NAB Personal Loan (Fixed, Unsecured)

13.49% p.a.to 18.99% p.a.

14.36% p.a.to 19.83% p.a.based on $30,000
over 5 years

$150

NAB Personal Loan (Fixed, Unsecured) Review

Rates and fees information correct as at 19 August 2018.

Review published: 20 February 2018

What's hot:

  • 13.49% headline interest rate**

  • Free extra repayments

  • Flexible repayment schedule

What's not:

  • $35 late payment fee

Mozo snapshot:

So you’re looking for an unsecured personal loan for a car, a pool or maybe a kitchen reno? Well then the unsecured NAB Personal Loan is a good place to start your search as it comes with a fixed 13.49% headline interest rate** (14.36% comparison rate) and has a $150 application fee. It also lets you choose to repay your loan over 1-7 years in either weekly, fortnightly or monthly instalments. However be aware of the $10 monthly service fee.

Key features:

If you’re looking at a loan, you’re probably looking at the interest rate. The NAB Personal Loan has a fixed 13.49% headline interest rate** (14.36% comparison rate) that’s nothing to turn your nose up at. 

Also, as the loan allows for extra repayments without any fees and no early repayment penalty, you can pay the loan back early and save on even more interest.

When it comes to repaying your loan you have the option to choose between weekly, fortnightly and monthly repayments that can go on for a loan term anywhere between 1 and 7 years, letting you personalise your loan to fit with your budget.

Thinking of getting a loan somewhere between $5,000 to $55,000? Perfect, because that’s the exact range of money the NAB Personal Loan allows you to borrow.

This NAB loan is unsecured which means it’s not reliant on you owning any assets like a house or a car that can be used as collateral for the loan, you can get it without any bulky tangible goods.

**The interest rate shown is a headline rate. The headline rate is the rate that the majority of NAB personal loan customers will get. The minimum interest rate available on this loan is 11.49% (12.37% comparison rate), while the maximum is 18.99% (19.83% comparison rate).

Who it's good for:

If you're after a personal loan but don't have any assets to put up as security and would rather stick with a major bank, this one might be for you. The fixed rate will also appeal to borrowers who like to have a set budget.

Any catches?

While this loan is pretty solid across the board, the $35 late payment fee and the continual $10 monthly service fee, will mean if you’re a tardy payer or looking for a longer loan, you’ll need to budget for these extra expenses.

How are NAB personal loans rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
7.6

Based on 318
NAB personal loans reviews

7.0 6.8 7.8 8.0 7.6

Read NAB personal loan reviews by the Mozo community

Latest reviews of NAB Personal Loan (Fixed, Unsecured)

NAB

NAB Personal Loan (Fixed, Unsecured) personal loan review

Overall rating   10 / 10

Such a pleasure to deal with

Awesome service, quick, friendly, approachable staff.

Full review

Awesome service, quick, friendly, approachable staff.

    Price   10 / 10

    Features   / 10

    Customer service   / 10

    Convenience   / 10

    Trust   / 10

Less

Alana (QLD), reviewed about 1 year ago

NAB

NAB Personal Loan (Fixed, Unsecured) personal loan review

Overall rating   9 / 10

Happy to get my statement online

I'm very happy with the service I receive and the help from a very nice financial officer.

Full review

I'm very happy with the service I receive and the help from a very nice financial officer.

    Price   9 / 10

    Features   / 10

    Customer service   / 10

    Convenience   / 10

    Trust   / 10

Less

Jennifer (SA), reviewed over 1 year ago

NAB

NAB Personal Loan (Fixed, Unsecured) personal loan review

Overall rating   10 / 10

Reasonable bank

NAB are pretty good but I pay $50 a month in loan fees alone.

Full review

NAB are pretty good but I pay $50 a month in loan fees alone.

    Price   6 / 10

    Features   / 10

    Customer service   / 10

    Convenience   / 10

    Trust   / 10

Less

Lisa (VIC), reviewed over 1 year ago

NAB

NAB Personal Loan (Fixed, Unsecured) personal loan review

Overall rating   7 / 10

Competitive products and fees

NAB is competitive by way of products and up to date with fresh and new ideas. They present a clean and friendly service when dealing with staff. However my one criticism includes the high volume waiting times in line for a teller, as the number...

Full review

NAB is competitive by way of products and up to date with fresh and new ideas. They present a clean and friendly service when dealing with staff. However my one criticism includes the high volume waiting times in line for a teller, as the number of staff tend to be at minimum for this face to face service.

    Price   5 / 10

    Features   / 10

    Customer service   / 10

    Convenience   / 10

    Trust   / 10

Less

Ronald (QLD), reviewed over 1 year ago

NAB

NAB Personal Loan (Fixed, Unsecured) personal loan review

Overall rating   4 / 10

Too high

Very high rates

Full review

Very high rates

    Price   4 / 10

    Features   4 / 10

    Customer service   4 / 10

    Convenience   7 / 10

    Trust   4 / 10

Less

Leesa (VIC), reviewed over 2 years ago

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. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Fixed

  • 13.49% p.a.to 18.99% p.a. fixed

  • 14.36% p.a.to 19.83% p.a.based on $30,000
    over 5 years

Fees

  • $150.00

  • $10.00

  • $35.00

  • $0.00

  • $0.00

Other financial bits

  • $5,000.00

  • $55,000.00

  • 1 Year

  • 7 Years

  • Unsecured

Features

  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • none

  • Headline rate displayed above, rates start as low as 11.49% based on credit history.

About NAB

National Australia Bank is one of the big four banks who provide a large variety of financial products to the Australian Community. In recent times NAB has set itself apart from the other big four banks; by expanding their ATM network, removing many fees and maintaining low standard variable home loan rates. NAB's changes to its financial products have made their home loan, credit card, loans, savings accounts and personal loans more competitive within the banking industry.

*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.

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