Reasons to apply for a personal loan

A personal loan can be used for a wide variety of reasons: a car, a home renovation or a special event. What are you looking for?

Benefits of a NAB Personal Loan

Our unsecured personal loans can provide flexibility and certainty.

No penalties, exit fees or surprise charges

No penalties when you make early repayments, no exit fees when you pay off your loan sooner and no late payment fees.

Get funds in one business day

If you’re approved and accept our loan offer through NAB Internet Banking, your money will be ready in one business day.

Personalised rates

From 8.49% p.a. to 20.49% p.a.  (comparison rate 9.54% p.a. to 21.49% p.a. ).

Ability to redraw extra funds

Redraw is available on a variable rate loan if you’re ahead on repayments, giving you flexibility if you need money unexpectedly.

Borrow up to $55,000

You can borrow from $5,000 and up to $55,000 with a loan term to suit your needs. 

One to seven years flexible loan term

Choose from one to seven years, with weekly, fortnightly or monthly repayment options.

  • Personal loans allow you to borrow a set amount of money to pay for something or consolidate debts. The amount you borrow must then be repaid in instalments, plus any interest or fees, over an agreed term.

    Personal loans are commonly used to fund home renovations, travel, and big purchases like buying a boat, car or motorbike. Personal loans can also help fund a dream wedding day. When it comes to debt consolidation, a personal loan can be used to combine credit card debts and outstanding loans in one spot to help you manage repayments and take control of your finances.

  • An unsecured personal loan means we don’t need any property or collateral to allow you to borrow. This is different from a secured loan, like a mortgage or secured car loan, where you use your home or car as security to borrow against. Learn more about secured and unsecured loans.

    • Illegal activities
    • Business purposes. Explore our business loans or discuss further with your business banker
    • Lender's Mortgage Insurance (LMI)
    • Home loan deposit
  • To apply for a personal loan, you must be:

    • 18 years or older
    • applying as a sole applicant. You’ll have all the repayment obligations, even if someone else will be receiving a substantial benefit from the loan
    • receiving a regular income
    • an Australian resident for tax purposes
    • an Australian or New Zealand citizen, an Australian Permanent Resident or have an acceptable Temporary Residency visa.

    The following visa categories are not acceptable:

    • Visitor visa (exception, a Special Category visa - NZ Citizen is acceptable), Working Holiday, Student, Exchange/gap year, Transit/short stay/seasonal and Bridging.

Best Unsecured Personal Lender 3 years in a row

RFi Group’s Australian Lending Awards 2019, 2020, 2021

Personal loan calculators

Before you apply, see what you can afford to borrow and repay with our helpful calculators.

Compare personal loan rates and fees

We offer a range of rates on our personal loans. The interest rate you are offered is based on your personal circumstances. We decide your rate based on:

  • your banking history with NAB
  • information you provide in your application, including income, assets, debts and expenses
  • your credit history report including your credit score.

Find out more about credit-worthiness and how to improve your credit score.

After you submit your application, we’ll give you an indicative interest rate if you’re conditionally approved. This is subject to verification of the information you give us in your application.

Once we’ve verified your information, we’ll give you the loan documentation setting out your interest rate and other important information. Keep in mind that the rate shown in the loan documentation is subject to change and may be different on the day of settlement.

Personal loan interest rates

  Interest rate Comparison rate
Variable rate loan
Interest rate
From 8.49% p.a. to 20.49% p.a.
Comparison rate
From 9.54% p.a. to 21.49% p.a.
Fixed rate loan
Interest rate
From 8.49% p.a. to 20.49% p.a.
Comparison rate
From 9.54% p.a. to 21.49% p.a.

Personal loan fees

Personal loans interest rates
Application fee
One-off payment when loan is established
Monthly fee $10
Exit fee $0
Late payment fee $0

Ready to apply for a personal loan?

Apply online and get an instant response.

Our interest rates explained

Understanding the different types of interest rates will help you make an informed choice.

  • fixed rate stays the same for the life of the loan, so your loan repayments will also stay the same.

    variable rate can go either up or down over the life of the loan – this means your minimum repayment may change. A variable rate loan also gives you access to a redraw facility, so if you need money unexpectedly you can redraw extra funds you’ve paid.

  • comparison rate is used to help you identify the true cost of the loan, including the interest and some fees and charges. This makes it easier to compare the overall cost of different loans.

    When you read comparison rates, take note of the loan amount and term that they are based on. These affect the comparison rate and you want to be comparing apples with apples.

Other ways we can help

Use our help guides, FAQs and other support services to help you manage your banking more easily.

Get in touch

Visit a NAB branch

Visit your nearest NAB branch to speak to us in person.

Terms and Conditions

Consider the NAB Internet Banking Terms and Conditions which apply when using NAB Internet Banking.

Terms and conditions and fees and charges apply. Approval and loan amount are subject to our credit assessment criteria. Information, including fees are subject to change. See our general terms for personal loanspersonal banking fees and charges and indicator rates for other personal lending.