Fast online conditional approval is subject to eligibility, credit assessment, lending criteria and ID verification.
You can only apply for this product if:
- Your business is registered for GST and has a turnover of at least $75,000 per year.
- Your business has been in operation for at least 12 months and has a valid Australian Business Number (ABN).
- You have a Business and residential address in Australia.
- You intend to use the product where the purpose is wholly or predominately for business purposes. You can't use funds to make payments to the Australian Tax Office.
- You're at least 18 years or older to apply and hold an Australian citizenship or permanent residency.
- You're a sole trader, a business partnership with no more than two individual partners, a company with five or less directors or an eligible trust. Joint borrowers who are not partnerships or partnerships where one or more partner is a company are not eligible to apply.
- Any shareholders of companies or trustee companies that are listed in the application should be individuals. However, NAB can waive this requirement at its absolute discretion.
- Any company secretary for the sole director company or trustee companies must be the same person as the sole director.
- Eligible trusts include the following:
- your trust must be a non-government discretionary trust
- your trust has a valid Australian Business Number (ABN) and has been registered for at least 12 months
- your trust has been established in Australia
- the beneficiaries of your trust are individuals
- your trustees can only be one of:
- a company with no more than five directors
- up to two individuals
- if the trustee is a company, shares in the company must be beneficially held.
- If you have an existing business loan with NAB, you can apply online for an additional NAB QuickBiz Loan, NAB QuickBiz Overdraft or NAB business credit card.
- If you’re an existing NAB customer, you can only apply for this product if you have less than $1 million in existing business lending with NAB and up to $250,000 in unsecured business lending with NAB (inclusive of this application).
- You'll receive your funds after we receive your completed contract. Business days are Monday to Friday, excluding weekend and VIC public holidays.
- This loan is available only as fixed interest rate principal and interest loan for a 12, 24, 36, 48 or 60-month term with monthly repayments. Variable rate loan and interest only loans are not available. Economic costs may be payable if you terminate early. If this does not work for you, we have other loan options that may better suit your needs.
- You must have an Australian bank account, in the same name as your business, to receive your funds.
- Due to their specialised nature, some franchise businesses may not be eligible for QuickBiz.
Interest charged on the NAB QuickBiz Loan
Interest is calculated daily and is only calculated on your remaining loan balance.
Length of a NAB QuickBiz Loan
The NAB QuickBiz Loan is available as a principal and interest loan for 12, 24, 36, 48 or 60-month term (with monthly repayments). This means you'll be required to pay off your loan over the term you choose.
Fees associated with the NAB QuickBiz Loan
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.
Business and residential addresses must be in Australia. Unfortunately, we're not able to process this application if you, any additional directors/partners or shareholders (holding 25% or more) live overseas or have lived overseas in the past three years.
Providing your financial information
For Xero, MYOB and QuickBooks users, you can login securely to link your financial data. If you’re a MYOB user, you'll need to have MYOB Essentials.
Changing the lending amount post approval
If you're conditionally approved, you'll have an opportunity to reduce the amount you apply for before finally submitting the application. However, you will not be able to increase your limit once conditionally approved.
Redraws and extra repayments
Redraws aren't available on this loan. You can make extra payments, but economic costs may apply.
The security of your financial information
Security is very important to us. We respect your personal information and we'll take every reasonable step to protect it. For more information visit Privacy Consent and Notification.
Customer login details
As your credentials are encrypted and passed to your accounting package software, we don't see your password or store your credentials.
Reapplying in the future if you've been declined
You can apply as many times as you like. However, you should know that each time you complete an application you'll undergo a credit reference check. Multiple credit checks may adversely impact your credit rating.
Checking your credit history with the credit agencies
Because we're committed to responsible lending, we'll request a credit report of your business entity (and applicant(s)) from the credit reporting agencies. To find out more about credit reporting and credit history checks, visit Privacy Consent and Notification.
Closing a NAB QuickBiz Loan
Contact our small business banking team on 13 10 12 and have your NAB QuickBiz Loan account number ready (this can be located on your NAB Business Options Instalment Loan statement). One of our dedicated bankers will assist you and advise whether an economic cost is applicable should you wish to close out your NAB QuickBiz Loan before the end of the contracted term.
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