How we set your repayments

Your personal loan repayments are calculated and set to ensure you can pay off the balance you’ve borrowed by the end of your loan term. 

Your minimum repayment amount is calculated to cover the interest charged and monthly loan service fee. The repayment amount, interest rate, fees and charges are detailed in your loan contract. You can also view these details in the NAB app and NAB Internet Banking.

If you miss a repayment or interest rates go up, we may need to adjust your repayment amount to ensure that you can still repay your loan within your contracted term.

If we need to change the repayment amount, we'll notify you first. Our Personal Loan Terms and Conditions explains this more.

Fixed rate loan repayments

For fixed rate loans, your repayment amount won’t change. This can help you better manage your budget by knowing how much you owe each month for the life of your loan.

Variable rate loan repayments

If you have a variable rate loan, rates can move up or down which means we may review your repayments annually. After a review, we may change your repayment amounts. If we do this, we’ll advise you in writing.

When is my personal loan repayment due?

Your personal loan repayments will begin after your loan has settled and loan funds are available in your account. You can view your due date and other details in the NAB app or NAB Internet Banking.

The due date will depend on the repayment frequency you chose during your application. You can choose to make repayments weekly, fortnightly or monthly. 

Weekly repayments

If you’ve chosen to pay off your loan weekly, your first repayment is due one week after your loan settlement.

Fortnightly repayments

Your first repayment is due a fortnight after your loan settlement. Fortnightly repayments are due on the same day in each following fortnight as the first repayment.

Monthly repayments

Your first repayment is due a month after your loan settlement. If you make your repayments monthly and your due date has no corresponding date in the next month (the 31st for example), then your repayment will be due on the last day of that month instead.

How to set up automatic loan repayments

You can easily set up regular repayments to your personal loan using online banking or a direct debit form. Read our simple instruction guide to learn how to set up repayments for a new or existing loan from a NAB or non-NAB transaction account.

Benefits of making additional repayments

You can make additional repayments without being penalised. Some ways you can do this include increasing your regular repayment amount or making a lump sum payment.

Pay off your loan sooner

Additional payments help pay off your loan sooner and reduce the amount of interest you need to pay. We don’t charge exit fees for paying off your personal loan early.

Build and use redraw

Use additional repayments to help build your redraw. If you have a variable rate personal loan and you're ahead on your repayments, you can redraw money from your loan account and transfer it into your NAB transaction account. You can then use your redraw for a variety of personal needs.

Help is available if needed

We know life can sometimes take an unexpected turn and understand it can feel overwhelming. If you experience financial difficulties, or you struggle to make your loan repayments, we have support options available.

Call NAB Care on 1800 701 599, Monday to Friday, 8:00am to 8:00pm (AEST/AEDT), Saturday, 9:00am to 1:00pm (AEST/AEDT).

Learn how we can help during financial hardship.

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View our range of personal loans for a wide range of personal use like buying a car, making a major purchase or consolidating a debt.

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Help and support

Explore other personal loan guides to help you use and manage your new or existing NAB Personal Loan.

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Terms and Conditions

Direct debit repayments under option 1 allows to make your loan repayments according to the required amounts as they become due and will automatically adjust as required. Alternatively, option 2 will debit your loan amounts as instructed, however this option will not adjust automatically.

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