Manage unexpected expenses with a personal loan - NAB

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How can a personal loan help with unexpected expenses?

Certainty from day one

Stay in control with clear payments and a set end date. Choose a fixed rate for repayment certainty, or a variable rate if you want flexibility to access redraw funds later.

Fast funds when it matters most

Apply online in minutes, and if you’re approved, your funds will be ready one business day after you accept your loan offer.

Get ahead without penalties

Pay off your loan early and face no exit fees, with interest rates from 7.50% p.a to 22.00% p.a. (comparison rate 8.90% p.a to 23.29% p.a. ).

Common emergencies Australians face

You’re not alone. Every day, Australians face unexpected expenses which create anxiety and financial uncertainty, including:

  • Urgent car repairs
  • Medical or dental bills not covered by Medicare or private health insurance
  • Essential home repairs
  • Family emergencies or caring responsibilities
  • Funeral expenses
  • Short-notice travel due to illness or loss
  • Multiple credit card or loan payments to cover unforeseen expenses, where debt consolidation can help to bring these debts into one place

Everyone’s situation is unique, and it’s important to consider all your options.

What are my options?

Take a moment to explore your options and consider whether this cost will be a one-off or something ongoing. When you have a full picture of the total cost, consider the different options available to help you cover the unexpected expense.

Option 1: If you have savings or insurance

Using savings reserves may be the lowest cost choice for covering the expense. If you have insurance which might cover it, check your policy inclusions, exclusions and excesses.

Option 2: If you’re already under financial pressure

You don’t have to manage it all alone. A personal loan isn’t the right option if you’re facing financial hardship, but financial assistance is available. If you need guidance, there are multiple options to request support.

Option 3: Using a personal loan responsibly

A personal loan can offer a structured, predictable repayment setup, to fit into your budget. Remember, borrowing should make things easier, not harder, so before you borrow for an emergency, make sure that you calculate all costs and ensure it fits within your budget.

Understand your repayments

Before you apply, it’s important to consider if your loan is affordable for you. Our repayment calculator may be able to help you estimate your repayments over a selected term.

Show me what my repayments could be

How much could I borrow?

Each situation is different. If you want to understand how much you might be able to borrow based on your situation, use our borrowing power calculator.

Show me how much I could borrow

All our personal loans include:

Fees

  •  $0 exit fee
  •  $0 late payment fee
  •  $15 monthly fee
  •  $250 application fee

Features

  • No penalties, exit fees or surprise charges.

  • Funds available in one business day.

  • Borrow up to $55,000.

  • Choose from one to seven years, with weekly, fortnightly, or monthly repayment options to suit your pay cycle.

Considerations

  • To receive your loan funds, you'll need to set up a direct debit for your repayments.

Choose between fixed or variable rate options

Variable rate personal loan

Your interest rate may change, meaning your repayments can go up or down over the life of the loan. You also have the option to redraw funds if you're ahead on your loan.

Interest rateFrom 7.50% p.a to 22.00% p.a.
Comparison rateFrom 8.90% p.a to 23.29% p.a.
Apply now

Fixed rate personal loan

Your interest rate doesn't change, so your repayments stay the same for the whole loan term. Fixed rate loans don't have the option to redraw extra funds.

Interest rateFrom 7.50% p.a to 22.00% p.a.
Comparison rateFrom 8.90% p.a to 23.29% p.a.
Apply now

How we calculate your rate

The rate we offer you will be based on your banking history with NAB, information provided in your application and your credit history report. This rate could change and is subject to verification of the information you provide and may be different on the day of settlement. Find out more about creditworthiness and how to improve your credit score.

If a personal loan feels right, here’s how to apply

Step 1

Plan your finances


Use our simple repayment calculator to see if a personal loan could help you cover emergency expenses.

Step 2

Apply online


Gather your required documentation and apply for a variable or fixed rate personal loan.

If approved, we’ll give you a personalised rate within your application so you understand where you sit.

Apply now

Step 3

Accept your offer

  • If you’re approved for a personal loan with us, you’ll receive a loan offer. Once you’ve accepted, we’ll deposit your money into your account in as soon as one business day.

  • From there, you can make payments as required to cover your emergency expense. If you’re paying off any existing NAB debts with your loan proceeds, you can request to pay these off in your loan application, and we will manage this for you.

  • To apply online, you need to be:

    • 18 years or older.

    • Applying as a sole applicant. You’ll have all the repayment obligations, even if someone else will be receiving a substantial benefit from the loan.

    • Receiving a regular income.

    • An Australian resident for tax purposes, an Australian or New Zealand citizen, Australian Permanent Resident or non‑resident holding an acceptable Temporary Residency Visa.

  • You’ll need to provide us with:

    • Your driver’s licence number (if you have one).

    • Your employment details for the past three years.

    • Addresses you've lived at in the last three years.

    • Your financial information, including your income, assets, debts and expenses.

    If you’re an existing customer, you’ll also need your NAB ID.

  • Reach out to NAB to find out why your application was declined. We offer free, confidential financial assistance to help you understand your situation and explore alternatives, and contacting us won’t affect your credit score.

Consider if a personal loan is right for you

Using a personal loan to cover unexpected expenses can be a useful option, but it’s not for everyone. If you’re experiencing vulnerability or feeling financial pressure and need help, contact us about financial assistance.

Frequently asked questions

  • Yes, your credit score will be impacted when you apply for a personal loan. A credit check is performed before you submit your application to allow us to provide you with an accurate personalised rate.

  • Everyone’s personal loan rate is different. Your rate depends on things like your banking history with NAB, income, expenses, debts and credit history. Your final rate will be based on your own financial situation.

    When you apply, we look at your application and, if you’re conditionally approved, we’ll provide an estimated interest rate before you decide to continue. Once your information is verified, your final rate will be confirmed in your loan documents. Keep in mind that the rate shown in the loan documentation is subject to change and may be different on the day of settlement.

  • Yes, you can use a personal loan for more than one purpose. In your application, list the main use of funds as your loan purpose.

  • Yes, you can use a personal loan to pay off other debts that you’ve used to cover the expense already. A personal loan can also be used to consolidate multiple debts into one. When consolidating debts, it’s important to consider the difference in fees, interest and the amount of time it will take you to repay the debt. Use our debt consolidation calculator to help you decide.

    • Illegal activities.

    • Business purposes. Explore our business loans or discuss further with your business banker.

    • Lender's Mortgage Insurance (LMI).

    • Home loan deposit.

  • Our fast online application can be completed in minutes. Once submitted, you’ll get an initial decision within 60 seconds of submitting. Then, we’ll process your application and contact you if we need further documents or information. If you’re approved, you’ll receive a loan offer, and once accepted through NAB Internet Banking, your funds will be available in as soon as one business day.

Help, support and financial assistance

Financial assistance

Needing to reach out for financial assistance can happen to anyone. You’re not alone. We’re here to help. Learn more about our financial assistance.

Credit card and personal loan financial assistance

If you’re having trouble keeping up with your payments on your credit card, personal loan or NAB Now Pay Later products, we’re here to help.

How to pay off your debt

Read our tips to help you pay off your debts.
Other help and support

Contact us

Visit a NAB branch

Visit your nearest NAB branch to speak to us in person.

Find a NAB branch

Call us

National
Monday to Friday, 8:00am to 7:00pm (AEST/AEDT)
Saturday to Sunday, 9:00am to 6:00pm (AEST/AEDT)

Western Australia
Monday to Friday, 8:00am to 7:00pm (AWST)
Saturday to Sunday, 9:00am to 6:00pm (AEST/AEDT)

Within Australia: 13 22 65

Overseas: +61 3 8641 9083

Terms and Conditions

Terms and conditions and fees and charges apply. Approval and loan amount are subject to our credit assessment criteria. Information, including fees are subject to change. See our general terms for personal loans, personal banking fees and charges and indicator rates for other personal lending.

Target Market Determinations for these products are available at nab.com.au/TMD.