A personal loan can help you attain your goals quicker. We'll take you through how your loan works and how you can get more from it. And how you can pay it off sooner.

Making repayments

Set up a periodic payments from your NAB account* to never worry about forgetting your repayments.

* in NAB Internet Banking, at a branch, or over the phone.

Transfer funds via NAB Internet Banking or NAB Telephone Banking by calling 13 22 65, 24 hours, 7 days, or by transferring money to a non-NAB account.

If you're more hands-on, you can make repayments in person at your nearest NAB branch.

Minimum repayments

Initially, your minimum repayment amount is set out in your NAB Personal Loan agreement.

  • For fixed rate loans, this doesn't change.
  • For variable rate loans, we may review your repayments annually. Following a review, we may change your repayment amount. We’ll advise you of any change before making it.

Extra repayments

There are no additional fees for making an extra repayment on your NAB Personal Loan. You can make regular repayment amounts above the minimum or extra lump sum payments. These help you pay your loan off sooner and save on interest.

Change repayments

If you would like to change your loan repayment amount or the frequency of your repayments, call us on 13 22 65 from 8am - 7pm Mon-Fri, 7am - 6pm Sat,or 9am - 6pm on Sun (AEST/AEDT) or +61 3 8641 9083 if you're overseas.

To keep you on track to repay your loan within the agreed loan term, we may have to adjust your loan repayments. For example, your repayments may need to increase if interest rates have increased, and an adjustment may be required.

Trouble with repayments

If you're experiencing difficulty financially or struggling to make your loan repayments, you need to let us know immediately.

Using redraw

If you’re ahead of your repayment schedule and need extra cash, you can redraw your loan funds and transfer them straight into your NAB transaction account.

Redraw basics

A few things to remember about personal loan redraw:

  • You can redraw up to the maximum amount available for your loan.
  • Redraw isn't available on fixed rate loans and personal project loans.
  • If you're a sole owner of the account, the redraw facility is already set up for you to redraw funds.

How (and how much) to redraw

To find out how much you can redraw, or to arrange a redraw:

  • login into NAB Internet Banking
  • use NAB Telephone Banking by calling 13 22 65, 24 hours, 7 days
  • call us on 13 22 65 from 8am - 7pm Mon-Fri, 7am - 6pm Sat, or 9am - 6pm Sun (AEST/AEDT) or +61 3 8641 9083 if you're overseas to speak to a customer service advisor
  • visit us at your nearest NAB branch.


Paying off your loan early is something you should be proud of. So if you decide to do just that, we won't surprise you with any exit fees.

How to pay out and close your loan

When you are ready to pay out your loan early, you will need to contact us to receive your closing balance. This is a payout figure that includes any outstanding fees and interest. If you’ve taken out a NAB Personal Loan Cover premium, then this balance will also cover any refunds you’re owed.

To receive your payout figure, simply call us on 13 22 65 from 8am - 7pm Mon-Fri, 7am - 6pm Sat or 9am - 6pm Sun (AEST/AEDT) or +61 3 8641 9083 if you're overseas, or by visiting your nearest branch.

Once you’ve received your payout figure, you can pay out your loan on the same day using NAB Internet Banking, or in branch.

When paying out, you’ll need to make sure the payment is for the exact amount quoted and is paid on the day NAB gives you your payout figure - or else your loan may not close. If there's a credit balance on your loan account on the day we close it, we'll transfer the amount to another NAB transaction account - or send you a cheque if you don't have an account with us.

How to claim on your personal loan insurance

Our personal loan insurance is no longer for sale but you can still access the following:

  • what your policy covers
  • an overview of your premium
  • how to make a claim.

People also read

We're ready to help you

Talk to an expert
Call us