Interest is calculated daily and is only calculated on your remaining loan balance. The NAB QuickBiz loan has a competitive fixed interest rate of 13.85% per annum.
Most common questions
How’s the interest charged?
How long can I have a NAB QuickBiz Loan?
The NAB QuickBiz Loan is available over 1 and 2 year terms as a principal and interest loan with monthly repayments. This means you’ll be required to pay down your loan over the term you choose.
Are there any other fees?
The NAB QuickBiz Loan has no upfront or ongoing fees but costs may apply if you choose to pay the loan off before the end date of the contract.
How soon will I receive the funds?
Funds will be available within 1 business day of us accepting and receiving your signed loan contract. The funds will be deposited into your Australian business transaction account (in the name of your business).
Getting started with your application
What accounting packages are supported?
It’s easy to apply and you can do this by linking to your Xero, MYOB Essentials, MYOB AccountRight (latest version and version 19 desktop based) and MYOB AccountEdge packages.
Why do I need to link to my accounting package?
This allows us to instantly assess the last 12 months of your businesses financial history which mean we can give you an instant answer.
How long does it take to complete an application?
Most customers generally complete it in as little as 5 minutes.
What does the bank do with my login details?
As your credentials are encrypted and passed to your accounting package software we never see your password or store your credentials.
Does the application time out and can I save my application?
The application automatically times out after 30 minutes of inactivity. After this you’ll need to restart your application and you’ll need to re-enter your information. Most people finish their application in as little as 5 minutes.
Can someone else complete the application on my behalf?
No, the simple-to-use online application is designed to be completed by the individual(s) applying for the loan.
About your loan
Can I have more than one NAB QuickBiz Loan?
Yes, you can re-apply 90 days after receiving the funds from your last NAB QuickBiz Loan.
What if I already have business lending with NAB?
To qualify for a NAB QuickBiz Loan, you (and your business related entities) must have total business lending equal to or less than $1m and total unsecured borrowing equal to or less than $100k (including the new application) with NAB.
Can I enter the exact loan amount into the application form?
You can choose the exact loan amount by typing it directly in the available box. Alternatively, you can use the slider to quickly select the loan amount in increments of $1,000.
Can I choose more than one purpose for the loan?
No, you can only choose one purpose for the loan which should be the main reason you need it (e.g. where the largest proportion of funds will be spent).
Can a Trust entity apply?
At this stage, trust entities are not able to apply.
What if I’ve lived overseas in the past three years?
Unfortunately we’re not able to process this application.
What happens if I have an approved loan in progress but want to change the amount?
If you would like to proceed with a lower loan amount, please call 13 10 12 to discuss with our QuickBiz support team.
If you are looking to borrow a higher loan amount, you’ll need to reapply and request the new amount you’d prefer. This can only happen before you drawdown on your initial loan request. If your new application is approved, you can proceed with the preferred amount and necontracts will be prepared to reflect the change. If the new application is declined, we’ll still fund the original approved loan amount and continue with original contracts.
Can I reapply multiple times?
You can apply as many times as you like. It’s important for you to know that each time you complete an application you’ll undergo a credit reference check and multiple credit checks may adversely impact your credit rating.
What if I’m declined for a NAB QuickBiz loan, can I reapply in the future?
Yes, you can.
Can my banker complete the application on my behalf?
No, the simple-to-use application is designed to be completed by the individual(s) applying for the loan.
What happens when my loan is approved?
With a NAB QuickBiz Loan, you’ll receive an instant decision once you complete the application. If you’re conditionally approved, we’ll be in contact with you to complete final verifications (including a credit check on your other directors/partners). Your NAB QuickBiz Loan contract will then be emailed to you and once we’ve received your signed loan contract we’ll deposit the money into your business account within one business day.
Can I redraw on the loan?
Unfortunately, redraws aren’t available on this loan.
Security and privacy
Does the bank check my credit history with the credit agencies?
Yes, we’re committed to lending responsibly and will request a credit report on your business entity and applicant(s) from the credit reporting agencies after we’ve got your consent. To find out more about credit reporting and credit history checks, please go to http://www.nab.com.au/business/loans-and-finance/business-loans/privacy-consent-and-notification
How safe is my financial information?
We respect your personal information and its security is important to us. We’ll take every reasonable step to protect it. For more information visit - http://www.nab.com.au/business/loans-and-finance/business-loans/privacy-consent-and-notification
Your financial information
What do you need from my Business trading account(s)?
We require the latest 12-month history of your transaction information to accurately assess your business performance. So we can easily review your application please ensure:
- There’s no more than a 31-day gap between transactions and
- The last transaction falls within 31 days from the date you apply.
What do you need from my Profit and Loss report?
To accurately assess your business performance, we require your Profit and Loss report spanning 12 months. It also needs to be no older than 120 days from the date you apply.
What do you need from my Balance Sheet?
To get an up-to-date view of your businesses performance, we require your Balance Sheet to fall within 120 days from the date you apply.
Can the financial data be in a foreign currency?
No, it needs to be in Australian dollars.
What’s the maximum file size I can upload?
1MB for each file and a total of 3MB for all files uploaded per accounting data.
Managing your loan
Will NAB set up the periodic payment on my behalf?
If you wish to have your money put into a NAB account, we will set up periodic repayments for you. If you wish to have the funds transferred to a non-NAB account, we’ll ask you to set this up yourself.
After funds are deposited, can I change the term or the amount of the loan?
No, any changes require a new application within the terms of the NAB QuickBiz Loan.
Can I make extra repayments?
Yes, but you won't be able to redraw on the extra payments made onto the loan. You may also incur an economic cost if you choose to pay off the loan before the end date of the contract.
Can I miss a repayment?
No. If you're having trouble making repayments, please contact our dedicated team NAB Assist on 1800 701 599.
Can I make interest only repayments?
No, the loan is principal and interest repayments only.
Can I vary my regular loan repayments?
No, the loan is a fixed rate contract with fixed monthly repayments. Any changes to this require a new application.
Can I switch the loan to a variable rate?
The NAB QuickBiz Loan has been designed to give you the certainty of a fixed rate. As such, the loan cannot be switched to a variable rate.
Can I change the repayment date?
No, the repayment date is set on the anniversary of the loan creation date and paid monthly.
Can I split one QuickBiz loan into two?
No, the loan cannot be split into 2 or more separate loans.