- Interest Rate (p.a.)
- 6.99% to 20.49%
- Comp. Rate (p.a.)
- 7.91% to 21.33%
- Min Loan Amount
3 things to consider about this loan:
- Variable rate loan. the interest rate varies over the term of the loan as it is based on an index that changes periodically.
- You can borrow for any worthwhile purpose, without using the goods as security.
- There is no fee if you pay out the loan early.
No early repayment fees
Choice between fixed or variable interest rates
Ability to redraw extra payments if you’re ahead on your repayments
A lower maximum borrowing amount than many competitors
Potentially high interest rates for people with lower credit scores
|Product Name||NAB Personal Loan Unsecured Variable Rate|
|Interest Rate (p.a.)||6.99% to 20.49%|
|Comp. Rate (p.a.)||7.91% to 21.33%|
|Interest Rate Type||Variable|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$55,000|
How does the NAB personal unsecured variable loan work?
An unsecured personal loan from NAB can be used for any worthwhile purchase, such as to consolidate debt, go on a holiday, or for a wedding. It cannot be used for a house deposit, any illegal activities, lender’s mortgage insurance, or business purposes.
Your interest rate will be tailored to your circumstances - meaning NAB will base it on factors like your credit history and credit score.
There are no fees for extra repayments, so you can pay this loan back early without penalty. There is also a redraw facility, which allows you to withdraw the extra repayments you’ve made if you’re ahead on your loan.
Eligibility criteriaTo be eligible for this loan, you must:
- Be 18 years of age or older
- Have a regular source of income
- Be an Australian resident
- Be an Australian or New Zealand citizen, Australian permanent resident or non resident with an acceptable temporary residency visa.
How to apply
- Submit your application online. You will get conditional approval in under 60 seconds.
- NAB will verify your information, and ask for more information if needed.
- If your loan is approved you will receive an offer from NAB and the money will be transferred on the day that you accept NAB’s offer.
You will need
- Your personal NAB ID - if you have one. This is located in your NAB app through My Details or on the back of your NAB card.
- Drivers license number - (if you have a driver’s license)
- Details of employment for the past three years
- Your financial information which includes assets, debts, income and expenses
The information to support your financial information can be uploaded when you fill in the application. If you can’t upload the docs, NAB will advise you by email on other ways to provide them the documents they need.
If you are applying as a joint applicant you cannot apply online. You will need to visit your nearest branch.
Features of this loan
- Unsecured loan. You do not need collateral for this loan.
- Risk-based interest rates. Rates start from 6.99% p.a. to 20.49% p.a.
- Comparison rate: 7.91% p.a. to 21.33% p.a.
- Speedy application process. You can receive an initial confirmation in under a minute Once your loan has full approval the funds will be transferred to your account the same day.
- Flexible payment schedule. Payments can be made weekly, fortnightly or monthly.
- Redraw facility. Withdraw on the loan without needing to reapply for extra funds. You will need to repay the amount redrawn in extra payments on top of your standard loan payment amount.
- Borrow small and large amounts. Loan from $5,000 to $55,000.
- Ability to repay early. There is no exit fee payable if you pay of your NAB personal loan early.
How much does a NAB unsecured variable personal loan cost?
You will pay these fees
|Ongoing fees||$10 per month|
You might pay these fees
|Late payment fee||$0|
|Paper statement fees||$0|