NAB Personal Loan (Variable, Unsecured)

12.69% p.a.to 18.69% p.a.

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

$150

NAB Personal Loan (Variable, Unsecured) Review

Rates and fees information correct as at 22 August 2018.

Review published: 2 August 2018

What's hot:

  • Headline rate 12.69%** (comparison rate 13.56%)

  • Free extra repayments

  • Flexible repayment schedule

What's not:

  • $150 application fee

Mozo snapshot:

Whether you're looking to fund a car, a renovation or even a holiday; NAB’s variable rate Unsecured Personal Loan may help you achieve your spending goals. With a headline variable rate of 12.69%** (13.56% comparison rate) the loan’s flexible repayment schedule and the flexible 1-7 year loan loan terms will help you create a repayment plan fit to with your budget.

Key features:

To kick off your personal loan search, the interest rate is likely your first port of call. The NAB Unsecured Personal Loan offers a headline variable interest rate of 12.69%** (13.56% comparison rate). However, for customers with particularly impressive credit the best possible rate is 10.69% (11.58% comparison rate).

To help you save some interest, early repayments can be your new best friend and with the NAB Personal Loan you’ll be able to make these early repayments with no extra fees attached. Even if you completely pay off the loan early, you won’t have to worry about any sort of exit fee.

Getting a loan to fit your budget can be a little tricky, but NAB provides personalised loan repayment options to make this as easy as possible. You’re able to choose a loan that is anywhere between 1 and 7 years, as well as choosing to make your repayments either weekly, fortnightly or monthly.

To be eligible for a NAB Personal Loan you’ll need to borrow a minimum of $5,000, but you can borrow all the way up to $55,000 if your loan needs are for something a little bit larger. And as the loan is unsecured, you don’t need any sort of collateral to be eligible.

**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 10.69% (11.58% comparison rate), while the maximum is 18.69% (19.53% comparison rate).

Who it's good for:

This variable, unsecured loan is great for borrowers with no assets to put up as security and great credit, thanks to the personalised interest rates on offer.

Any catches?

NAB Personal Loan does come with a couple fees that need to budgeted for, specifically the $10 monthly service fee and the $150 application fee.

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 (Variable, Unsecured)

NAB

NAB Personal Loan (Variable, Unsecured) personal loan review

Overall rating   9 / 10

Great service

I like this bank because they're helping me while I'm struggling between jobs.

Full review

I like this bank because they're helping me while I'm struggling between jobs.

    Price   8 / 10

    Features   9 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   9 / 10

Less

Dontae (VIC), reviewed 5 months ago

NAB

NAB Personal Loan (Variable, Unsecured) personal loan review

Overall rating   10 / 10

Always great customer service, no worries about it

They are a lovely gang of girls working at this bank, always happy and ready to help you; they even take the time to teach you how to use apps. I may have to wait as they can get very busy, so you either wait or come back. The only thing is they...

Full review

They are a lovely gang of girls working at this bank, always happy and ready to help you; they even take the time to teach you how to use apps. I may have to wait as they can get very busy, so you either wait or come back. The only thing is they close Tuesdays so you need to get things done before and don't leave it for that day.

    Price   -1 / 10

    Features   -1 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Debbie (NSW), reviewed 5 months ago

NAB

NAB Personal Loan (Variable, Unsecured) personal loan review

Overall rating   1 / 10

Customer service

I am waiting for income insurances to kick in (25 days to go out of 88 day waiting period) & trying to live on Centrelink payments. Went to NAB Armadale for a short term personal loan to bridge gap and was told by the manager "we don't lend on...

Full review

I am waiting for income insurances to kick in (25 days to go out of 88 day waiting period) & trying to live on Centrelink payments. Went to NAB Armadale for a short term personal loan to bridge gap and was told by the manager "we don't lend on future events". Isn't that critical to all loans taken out? We will endure, we will get our insurance payouts & take our super money where we are credible.

    Price   0 / 10

    Features   0 / 10

    Customer service   0 / 10

    Convenience   8 / 10

    Trust   0 / 10

Less

Veronica (WA), reviewed 7 months ago

NAB

NAB Personal Loan (Variable, Unsecured) personal loan review

Overall rating   9 / 10

Excellent personal loan.

Brilliantly setup and very reasonable repayments.

Full review

Brilliantly setup and very reasonable repayments.

    Price   10 / 10

    Features   9 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   10 / 10

Less

Magnus (NSW), reviewed over 2 years ago

NAB

NAB Personal Loan (Variable, Unsecured) personal loan review

Overall rating   8 / 10

Competitive and helpful

I have used NAB for my personal banking, personal loan, credit card and business banking for the last few years, after swapping from bank to bank for years prior to this. I find them competitive and helpful, both over the phone and in branch.

Full review

I have used NAB for my personal banking, personal loan, credit card and business banking for the last few years, after swapping from bank to bank for years prior to this. I find them competitive and helpful, both over the phone and in branch.

    Price   7 / 10

    Features   6 / 10

    Customer service   9 / 10

    Convenience   10 / 10

    Trust   8 / 10

Less

Emma (NSW), 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

  • Variable

  • 12.69% p.a.variable

  • 13.56% p.a.to 19.53% 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

  • yes

  • none

  • Headline rate displayed above, rates start as low as 10.69% 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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