Your selected personal loans
National Australia Bank (NAB) is one of Australia’s 'Big Four' banks, with close to 9 million customers and an annual profit of around $8 billion (2023). The NAB Group of companies includes corporate and retail banking businesses NAB, UBank and the Bank of New Zealand.
Similar to the other major banks in Australia, NAB provides customers with a wide range of personal finance products, including home loans, bank and savings accounts, credit cards and personal loans. It offers both fixed and variable unsecured personal loans, which can be used to buy a car, consolidate debts, renovate your home, travel, buy personal goods and more.
Borrow between $5,000 and $55,000
Competitive interest rates starting at 8.49% p.a.
Additional repayments allowed
No late payment or exit fees
$250 loan application fee
$15 monthly service fee
NAB’s Unsecured Personal Loan (Variable) offers borrowers between $5,000 and $55,000 over 1 to 7 year terms, with competitive interest rates starting from 8.49% p.a. up to 20.49% p.a. Its current variable rate range is fairly standard, though there are some cheaper options (at the lower end) available for similar loans in the Mozo database.
Ultimately the rate you are offered is based on your personal circumstances, including your income, assets, debts and expenses, credit history and your banking history with NAB, if that’s applicable. So you could pick up a rate at the lower end should you meet the bank’s criteria.
With NAB’s Personal Loan you can also enjoy the flexibility of weekly, fortnightly or monthly repayments, and there are no penalties when you make early repayments. Also of note, NAB allows extra repayments to be accessed via a redraw facility if you need that flexibility.
Overall this personal loan offers competitive rates and features, though does come with a couple fees to consider: a hefty application fee of $250 and a monthly fee of $15. On the flipside, no exit fees or late payment fees is handy to have.
*This equates to comparison rates from 9.88% p.a. to 21.78% p.a., based on $30,000 over 5 years.
It will depend on the information you provide. If everything is in order you can get a response in 60 seconds. If approved and accepted through NAB Internet Banking, your money will be ready in one business day.
Yes. You can access NAB’s personal loan repayment calculator here to get an estimate on either fixed or variable rate loans. Mozo’s personal loans calculator might also be of help if you’re looking to compare loans side by side.
According to the Mozo personal loans calculator, a $15,000 with an interest rate of 10.35% p.a. paid over three years would cost you $436 per month.
There are a number of top personal loans on the market, including Mozo Experts Choice Awards winners, which are chosen based on their attractive interest rates, low fees and flexibility. Your decision of which is best for your needs, should factor in these important aspects of the loan.
Your selected personal loans
They staff at NAB made it easy and stress free to apply for a personal loan. Talked me through all the paper work and had it assessed withing 4hrs. Wouldn't bank with anyone else.
I like it because of the ease of applying for the loan
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.
Wonderful customer service. Easy to deal with.
I applied for a personal loan via the internet. I was approved within minutes. So easy. Made my day.
It's my first bank and I love it
* WARNING: 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. 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.
^See information about the Mozo Experts Choice Personal Loan Awards
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