Our rates explained

How we determine your rate

We determine your interest rate based on the details you give us on the application form, information from your credit history report and if you’re already a NAB customer we also use details we already have about you.

Our headline and interest rate range

The majority of our personal loan customers will get this rate or a lower rate. Depending on your circumstances, you could get a rate lower or higher than the advertised headline rate.

Variable headline rate¹

12.69%p.a. (comparison rate² 13.56% p.a.)

Minimum interest rate for a variable loan is 10.69% p.a. (comparison rate² 11.58% p.a.) and the maximum interest rate is 18.69% p.a. (comparison rate² 19.53% p.a.)

Fixed headline rate¹

12.69% p.a. (comparison rate² 13.56% p.a.)

Minimum interest rate for a fixed loan is 10.69% p.a. (comparison rate² 11.58% p.a.) and the maximum interest rate is 18.69% p.a. (comparison rate² 19.53% p.a.)

How to improve your credit history

The information you give to us, the details we may already have, and your credit report affect which interest rate you get when you apply for a NAB Personal Loan.

Your creditworthiness is also important. When you apply for a loan we’ll look at your credit file, income, assets, spending, saving and debts.

This helps us make sure you can comfortably handle your debts and not slide into financial hardship. We want to help you achieve your financial goals and make life better, not worse.

There are many ways to boost your creditworthiness:

• Pay your credit card and loans on time
• Pay your bills on time
• Don’t overdraw your transaction accounts
• Don’t apply for too many new credit cards or loans at the same time
• Check out your credit history to see where you stand and ensure it is fair and accurate
• Create a relationship with your bank

Check out our useful information about credit-worthiness and how to improve your credit score.