NAB drops its personal loan interest rates
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