NAB Business Markets Loan (BML) via NAB Connect


What is BML self service via NAB Connect?

Self service via NAB Connect is only available for a BML with a Floating component. It enables you to make repayments (credits) to your BML and redraws (debits) from your BML (with a Floating component) using NAB Connect.

What if I have a BML with a combination of components?

You’ll be able to view the overall balance across all components but will only be able to make repayments and redraws for those loans that have been allocated to the Floating component.

Are there any restrictions to transaction times with BML via NAB Connect?

Yes. BML transactions via NAB Connect are available between 12am-8pm (AEST/AEDT), on week days excluding Sydney public holidays and Australia-wide public holidays.

You can set up a future-dated BML 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 6am (AEST/AEDT) on the date entered.

Can I cancel a future-dated repayment or redraw request?

Yes. To cancel a redraw or a repayment you’ll need to access NAB Connect prior to the date and cancel the relevant redraw or repayment.

How do I make a repayment or redraw from my BML in NAB Connect?

BML transactions via NAB Connect can only be completed using the Linked Account Transfer payment type. After logging into NAB Connect, you must click the Payments tab, then select Create a payment and select payment type Linked Account Transfer to make your repayment or redraw.

What transaction account must I use for a BML redraw or repayment?

Your NAB transaction account must be in the same NAB Connect customer profile as non-NAB accounts can’t be used for BML redraws or repayments.

What happens if I attempt to make a repayment to, or a redraw from, my 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 banker as economic costs may apply.

Can I authorise BML transactions via NAB Connect on my mobile?

Yes. BML transactions via NAB Connect can be done via your mobile’s web-browsers and navigating to nab.com.au.

Can I make BML transactions via Bpay, RTGS, Direct Entry or as an international transaction?

No. The BML is unable to be applied to these payment services.

My BML is not appearing in the Linked Account Transfer drop-down list in NAB Connect for me to transact on?

Please contact the NAB Connect help desk to resolve this issue:

  • 1300 888 413, or +61 3 9277 9930 if you’re calling from outside Australia.
  • Mon-Fri 7.30am-8pm and 9am-2pm on Saturday (AEST/AEDT).

Set up – NAB Business Markets Loan (BML) self-service via NAB Connect

How do I get access to BML self-service via NAB Connect?

If you’re a new customer to NAB, you must complete and sign the Short Application form and return it to the NAB Connect Onboarding team for processing.

If you’re an existing customer, please complete and sign the NAB Connect Additions and Amendment form and return it to the NAB Connect Onboarding team for processing.

 

 

Can additional authorisations for BML transactions be set up?

Yes.

Repayments – NAB Business Markets Loan (BML) self-service via NAB Connect

If the repayment amount is greater than the total Floating component what happens?

NAB Connect won’t process the transaction if the amount is greater than the Floating component, and a message will display.

Can I make a repayment to a BML with a Floating, Capped and Fixed component?

No. Only a repayment to the Floating component is possible through NAB Connect. For repayments to other components, contact your banker.

If the repayment amount is less than or equal to the total of the Floating component, the transaction is processed.

Can a one-off repayment or multiple future-dated repayments to a BML be set up?

Yes. You can set up a future-dated BML transaction with a future business date in NAB Connect so the transaction will queue until that date, as per existing NAB Connect functionality.

How do I know if a future-dated or periodic payment is processed successfully?

It’s strongly recommended that you check the status of each future-dated / periodic payment on the due date to ensure it has been processed as expected.

Redraws – NAB Business Markets Loan (BML) self service via NAB Connect

What is the available BML redraw amount?

The redraw amount available is the difference between the loan balance of the Floating component and the limit for the Floating component.

Can I make a redraw from a BML and directly credit a non-NAB account?

No. The proceeds of a BML redraw must be credited to a NAB transaction account that is in the same NAB Connect profile.

What happens if the redraw amount requested is greater than the redraw available?

The transaction will be automatically rejected and a message will display.

Can I make a redraw from a BML to a Third Party Account via NAB Connect?

Yes, as long as that account is linked to your NAB Connect profile.

Can I view upcoming future-dated redraws via NAB Connect?

You’re able to view 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 banker.

Support – NAB Connect Self Service

Who should I contact for BML via NAB Connect queries?

You can contact NAB Connect Client Centre:

  • on 1300 888 413, or +61 3 9277 9930 if you’re calling from outside Australia
  • Mon-Fri 7.30am-8pm and 9am-2pm on Saturday (AEST/AEDT).