Working out your rate
We determine your rate based on details provided on your application form and your credit assessment. If you're a NAB customer, we also use information we already know about you.
The majority of our personal loan customers will get the advertised headline rate (or lower). However, depending on your circumstances, we may offer you a higher or lower rate when you apply.
Fixed rates vs. variable rates
A fixed rate stays the same for the chosen period, meaning your loan repayments stay the same during that time. A variable rate can move up or down, meaning your minimum loan repayment may change. You'll also have access to a redraw facility on your variable rate loan, which comes in handy if you need money unexpectedly.
A 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.