What is the basic information I need to know?
Do I have to put my car up as security for the loan?
Can I use the loan for both a new or used car?
Can I get conditional approval before I find exactly what I want?
How much can I borrow?
How long can I take out a loan for?
What type of interest will I be paying?
How long does it take for my loan to be approved?
How do I make repayments?
Can anyone get a loan from the NAB?
What do I need to apply for the loan?
What is the basic information I need to know?
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| Loan amount |
$5,000* up to $80,000 |
Security required
|
No, but secured option available if desired |
Interest Rate
|
Fixed or Variable
|
| Application fee |
$125 |
| Monthly service fee |
$10 |
Loan term
|
From 1 - 7 years |
Access to funds
|
Bank cheque |
| Early repayment without penalty |
Yes |
* 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.
Do I have to put my car up as security for the loan?
No. All NAB’s personal loans are available unsecured at competitive interest rates.
NAB Personal Loan is available with a secured option, if preferred. This is available at an interest rate lower than the unsecured Personal Loan rate. Assets, which are accepted as security, include a mortgage over property or a Term Deposit account.
Can I use the loan for both a new or used car?
Yes, you can get a Personal Loan for a new or used car at the same competitive rates.
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 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.
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.
Our Personal Loan calculator can help you calculate how much you could borrow.
* 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.
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?
You have 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 personal loan interest rates and comparison rates.
How long does it take for my loan to be approved?
Once you’ve found the car and you know how much you want to borrow, your application can be processed and, in most cases, a conditional approval of your loan provided within 24 - 48 hours. Based on verification of your 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.
It’s a great idea to apply for finance before you go car hunting, that way you know what your financial limits are, putting you in a better negotiation position.
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 and 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.
Can anyone apply for a Personal Loan from the NAB?
As long as you have a regular income and are over 18 years of age you can apply for a NAB Personal Loan. 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:
- 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
- identification to satisfy an AUSTRAC 100 point test (if you are a new customer)
Remember, it’s worthwhile to know how much you can borrow before you buy.
If you like what you’ve read, apply online now for a NAB Personal Loan.
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