Understanding our personal loan interest rates

A personal loan allows you to borrow a set amount of money to pay for something or consolidate debts. You have to repay your loan over an agreed term, including any interest or fees.

Your needs, goals and plans are different to everyone else’s. That’s why it’s a good idea to understand our interest rates and your options. You can choose either a fixed or variable interest rate.

If you want to pay off your personal loan faster, consider making additional payments on top of your minimum repayments, increasing your repayment amounts or your repayment frequency.

How to decide between a fixed or variable rate personal loan

It’s an important decision to decide the right interest rate. It may feel overwhelming and confusing. But we’re here to help.

The best way to start, is to think about your current circumstances and the future life of your loan.

How much do you want to borrow and what can you afford?

NAB’s borrowing power calculator and our personal loan repayment calculator can help you make an informed decision.

Fixed rate personal loans:

Features and benefits

You know where you stand with a fixed rate loan. Your minimum repayments are fixed and won’t change.

This means you:

  • have more certainty
  • can budget better
  • will retain the same rate during your loan term.

Variable rate personal loans:

Features and benefits

If you have a variable interest rate, your repayments will change if interest rates change.

This means you:

  • can pay less if interest rates fall
  • will pay more if interest rates rise
  • can enjoy access to a redraw facility if you make extra repayments.

How we work out your interest rate

We offer a range of rates on our personal loans. The interest rate you are offered is based on your personal circumstances. If you’re a NAB customer we will consider your history with us too.

We decide your rate based on:

  • information you provide in your application, including income, assets, debts and expenses
  • your credit history report

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.

Our best rates

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 cards, personal loans or home loans and have made repayments on time, this will also positively affect your credit rating.

Our average rates

If your credit history isn’t long or as good, you’ll likely be offered a rate around 12.69% p.a. or higher on variable or fixed rate loans.

How to manage your credit score

Your credit score can be impacted by the decisions you make, but there a few simple ways for you to improve it.

Watch the video to find out more.

How to improve your credit history

Ways to boost your creditworthiness:

  • pay your credit card, bills and loans on time
  • don’t overdraw your transaction accounts
  • don’t apply for multiple new credit cards or loans at the same time
  • build a relationship with your bank.

Personal loan interest rates explained

NAB Personal Loan interest rates and fees

Our interest rates:

Loan type

Interest rate1 Comparison rate2
Variable Rate Loan Interest rate1 From 6.99% p.a. to 18.99% p.a. Comparison rate2 From 7.91% p.a. to 19.83% p.a.
Fixed Rate Loan Interest rate1 From 6.99% p.a. to 18.99% p.a. Comparison rate2 From 7.91% p.a. to 19.83% p.a.
Application fee

One off payment when loan is established

Monthly fee
Exit fee
Late payment fee

Personal loan terms explained

Personal Loan Calculators

Apply online for a NAB Personal Loan

Manage your personal loan

Learn how you can manage your NAB Personal Loan.

Personal loan for a car

Dreaming of a different drive but need a car loan? A NAB Personal Loan can get you on the road.

Personal loan for debt consolidation

Multiple debts can be difficult. Put it all in one place and get a helping hand with a NAB Personal Loan for debt consolidation.

Important information

1Interest rates and information current as at 9 June 2021 and subject to change. Terms, conditions, fees, charges and lending criteria apply.

2Comparison rate calculated on unsecured loan amount of $30,000 over a term of five years based on monthly payments.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Personal Banking Fees - a guide to fees and charges (PDF, 357KB)

Credit contract - General terms for personal loans

Indicator rates for other personal lending

We're ready to help you

If you have any questions or are unable to apply online, visit us in branch – we’ll be happy to help.