Understanding the loan review program

What is the Loan Review Program?

The Loan Review Program is mainly for people with NAB home loans but can include other types of NAB lending.

When we send you an invitation to participate in a loan review, it’s to make sure all your loan details were correct when you first applied for your loan. In many cases, no further action is needed. In some cases, our review may identify that you’re entitled to compensation.

Remember, NAB will never:

• ask for access your banking or share your personal information via a link in a text or email
• ask to transfer money to another account to keep it safe
• ask for access to your computer or online bank accounts
• ask you to share your passwords or PINs
• send you unexpected links in text messages.

Participating in the program is free and your choice

The Loan Review Program is voluntary. So, whether you choose to participate or not, there’ll be no negative impact on your accounts or credit rating.

If we don’t hear from you within 60 days of our first contact to you, we’ll assume that you don’t want to participate.

If for any reason you miss the cut-off date, you can still contact us, and our team will be happy to speak with you about the next steps.

If you have joint accounts, we’ll write to all account owners to participate in the review, as we may need information from all parties.

If all parties agree, you can nominate one of the account holders to be the main contact point for the review.

How the loan review process works

A consultant will be in touch with you after the initial review is completed.

If more information is required, we’ll book a phone appointment with you to discuss your applications in more detail.

We don’t review the interest rate as part of this review, rather we're focused on ensuring that we used correct and complete information when assessing your loans.

If you’re unhappy with your interest rate, or have a different loan enquiry, you can contact us by calling 13 22 65, messaging our team through the NAB app or visiting your local branch.

For Advantedge customers, you can contact Advantedge for more information.

How to prepare for your appointment

We might provide you with documents that we used to assess your loans. We’ll ask that you review these and have them with you at the time of your appointment.

You can bring a friend or family member with you during the phone meeting if required.

We also have interpreters available to answer your questions about the program in your preferred language.

What happens after the review

We'll endeavour to have an outcome for you within 60 days of your first meeting. If we ask you for more information or to review documents, it may take longer.

After reviewing all the information, we’ll be in touch to let you know the outcome. This may include providing you with compensation.

We’re unable to give you an estimated compensation amount, as it depends on the type of loan and the outcome of the review.

If you’re eligible, compensation is calculated with reference to the approach published by the Australian Financial Complaints Authority (AFCA). A range of factors are considered when calculating compensation, such as interest and fees charged on the loan(s).

If you’re not happy with the outcome

If you aren’t satisfied with our response, you can raise a complaint or provide feedback. If you’re an Advantedge customer, please refer to the Advantedge website for details on how to provide feedback.

If your concerns haven’t been resolved to your satisfaction, you can contact the Australian Financial Complaints Authority (AFCA), on 1800 931 678 or by email. We recommend contacting AFCA within six months from the date at the top of your letter, as time limits might apply.

Would you like to participate in the loan review?

To participate, please call us on 1800 290 550 or email us at review@nab.com.au and include the reference number from your letter or email. We’ll answer any questions you have and conduct an initial review on your applications.