Budget and build your savings

If you plan on paying for your entire trip using your own money, get the most from your savings with the right accounts and budgeting tools.

Besides opening a dedicated savings account or a term deposit, the best way to build your savings is to create a budget so you can save money to fund your next holiday.

To help get you started, use the NAB app to track your spending and take advantage of our budget planner.

Access your home loan redraw

Are you ahead with the scheduled repayments on your home loan? If you’ve put in a bit extra each repayment cycle and are in the black, you could consider a loan redraw. While it's a less common way of paying for a trip, it’s money you’ve already set aside.

However, it’s important to keep in mind there can be restrictions – so it’s best to check your eligibility by having a chat to a banking specialist to discuss your redraw options.

Important note

After you redraw money from your home loan, you must continue to make your regular repayments. You should also remember that the interest part of your repayment will increase because you’re now paying interest on a higher loan amount.

Use a NAB Visa Debit card

NAB Visa Debit cards give you easy and secure access to your money wherever Visa is accepted in the world. Your card is linked to your NAB Classic Banking account or NAB Retirement Account (where eligible) so you can use your own savings to pay for day-to-day purchases and spending while you’re overseas. You can also use your card to pay for your accommodation and other travel costs before you go.

Unlike a credit card, using a debit card means you won’t have to worry about high credit interest rates, or paying off any holiday debts. Before you go, learn about any international transaction fees associated with your card.

Additional features of NAB Platinum Visa Debit cards

If you use a NAB Platinum Visa Debit card, you won’t be charged a foreign currency fee on your international purchases. And if you have spent at least $500 on pre-paid transport, tours, and/or accommodation on your NAB card and you were 81 years or under and have a return overseas travel ticket at the time you became eligible for cover, you could be eligible for complimentary overseas travel insurance.

For the full list and any limits and excesses that apply, please read our NAB Card Insurance Policy Information Booklet dated 1 November 2023 (PDF, 489KB), opens in new window.

Use buy now, pay later

NAB Now Pay Later is our new buy now pay later account. It's a simple way to split your everyday purchases into four repayments so you can stay in control of your cash flow. When you pay with your digital NAB Now Pay Later card, you get your purchase now and pay just the first repayment upfront. 

NAB Now Pay Later has no interest, international transaction fees, late fees or account fees. Make purchases online with the digital card or in store with a digital wallet of your choice anywhere VISA is accepted.

Account limits of up to $1,000 are available subject to credit assessments for eligible customers.

Learn how to set up NAB Now Pay Later and make repayments.

Work out your travel budget

To figure out how much you’ll need to budget for your trip, combine the upfront costs with your daily expenses.

Upfront costs

You need to factor in costs like flights, travel insurance and the cost of visas. Once you have that figure, combine it with the daily budget for a good indication of how much you’ll need.

Daily costs

Work out how much money you’ll need for your trip by working out a daily estimate of your expenses and multiple that by the number of days you’ll be there.

For example, let’s say you budgeted for expenses of $300 a day and you were going for two weeks, your budget would be $3600 (300 times 14).

Here are some daily costs to consider:

  • Accommodation
  • Transport (bus, taxi, ferry, train etc.)
  • Food and drinks (including tips)
  • Phone and internet
  • Activities and tours
  • Souvenirs and bigger purchases.

Plan for emergencies

With travelling, things don’t always go to plan, so it’s best to try save a little more than your travel budget to allow for emergencies or changes to your travel plan.

Learn how to deal with card or cash emergencies while overseas.

Paying for your trip after you get back

Paying for your holiday after you return home may suit you better, especially if you’re going on an expensive overseas trip. If you choose to go down this route, there are a couple options available to you.

Use a personal loan

If you don’t quite have the savings for a big trip right now, you may want to consider a personal loan.

With NAB Personal Loans you can borrow from $5,000 and up to $55,000 with a loan term to suit your needs. You can choose a fixed or variable rate loan and repay your loan weekly, fortnightly or monthly – whatever suits your needs best.

Use our Personal Loan Borrowing Calculator to estimate how much you could afford to borrow.

Use a credit card

To get away sooner, you could use your credit card to pay for some (or all) of your trip. Before you decide to do so, you need to consider a few things, such as:

  • credit card interest rates
  • fees including annual card fees, international fees and conversion rates
  • minimum credit limits
  • your ability to make the minimum monthly repayment.

One of the benefits you could enjoy is complimentary overseas travel insurance, which is available when you use your personal NAB Visa Signature, Platinum or Premium credit cards on eligible purchases before you leave.

To be eligible, you’ll need to spend at least $500 on pre-paid transport, tours, and/or accommodation on your NAB card. You also need to be 81 years or under and have a return overseas travel ticket before you take off.

There’s more information online and in the NAB Card Insurance Policy Information Booklet (PDF, 604KB), opens in new window.

Learn more about choosing the right credit card for travelling

Tips and tools for safe travel

The NAB app has a range of travel tools to help you stay in control of your spending and keep your accounts safe while travelling. It includes a foreign currency calculator, overseas travel notifications and ways to block a lost or stolen card.

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Terms and Conditions

Any advice has been prepared without considering your objectives, financial situation or needs. Before acting on any advice, you should consider whether it is appropriate for your circumstances and view the Personal Transaction and Savings Products Terms and Conditions, opens in new window or the NAB Term Deposit Terms and Conditions, opens in new window. Target Market Determinations for NAB products are available at nab.com.au/TMD, opens in new window. NAB products issued by NAB.

See our personal banking fees and charges, opens in new windowindicator rates for deposit products, opens in new window and term deposit indicator rates.

NAB Internet Banking and NAB app

Consider the NAB Internet Banking terms and conditions which apply when using NAB Internet Banking and the NAB app, before making any decisions regarding these services. The NAB app is compatible with Android and iOS, minimum platform requirements apply. Apple, the Apple logo, Apple Pay, Apple Watch, Face ID, iPad, iPhone, Safari, and Touch ID are trademarks of Apple Inc., registered in the U.S and other countries. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are registered trademarks of Google LLC. Android is a trademark of Google LLC. iOS is a trademark or registered trademark of Cisco in the U.S. and other countries and is used under license.