NAB personal loans

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