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NAB Unsecured Variable Rate Personal Loan

Borrow up to $55,000 with personalised interest rates. Interest charges and fees apply.

3 things to consider about this loan:

  • Variable rate loan. Your interest rates could vary on a month-to-month basis.
  • Personalised rates. Your interest rates will be tailored to your credit history.
  • Monthly and application fees apply. You’ll be charged ongoing fees and a one-off application fee.
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From 6.99% (variable)

Interest Rate (p.a.)

7.91%

Comparison Rate (p.a.)

$5,000

Min Loan Amount

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Details

Product NameNAB Personal Loan Unsecured Variable Rate
Interest Rate (p.a.)
From 6.99% (variable)
Comparison Rate (p.a.)7.91%
Interest Rate TypeVariable
Min Loan Amount$5,000
Max. Loan Amount$55,000
Loan SecurityUnsecured

How does the NAB Unsecured Variable Rate Personal Loan work? 

This personal loan comes with a variable rate starting from 6.99% p.a., with loan terms from 1 to 7 years. NAB also offers a fixed rate option. No security or guarantee is required for the loan. The interest rates are personalised based on a number of factors, including your credit history. You can expect a rate at the lower end of the range if you have excellent credit history. If your credit history is average or short, you’ll receive a range of around 12.69% p.a. or higher.

What features does the NAB Unsecured Variable Rate Personal Loan offer? 

  • Personalised rates. Your credit score and history will play a role in how much interest you pay.
  • Variable interest rate. This loan comes with a variable rate. This means that your interest rate could change monthly depending on the market rate. This may make it harder to budget for repayments as your repayments can either increase or decrease.
  • Borrow up to $55,000. You can apply for between $5,000 and $55,000.
  • Terms up to 7 years. You can choose a loan term from 1 to 7 years.
  • Funds in one business day. Once you’re approved for the loan, you can get your funds in one business day.
  • Flexible repayments. You can make weekly, fortnightly or monthly repayments based on what suits you.
  • Extra and early repayments. You can make extra repayments when you can or completely pay off your loan early without incurring extra charges.
  • Redraw facility. You can redraw your extra repayments.

How much does the NAB Unsecured Variable Rate Personal Loan cost? 

The costs associated with this loan include the following: 

  • Loan principal
  • Variable interest ranging from 6.99% p.a. to 18.99% p.a.
  • Application fee of $150
  • Monthly fee of $10

No other fees are charged for this loan. Your comparison rate can range from 7.91% p.a. to 19.83% p.a.

What are the pros and cons of the NAB Unsecured Variable Rate Personal Loan?

Pros. 

  • No early or extra repayment fee. You can pay off your loan early without facing any penalties. You can also make extra repayments and reduce how much you owe in interest. 
  • Quick turnaround. You can receive funding within one business day of approval.  

Cons. 

  • May be difficult to budget. With a variable rate, your interest charges may either increase or decrease based on the market rate. This could throw your budget off if the interest rate rises. 
  • Ongoing fees. Monthly fees will add to the cost of your loan, making it more expensive. 

Am I eligible for this loan? 

To apply for this loan, you need to meet the following criteria: 

  • Be at least 18 years of age
  • Earn a regular income
  • Be a citizen of Australia or New Zealand or a permanent resident of Australia
  • Be an Australian citizen for tax purposes. 

How do I apply? 

You can apply for the loan online, through NAB’s website. You will need to provide your driver’s licence number, employment details for the past 3 years, your financial information, including income, assets, debts and expenses, and your personal NAB ID if you have one. You’ll receive a decision within 60 seconds, and if you’re conditionally approved, your indicative interest rate and repayment amount.

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Wisr Personal Loan Fixed, 3 - 7 Years, $5,000 - $64,000
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Great Southern Bank Unsecured Fixed Rate Personal Loan Fixed, 1 - 7 Years, $5,000 - $65,000
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Great Southern Bank Unsecured Variable Rate Personal Loan Variable, 1 - 7 Years, $5,000 - $75,000
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Important Information*
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ANZ Fixed Rate Personal Loan

You'll receive a guaranteed rate of6.49% p.a. with a comparison rate of 7.41% p.a. if you're approved.
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You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
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38 Comments

  1. Default Gravatar
    Blake
    December 5, 2018

    I currently have a loan with nab which is my bank and have realised that there is other banks that offer lower rates and lower interest but is it possible to re finance through another bank?

    • Avatarfinder Customer Care
      John
      December 10, 2018

      Hi Blake,

      Thank you for reaching out to finder.

      Yes, it is possible that you could move your current existing loan to another bank. But it is advisable that you advise your current lender regarding this to ensure that they are knowledgeable regarding your intention to transfer loan providers. Hope this helps!

      Cheers,
      Reggie

  2. Default Gravatar
    Joan
    December 11, 2017

    i want to clear up all outstanding debts including credit card.
    I have a very good friend who has offered to help me in getting this loan should I be in need of his help. I am a NAB customer so they have all my details. So I would like to try for $10,000 to clear all these up and go and see my son and his family for christmas.

    • Avatarfinder Customer Care
      Rench
      December 12, 2017

      Hi Joan,

      Thanks for reaching out to us.

      According to our review, there are some definite advantages to applying with your current bank as it may be more willing to approve you because it has an existing relationship with you and can see all your incomings and outgoings. Then again, it may not be able to offer you the best deal. You may want to compare your options before you apply to see how competitive its products are. Then, talk to your bank before applying to discuss your eligibility.

      You can also have a look at our list of personal loans for debt consolidation. Debt consolidation allows you to combine all your loans into one. Essentially, it can give you a way to reduce your interest rates and fees, thereby giving you a way to get yourself out of debt. On the page, is a comparison table you can use to see which lender suits you. Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      I hope this information helped.

      Best regards,
      Rench

  3. Default Gravatar
    Edmond
    November 10, 2017

    How do apply for a 10,000 loan?

    • Default Gravatar
      Jonathan
      November 10, 2017

      Hi Edmond,

      Thank you for your inquiry.

      There are options on this page for 10,000 loans.

      Take note that their eligibility and loan agreement may vary across different lenders, so it is important to review them before applying. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Hope this helps.

      Cheers,
      Jonathan

  4. Default Gravatar
    Scooper
    September 9, 2017

    Applying for a personal loan with a bank I have previous and existing debt. Is it likely my application would be approved?

    • Default Gravatar
      Liezl
      September 9, 2017

      Hi Scooper,

      Thanks for reaching out to Finder.

      Your chances of getting a new loan will depend on the bank’s policy, your current loan restrictions, and your ability to afford the new loan repayments. It’s a good idea to review your existing loan agreement and contact your bank for more details on your eligibility. Meanwhile, you may want to check our list of lenders who offer loan top-up and their conditions.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Cheers,
      Liezl

  5. Default Gravatar
    Rick
    February 26, 2017

    Hi.
    My wife and i are looking for a consolidation loan.
    We currently have about 25k in debt and not having much luck.
    We earn around 7k between us a month so we can afford repayments of up to 1k p/m.
    The issue arises when our credit reports are looked at.
    They aren’t the best. Nothing bad, just a lot of enquiries
    and knock backs.
    Would we find it hard?
    Thanks.

    • Avatarfinder Customer Care
      Dee
      February 27, 2017

      Hi Rick,

      Thanks for your question.

      Even if you have a low credit rating, you may still be able to get a debt consolidation loan. Open that link to find lenders who may be able to help and our guide that helps you understand better how debt consolidation works.

      Cheers,
      Anndy

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