure of the loan amount you will need, take a look at a NAB Personal Project Loan which may offer you a more flexible option.
How do I make repayments?
With a range of repayment options, there's bound to be one to suit your needs. Pay via periodical payment, in a branch, or by Telephone or Internet Banking on a monthly, fortnightly or weekly basis. The choice is yours.
You also have the flexibility to increase the amount and frequency of your repayments at any time, or make lump sum repayments in order to pay off your loan sooner and to save on interest.
Use our loan calculator to work out how much your repayments will be.
How much can I redraw?
You can only redraw amounts that you have paid ahead of your repayment schedule. The minimum redraw amount is $500.00; the maximum redraw amount is $15,000.00.
How do I redraw?
You can redraw available funds from your Personal Loan by contacting a NAB branch, through NAB Internet Banking or by calling us on 13 22 65. Please note that redraw funds can only be transferred to a NAB transaction account. There are no fees for this service, however if you redraw via NAB Telephone Banking or NAB Internet Banking, standard fees apply for transfers between accounts.
Please allow 24 hours for your transaction to be processed.
How can I save on loan repayments?
The NAB Loan Trimmer can help save you time and money, it can also help you minimise tax.
Instead of earning interest on your NAB deposit accounts (and paying tax on that interest), we'll reduce the annual percentage rate on a portion of your NAB Personal Loan (available for both variable and fixed rate loans).
Can anyone apply for a personal loan from NAB?
As long as you have a regular income and are over 18 years of age, you can apply for a personal loan from NAB. You don't even need to be a NAB customer.
If you are not a NAB customer, you will have to complete the standard identification procedures required by AUSTRAC, prior to receiving your funds.
What do I need to apply for a loan?
All you need is:
- identification to satisfy an AUSTRAC 100 point test (if you are a new customer)
- your driver’s licence details
- the value of your home, if applicable, and any other assets
- the amount owing on any loans, credit cards or store cards
- your income and employment details
What if my personal or financial circumstances change?
If you need to alter your repayments because of a change in your circumstances, NAB have the flexibility to help. Here are some options:
- Apply to redraw extra funds on your loan (for eligible home loans & personal loans). You can do this on your internet banking or phone 13 22 65.
- Apply to take a repayment holiday if you’re ahead in your scheduled repayments. You can do this on your internet banking or phone 13 22 65.
- If you are experiencing financial difficulty or think you will not be able to make your minimum loan/credit card repayments, it may be possible to get temporary relief from your repayments. NAB has a number of options available to customers experiencing financial hardship. Please phone 1300 661 114 or contact your Banker/Branch – this number is located on the top left hand corner of your account statement. Please also refer to the section on ‘Experiencing financial difficulty’ to download a hardship application form.
NAB also offers a wide range of insurances to protect your financial health in the event of unforeseen circumstances. These can be arranged through MLC Limited ABN 90 000 000 402 AFSL 230694, a wholly owned subsidiary of NAB, to give you added piece of mind. To find out more, speak with your banker/branch. Search for your branch
Experiencing financial difficulty?
Financial difficulty could mean something different for everyone. Perhaps you have lost your job, have an illness, are behind in your loan/credit card repayments or think that you might be unable to make your repayments in the future due to some event.
NAB offers a number of options available to customers whose circumstances temporarily prevent them from making their minimum repayments on their loans and credit cards. We understand that once in a while, life can throw you a curve ball that you weren’t prepared for. When this happens, it is important to stay in contact with us so that we can make you aware of all the options available to you. Solutions offered to you will differ depending on your circumstances. Everyone is different and because of this, we need to assess your situation on a case by case basis.
If you are experiencing financial difficulty, please contact us on 1300 661 114 or contact your branch/banker (this number is located on the top left hand corner of your account statement) so that we can assist you in staying on top of your commitments. Alternatively, if you know you would like to apply for temporary relief, please download and complete the application for financial assistance form (pdf 342kb) and return it to the below address.
GPO BOX 4963WW, MELBOURNE. VIC. 3001
NAB's normal lending criteria apply. Fees and charges apply. Terms and conditions are available upon application.
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