How we set your minimum contracted repayments
We calculate and set your contracted personal loan repayment amount to ensure you can pay off the balance you’ve borrowed by the end of your loan term.
Your minimum contracted repayment amount is calculated to cover the interest charged and monthly loan service fee. The minimum contracted 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.
Your contracted repayment may also be referred to as your ‘minimum instalment amount’ (e.g., in NAB Internet Banking or the NAB app) or ‘scheduled repayment’ (e.g., on the direct debit form).
If we need to change the repayment amount, we'll notify you first. Our Personal Loan Terms and Conditions explains this more.
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 minimum contracted repayment amount, 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.
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.
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).
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Terms and Conditions
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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.