Personal loan for debt consolidation

12.69

fixed rate (for new loans only)¹
13.56

fixed comparison rate²
12.69

variable rate (for new loans only)¹
13.56

variable comparison rate²

Same day funds

If you are an existing customer and apply in- store by 2pm, you could walk away with your money that very same day^3.
If your application is approved, your money will be in your NAB account within two hours.

Tailor your loan

Borrow from $5,000 to $55,000 with loan terms from 1 to 7 years.
Fixed or variable interest rate options.
If you've made extra payments you can redraw them at any time (variable rate loans only).

Choose flexible repayment options

Choose from weekly, fortnightly or monthly repayment option to suit your budget and needs.
Make lump sum repayments whenever you want at no extra charge.
Pay off your loan early without fees.

Quick document acceptance online

We know your time is important, so to make it easy, you can accept your loan documents in NAB Internet Banking. No more waiting in a queue at a branch or printing and signing documents.

My Budget

Debt Consolidation

How much can I borrow

My repayments

Getting same day funds

Apply in a Branch and bring these things along for the best chance of getting your funds the same day.

The other applicant, if you're applying for a joint loan.
Your latest payslip, if you're not paid into a NAB account.
Your most recent Financial/Tax Statement, if you're self-employed.
Your credit card or store card statements, if you're consolidating debt.
Identification. Photo ID or a NAB card, if you already bank with us, or 100 points of ID, if you're new to NAB.

Self-employed customers

Self-employed? We’ll need to verify:

Your most recent personal income tax return
Your most recent notice of assessment

If your business runs as a partnership, company or trust we’ll also need the following documents:

Partnership tax return
Company tax return
Trust tax return

You can email these documents to personal.loan.applications@nab.com.au.

Increasing your chances of approval

Here are some tips to improve your chances of being approved.

1. Check that you’re eligible to apply

You need to:

Be 18 years or older.
Have a regular income or wage.
Have a good credit rating.
Be able to afford the loan repayments
Hold Australian citizenship or permanent residency (or be a New Zealand citizen or holding a 457 Visa)
Live in Australia

Note: To apply online you must be a NAB customer.

2. Check how much you can borrow

Use our Borrowing Calculator to get an idea of how much you may be able to borrow.

3. Build a good account history with us

· Got a NAB account? Get your salary paid into the account to establish a transaction history.

· Avoid overdrawing your account to show you’re able to manage your finances effectively.

· New to NAB? Begin a banking relationship with us first. It’s easy. Open a transaction account and pay your salary into it to start your transaction history.

This won’t guarantee approval on your application but, it will help us understand your financial position better.

4. Set up a regular savings plan

Show you can afford to service a loan by saving a set amount regularly (every week or month). This shows us you’re more likely to manage making regular loan repayments too.

5. Understand your credit report

Your credit history may affect how much you can borrow as well as your chances of approval. Activity such as overdue bills, missed credit card payments, arrears or debt collection could be recorded at a credit reporting body.

For more information, check out:

What happens next?

We'll send you an email to confirm we've received your application.
Your application will be assessed, and we'll let you know the outcome within two business days.
If you are approved and are an internet banking customer you can choose to get your documents electronically and accept online. You can also choose to visit your nearest branch to sign your documents there.
When you've signed your documents, we'll deposit funds into your NAB transaction account.

Important information

¹Headline rates, interest rates and information current as at 25^th of February 2019 and subject to change. Terms, conditions, fees, charges and lending criteria apply.

²Comparison rate calculated on unsecured loan amount of $30,000 over a term of 5 years based on monthly repayments.

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.

³Only available to existing customers. Complete applications (including all supporting documentation) must be submitted in store by 2pm Monday – Friday. Same day funds will be unavailable if your loan purpose is to refinance non –Nab debts or if NAB requires your application to be reviewed by a lending specialist. Speak to us to find out more.