What are personal loan repayments?

Your personal loan repayments are structured and set in a way for you to pay off the balance you’ve borrowed by the end of your loan term. Your minimum repayment amount is set out when you start your loan and is calculated to cover the interest charged and monthly loan service fee.

What’s the difference between fixed rate and variable rate loans?

For fixed rate loans, your repayment amount won’t change.

If you have a variable rate loan, we may review your repayments annually. After a review, we may change your repayment amounts. If we do this, we will advise you in writing.

How to make your loan repayments

You can save time by setting up regular repayments from your account. You can set up a direct debit as part of your personal loan application, or you can set up a regular payment once you’ve got your loan.

  • If you’ve set up your loan repayments yourself through a regular payment, you’ll need to make sure to keep them updated. If your repayment amount changes due to an increase or decrease, then you’ll need to change this yourself.

If you have an existing personal loan and would prefer a direct debit repayment or want to pay from another financial institution, please complete and submit the direct debit request form (PDF, 541KB), opens in new window

You can also make payments using NAB Internet Banking, the NAB app, telephone banking or in person at your nearest branch.

When personal loan repayments start

Your personal loan repayments will begin after your loan has settled and will depend on the repayment frequency you chose during your application.

Weekly repayments

If you’ve chosen to pay off your loan weekly, your first repayment is due one week after your loan settlement (a fortnight after for fortnightly, and a month after for monthly).

Fortnightly repayments

Fortnightly repayments are due on the same day in each following fortnight as the first repayment.

Monthly repayments

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.

Making additional loan 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. Additional payments help pay off your loan sooner and reduce the amount of interest you need to pay.

Changing repayments

You can change your loan repayments by calling us.

Within Australia:

  • Call 13 22 65 from Monday to Friday, 8:00am to 7:00pm (AEST/AEDT), Saturday to Sunday, 9:00am to 6:00pm (AEST/AEDT).

Outside of Australia:

If we need to adjust your repayments

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

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

Can you increase your personal loan?

If you already have a NAB Personal Loan, the amount can’t be increased. You would need to apply for a new personal loan for the extra balance.

Paying off your loan early

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

Before you pay off your loan

Before you pay off your loan, you need to contact us to get your final closing balance, which is called a “pay out figure”. This figure will include any outstanding fees and interest you may owe. 

You can contact us through NAB Messaging via your NAB Internet Banking or NAB app to get your pay out figure.

Alternatively, you can call us on 13 22 65 from Monday to Friday, 8:00am to 7:00pm (AEST/AEDT), Saturday to Sunday, 9:00am to 6:00pm (AEST/AEDT). If you’re outside of Australia, call +61 3 8641 9083.

  • Your payout figure is only valid for the day it is requested.

How to pay out your loan

Once you've got your pay out figure, you can pay out your loan using the NAB appNAB Internet Banking, opens in new window, telephone banking or in person at your nearest NAB branch.

Make sure your final loan repayment is for the exact amount we provided in your pay out figure and that you pay it on the same day.

Make sure your final loan repayment is for the exact amount we provided in your pay out figure and that you pay it on the same day. If you are transferring money from another financial institution, please be aware that the transfer may not be completed the same day and this will impact your closure request.

If there's a credit on your account, we'll transfer the amount to your NAB transaction account when your loan is closed. If we’re unable to transfer the credit to a suitable account, we’ll contact you for instructions so please make sure your contact details are up to date.

  • If you request the credit to go to another financial institution, we’ll need to provide the funds via cheque.

Redrawing from your personal loan

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 make a redraw via the NAB appNAB Internet Banking, opens in new window, telephone banking or in person at your nearest NAB branch.

If you currently don’t have redraw authority on your loan account or need to reinstate the redraw function, you'll need to provide us with a redraw authority (PDF, 661KB), opens in new window. For joint loans, make sure it’s signed by both account holders.

Not keeping up with your loan repayments?

We know life can sometimes take an unexpected turn and understand it can feel overwhelming. If you're experiencing financial difficulties, or you're struggling 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).

Find out how we can help during financial hardship.

Repayment holidays

A NAB Personal Loan does not offer a repayment holiday.

Personal loan insurance

We no longer sell Personal Loan Insurance, however, if you have an existing policy, you can still access its benefits. To find out more about your policy call MLC (the providers of your cover) on 13 22 95 from Monday to Friday, 8:00am to 6:00pm (AEST/AEDT).

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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.