NAB drops its personal loan interest rates

Elizabeth Barry 15 January 2018 NEWS

personal loan

Borrowers can save 3% p.a. when applying for a new loan.

If you're in the market for a personal loan to put one of your 2018 resolutions into action – whether it be a wedding, debt consolidation or even a car – you may want to add NAB into your loan comparison. The Big Four lender has announced a pretty impressive drop in its personal loan interest rates for new borrowers.

If you're applying for the NAB Personal Loan with a fixed interest rate, you can look forward to a new 11.99% p.a. rate, a reduction of 3% p.a.

However, those wanting the variable rate will need to cough up an additional +1% p.a. for a new rate of 15.69% p.a.

Fixed vs Variable

The fixed rate loan obviously has a much more favourable interest rate, so what is the difference between it and the variable rate loan?

The key difference is that the redraw facility is only available on the variable rate. So, if this is an important feature to you, you will need to weigh up its benefits with the additional cost of the interest rate.

What to know about

You'll need to consider the following features and fees of the loan before you apply. (Note: These apply to both the variable and fixed rate).

  • Loan amount: $5,000 to $55,000
  • Loan term: 1 to 7 years
  • Application fee: $150
  • Monthly service fee: $10
  • Early repayment/exit fee: $0

Are you eligible?

You'll need to meet the following criteria to be eligible for the NAB Personal Loan (fixed or variable):

  • Be 18 or older
  • Reside in Australia
  • Have held a NAB account for at least 6 months
  • Be an Australian or New Zealand citizen OR
  • Be an Australian permanent resident or a non-resident holding an acceptable temporary resident visa
  • Have a regular income and a good credit rating
  • Be able to afford the loan payments

It takes ten minutes to submit your application and your loan funds will be paid directly into your NAB account.

Compare and apply for a NAB Personal Loan

Rates last updated November 19th, 2018
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
NAB Personal Loan Unsecured Variable Rate
Headline rate 12.69% (variable)
1 to 7 years
You'll receive a variable rate based on your risk profile. The headline rate is 12.69% p.a.
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility.
NAB Personal Loan Unsecured Fixed
Headline rate 13.49% (fixed)
1 to 7 years
You'll receive a fixed rate between 11.49% p.a. and 18.99% p.a. based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years.

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