Debt consolidation calculator terms and conditions

This calculator allows you to compare the amount you currently repay in relation to your existing debts against your estimated repayment amount if you consolidated those debts into a NAB Personal Loan.

Calculator Assumptions

What you have told us is correct

We have assumed that the information you have entered about your current debts is accurate.

Time of calculation

We’ve calculated everything based on the information and figures available as at the date the calculation is made.

Repayment frequency

If you input a weekly, fortnightly or monthly repayment amount for an existing debt, we will first convert it into an annual amount, and then into a monthly or fortnightly amount (depending on what repayment cycle you have chosen for the NAB Personal Loan), assuming there are exactly 52 weeks or 26 fortnights, and 12 months in each year.

NAB Personal Loan repayment amounts

When calculating the NAB Personal Loan repayment amount we have assumed:

  • Calculations are based on our Headline interest rate and are estimates only. The amount includes the monthly Loan Service Fee and NAB Personal Loan cover (if selected, for the first year). Headline rate is the rate that majority of our personal loan customers will get. The interest rate you get may be different from the Headline rate and will be based on a number of factors, including the information you provide and our credit assessment.
  • that repayments are payable, and interest is charged, monthly and on the same day. If you have asked us to show you a fortnightly repayment amount, to keep things simple, we will multiply the monthly repayment amount we have calculated by 12 and then divide it by 26.
  • in some of our calculations that sit behind the calculator results, we have rounded to the nearest cent.
  • to calculate monthly interest, this calculator calculates your annual interest charge and divides it by 12 so that interest is spread evenly across each month. Under your contract, the interest calculation takes into account the actual length of each month so is slightly different.

Other

  • We have rounded amounts – with most results being rounded to the nearest dollar.
  • When applying for a NAB Personal loan, we will only accept a loan amount in increments of $100.00.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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