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 9.88% p.a. to 21.78% 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.

Choose a personal loan that’s right for you

Compare our personal loan options to find one that’s suitable for your needs.

Variable rate personal loan

If you make extra repayments, you’ll have the flexibility to redraw them at any time.

Interest rate From 8.49% p.a to 20.49% p.a.
Comparison rate From 9.88% p.a to 21.78% p.a.
Features
  • No penalties, exit fees or surprise charges.

  • Funds available in one business day.

  • Flexible loan terms.

  • Borrow up to $55,000.

  • Choose from one to seven years, with weekly, fortnightly, or monthly repayment options to suit your pay cycle.

Considerations
  • Option to redraw available funds.
  • Your minimum repayment may change throughout the life of the loan.
Fees
  •  $0 Exit fee
  •  $0 Late payment fee
  •  $15 Monthly fee
  •  $250 Application fee

(One-off payment when loan is established)

Get an instant response

Fixed rate personal loan

Lock in your interest rate and enjoy the certainty of fixed repayments for the life of your loan.

Interest rate From 8.49% p.a to 20.49% p.a.
Comparison rate From 9.88% p.a to 21.78% p.a.
Features
  • No penalties, exit fees or surprise charges.

  • Funds available in one business day.

  • Flexible loan terms.

  • Borrow up to $55,000.

  • Choose from one to seven years, with weekly, fortnightly, or monthly repayment options to suit your pay cycle.

Considerations
  • Redraw option not available.
  • Fixed interest rate and repayments for the term of the loan.
Fees
  •  $0 Exit fee
  •  $0 Late payment fee
  •  $15 Monthly fee
  •  $250 Application fee

(One-off payment when loan is established)

Get an instant response

Compare personal loan rates and fees

We offer a range of rates on our personal loans. The interest rate you’re 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 calculators

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

Things you should know

Understanding the loan options we offer, along with the different types of interest rates will help you make an informed choice.

  • 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.

    A personal loan can be secured or unsecured.

  • The main difference between a secured loan and an unsecured personal loan is whether the lender requires security, such as an asset like a car, property, or savings, which the loan provider can claim if the loan is not repaid.

    A secured loan requires security. For a NAB Car Loan, this will be the car you are buying. If the loan can’t be repaid, the car may be repossessed and sold. The borrower will be responsible for covering any outstanding balance after the sale.

    An unsecured personal loan means we don’t need any security to give you a loan.

    Learn more about the differences between a secured and unsecured loan.

    • Illegal activities.

    • Business purposes. Explore our business loans or discuss further with your business banker.

    • Lender's Mortgage Insurance (LMI).

    • Home loan deposit.

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

    variable rate can go 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 the term they’re based on as these affect the comparison rate.

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.