Steps to make a repayment or redraw
Make sure you’re logged into NAB Connect to get started.
- From the Payments menu, select ‘Linked Account’.
- For redraws, select your NAB Business Market Loan (BML) or NAB Corporate Market Loan (CML) account from the From Account dropdown. For repayments, select it from the To Account dropdown.
- Select the account you would like to redraw to or repay from in the To Account or From Account dropdown.
- Click Submit. The payment must now be authorised by an Authorising User or Administrator.
- Your NAB transaction account must be in the same NAB Connect customer profile as your BML or CML, as non-NAB accounts can’t be used for BML or CML redraws or repayments.
- If the repayment amount is greater than the total Floating component, NAB Connect won’t process the transaction and a message will display.
- Repayments to a BML or CML with a Floating, Capped and Fixed component can only be processed if the repayment amount is less than or equal to the total of the Floating component. For repayments to other components, contact your NAB business banking representative.
- The redraw amount available is the difference between the loan balance of the floating component and the limit for the Floating component.
- BML or CML transactions via NAB Connect are available between 12:00am to 8:00pm (AEST/AEDT), on weekdays excluding Sydney public holidays and Australia-wide public holidays.
- You can set up a future dated BML or CML transaction with a future business date so your transaction will queue until that date, as per existing NAB Connect functionality. This payment will be processed at 6:00am (AEST/AEDT) on the date entered.
- To cancel a redraw or a repayment you’ll need to access NAB Connect prior to the date and revoke the relevant redraw or repayment.
- If you attempt to transact from a BML with a Fixed and/or Capped component your transaction in NAB Connect will be automatically rejected and a message will display. Such repayments or redraws can only be made via your NAB business banking representative as economic costs may apply.
- BML is not able to be applied to BPAY, Real Time Gross Settlement (RTGS), direct entry or international transactions.
- Check the status of each future-dated/periodic payment on the due date to ensure it has been processed as expected.
- The proceeds of a BML redraw must be available and credited to a NAB transaction account that is in the same NAB Connect profile. This can be a third-party account.
- You’re able to view upcoming future-dated redraws and repayments that you’ve set up within NAB Connect. For any redraw or repayments set up on your behalf, please refer to your NAB business banking representative.
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