based on 21617 NAB product reviews as rated by Mozo community

NAB personal loans

It's no secret that NAB is a big four bank, but what you mightn't have known is that this major player has a lot to offer when it comes to personal loans. Whether you need a loan for a new set of wheels, the special day you say "I do", or that gap year adventure, NAB's fixed or variable rate loans should do the trick. Read on as we reveal everything you need to know about taking out a personal loan with NAB:

NAB offers the following personal loans

Rates and fees verified as correct at 17 April 2024. Other information correct at the time of writing. Advertiser disclosure.
Product Interest rate from Comparison rate from Upfront fee
Personal Loan (Fixed, Unsecured)

6.99% p.a.to 20.49% p.a.

7.91% p.a.to 21.33% p.a.based on $30,000
over 5 years

$150.00

Personal Loan (Variable, Unsecured)

6.99% p.a.to 20.49% p.a.

7.91% p.a.to 21.33% p.a.based on $30,000
over 5 years

$150.00

NAB personal loans overview

Fixed Rate Personal Loan:

If you prefer sticking to a routine and knowing where you stand with your repayments, you might find NAB’s fixed-rate unsecured personal loan is the perfect pick for you. Loan amounts range from $5,000 to $55,000,  and you can choose between a repayment term of one to seven years. But remember that this fixed-rate loan doesn’t come with the flexible feature of a redraw facility. But then again, this could be a blessing in disguise as you won’t be tempted to dip into those extra repayments you’ve made. Best yet, unlike many other fixed-rate loans, NAB’s comes with no break cost fee for repaying the loan before the agreed term ends.

Variable Rate Personal Loan: 

As with the fixed version, NAB’s variable rate unsecured loan lets you borrow between $5,000 and $55,000 and choose a repayment term from one to seven years. While the interest rate is lower than with the Fixed Rate Personal Loan, remember that NAB can lift the rates at any time, so you should factor rate changes into your budget for making repayments. Like NAB’s fixed-rate personal loan, you can fast-track your repayments and pay it all off early without footing a break cost fee. The main bonus with having a variable rate personal loan is the redraw facility option, which you can use without extra cost so long as you make your adjusted loan repayments.

NAB personal loan features at a glance

  • Repayment flexibility: One handy feature that comes with NAB’s personal loans is that you can choose how regularly you make your loan repayments, either weekly, fortnightly or monthly.
  • Fee-free extra repayments: If you have extra cash to pump into your loan on top of the usual payments, both NAB’s fixed and variable-rate loans allow you to bulk up your repayments and clear the loan early.
  • Redraw facility: Whether it’s for a home makeover or to pay for unexpected bills, if you need to dip into the extra repayments you’ve already made on your loan, NAB’s variable rate unsecured loan will let you do just that.
  • No break cost: Having no exit fees is a good incentive to make extra repayments. This is a big plus for NAB because some banks charge hefty break-cost fees for paying off a fixed-rate loan before the term ends.
  • Personal loan cover: NAB has teamed up with MLC Insurance to give you the option of taking out an insurance policy to cover your loan repayments. This insurance comes into play if you fall ill or lose your job while you’re still paying off your personal loan.

How do you apply for a NAB personal loan?

Applying for a personal loan with NAB is a simple process. The loan could be granted immediately if you apply before 2pm on a business day at a branch. The funds might even clear into your NAB account two hours later. Better still, you can sign up for one from the comfort of your own home without having to walk into a branch. At most, it will take two days to find out if your personal loan application has been accepted. Then, you’ll be set to continue with your wedding planning or a trip to the car dealer!

The documents you need to apply for a personal loan with NAB include:

  • Evidence of your income and employment status
  • Details of your assets and debts you have owing
  • Your last payslip if you haven’t any bank accounts with NAB
  • The most recent tax statement you have if you are self-employed
  • Your credit card and store card statements if you have debts to pay
  • Your photo ID or a NAB card (only if NAB is your bank) or 100 points worth of identification

How are NAB personal loans rated?

Mozo users have rated NAB personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

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NAB personal loans
Overall
Price
Features
Customer service
Convenience
Trust

872 Reviews

Recent NAB personal loan reviews

NAB Personal Loan (Fixed, Unsecured)
Overall 6/10
Great

Wonderful customer service. Easy to deal with.

Read full review

Wonderful customer service. Easy to deal with.

Price
5/10
Features
6/10
Customer service
6/10
Convenience
6/10
Trust
6/10
Less
Cheryl, Tasmania, reviewed 14 days ago
NAB Personal Loan (Variable, Unsecured)
Overall 6/10
Redraw function issue

The redraw function does not work and I feel like I was lied to. Interest rate is very high. I’ll be looking to consolidate soon.

Read full review

The redraw function does not work and I feel like I was lied to. Interest rate is very high. I’ll be looking to consolidate soon.

Price
6/10
Features
2/10
Customer service
8/10
Convenience
4/10
Trust
6/10
Less
Brad, Western Australia, reviewed 9 days ago
NAB Personal Loan (Fixed, Unsecured)
Overall 10/10
Easy to apply for a personal loan with NAB

I applied for a personal loan via the internet. I was approved within minutes. So easy. Made my day.

Read full review

I applied for a personal loan via the internet. I was approved within minutes. So easy. Made my day.

Convenience
10/10
Trust
9/10
Less
Cherie, New South Wales, reviewed 7 months ago
NAB Personal Loan
Overall 10/10
It's a great bank

It's my first bank and I love it

Read full review

It's my first bank and I love it

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Aaron, New South Wales, reviewed 8 months ago
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