NAB personal loans

NAB's overall rating for personal loans

(as rated by the Mozo community)

6.8 / 10

based on 857 reviews

It’s no secret that NAB is a big four bank, but one thing you might not know is 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 10 July, 2020. Other information correct at the time of writing.

Product Interest rate from Comparison rate from* Upfront fee

12.69% 18.69% p.a.

13.56% 19.53% p.a.based on $30,000
over 5 years


12.69% 18.69% p.a.

13.56% 19.53% p.a.based on $30,000
over 5 years


*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

What personal loans do NAB offer?

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 keep in mind 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 comes to an end.

Variable Rate Personal Loan: 

As with the fixed version, NAB’s variable rate unsecured loan lets you borrow between $5,000 to $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 get to 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 are NAB personal loan products rated?

If you want to know if NAB’s personal loans get the thumbs up from everyday Aussies, it’s easy to find out. Just head to our customer reviews section where Mozo readers give the lowdown on taking out a personal loan with this big bank.

How do you apply for a NAB personal loan?

Applying for a personal loan with NAB is a simple process. If you apply before 2pm on a business day at a branch, the loan could be granted immediately. The funds could even clear in 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 trip to the car dealer!

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

More helpful personal loan quick links