Best Unsecured Personal Lender 3 years in a row
RFi Group’s Australian Lending Awards 2019, 2020, 2021
Benefits of a NAB Personal Loan
Our unsecured loans can provide flexibility and certainty.
No penalties or exit fees
No penalties or exit fees when you pay off your loan sooner.
Quick access to funds
If you’re approved and accept the loan, get your funds in one business day.
Tailored pricing
Personalised rates start from 6.99% p.a. to 18.99% p.a. (comparison rate 7.91% p.a. to 19.83% p.a. ).
Ability to redraw extra funds
Redraw available on a variable rate loan if you’re ahead on repayments.
Flexible borrowing limits and loan terms
Borrow from $5,000 and up to $55,000. Choose a loan term to suit your needs from 1-7 years, with weekly, fortnightly or monthly repayment options.
Quick online acceptance
Get your money faster with simple document acceptance through NAB Internet Banking.
Why you might need a personal loan
Want to breathe new life into your home or add more space, but don’t have the funds to renovate or decorate? Home improvements and extensions can be costly, but we can help make your dream home come to life with a NAB Personal Loan. Don’t worry about the equity in your home loan, either.
Taking out a personal loan for home renovation is subject to the applicant owning the property being renovated.
What you can’t use a personal loan for
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
Your interest rate is based on several factors including information you provide in your application, your credit history and information we already have about you if you’re an existing customer.
After you submit your application, if you’re conditionally approved, we’ll give you an indicative interest rate. This is subject to verification of the information you give us in your application. We’ll provide your final interest rate in the loan documentation, at which point you can decide to accept the loan offer.
Personal loan interest rates
| Interest rate | Comparison rate | |
|---|---|---|
| Variable rate loan | Interest rate
From 6.99% p.a. to 18.99% p.a. |
Comparison rate
From 7.91% p.a. to 19.83% p.a. |
| Fixed rate loan | Interest rate
From 6.99% p.a. to 18.99% p.a. |
Comparison rate
From 7.91% p.a. to 19.83% p.a. |
Personal loan fees
| Application fee One-off payment when loan is established |
$150 |
|---|---|
| Monthly fee | $10 |
| Exit fee | $0 |
| Late payment fee | $0 |
Personal loan for a home renovation
Personal loan for a home renovation
Personal loan for a home renovation
Personal loan for a home renovation
Our interest rates explained
Understanding the different types of interest rates will help you make an informed choice.
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A fixed rate stays the same for the life of the loan, so your loan repayments will also stay the same.
A 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.
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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.
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If you have an excellent credit history, you may be offered a rate at the lower end of our range. For example, from 6.99% p.a. on variable or fixed rate loans (comparison rate 7.91% p.a. ).
An excellent credit history can mean you haven’t opened many new lending products or increased your credit limits too often.
If you have credit accounts such as a credit card, personal loan or home loan and have made repayments on time, this will also positively affect your credit rating.
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If your credit history isn’t long or as good, you’ll likely be offered a rate around 12.69% p.a. (comparison rate 13.56% p.a. ) or higher on variable or fixed rate loans.
Find out more about credit-worthiness and how to improve your credit score.
Ready to apply?
Apply online and get a response in 60 seconds.
Help and support
We have guides and other resources to help you apply for a new personal loan or manage your existing one.
Other ways we can help
Use our help guides, FAQs and other support services to help you manage your banking more easily.
Contact us
Visit a NAB branch
If you have any questions or are unable to apply online, visit us in branch – we’ll be happy to help.
Terms and Conditions
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Personal Banking Fees and charges
Credit contract - General terms for personal loans
Indicator rates for other personal lending
Target Market Determinations for these products are available at nab.com.au/TMD.