FAQs - NAB Personal Project Loan

To get the full story on NAB Personal Project Loan, take a look at the below frequently asked questions.  If you have any other questions, please call us on 13 13 12 from 8am - 9pm EST, 7 days a week.  We'll be happy to help.  

What are the major benefits of a NAB Personal Project Loan?

NAB Personal Project Loan is built for personal projects.  You get the flexibility of a Visa card for 60 days to allow you convenient access to funds and the control of a personal loan, giving you structured repayments that help keep you on track.  You know how much you have to spend, how long you have to spend it and when your repayments begin. 

What is the difference between a NAB Personal Loan and a NAB Personal Project Loan?

Unlike regular personal loans, you can access your funds via Visa card, NAB Internet Banking and NAB Telephone Banking, and at any NAB branch¹.  You can make multiple purchases of $300² or more and have 60 days to shop around and get everything you need for your project up to your credit limit.  Another important item to consider is your maximum loan amount required.  With a NAB Personal Project Loan you can borrow up to a maximum of $35,000³. 

Alternatively, with a NAB Personal Loan, you can borrow up to $80,000 - based on your ability to repay.  A NAB Personal Loan is ideal for major one-off purchases or debt consolidation.  In most cases, your money will be provided by cheques, made out to specified lenders in your loan application.

How much can I borrow?

You can borrow a minimum of $5,000 with the Personal Project Loan. The maximum loan amount can be calculated according to your specific details up to $35,000.

You may like to consider a NAB Personal Loanfor amounts over $35,000.

What can I use the loan for?

You can use the loan to make multiple purchases for the purpose you identify in your approved application.  Because this is a loan, not a credit card, your funds should be used for major purchases and transactions of $300 or more, up to your approved credit limit.  Each transaction under $300 will incur a Low Value Transaction Fee.  Your loan is not suitable for periodical payments or paying for everyday living expenses such as insurance costs, utility bills, rates, medical expenses or school fees.  It is also for personal purposes, not business purposes.

Is there a minimum transaction amount I can spend on my loan account?

Yes.  Access to your loan funds during your 60-day access period allows you to make multiple transactions, in line with your loan purpose.  There is a minimum transaction amount of $300.  Each transaction under the minimum amount, of $300, will incur a Low Value Transaction Fee.

What type of interest will I be paying?

The NAB Personal Project Loan offers competitive interest rates.  Refer to the current Personal Project Loan interest ratesoffered by NAB. 

Do I have to provide security for my loan?

No.  NAB Personal Project Loan is unsecured, which means you don't need to provide any type of security. 

How long does it take for the loan to be approved?

Once you know how much you want to borrow, your application can be processed and, in most cases, approval provided within 24 - 48 hours.  Verification may take 3-4 days.  Once approved, your contract and Visa card will be sent to you which you can use to access your loan funds.  

When can I get access to my loan funds?

If approved, your funds are available once your account has been set up, which you can access through NAB Telephone and Internet Banking⁴ or at a NAB branch⁵.  You will also receive a NAB Personal Project Loan Visa card, which allows you to access funds anywhere Visa is accepted (up to 22 million locations around the world).

Can I get an additional card?

Yes.  To arrange this during your access period, simply complete the additional cardholder section in your application form, or call 1300 650 456 to be sent an additional card request form⁶. 

How do I advise NAB of an unauthorised or unknown purchase transaction on my National Personal Project Loan account?

To report an unauthorised or unknown purchase transaction on your NAB Personal Project Loan account, you are required to complete a Personal Project Loan Purchases Disputed Transaction Advice form (PDF, 115KB)that can be downloaded and printed to submit your transaction enquiry.

When you have completed this form, please fax it to (03) 9208 5666, or mail it to:

eServices
Credit Card Dispute Team
GPO Box 2965DD
Melbourne Vic 3001

When do I make repayments?

Repayments are required monthly and cover the principal loan amount, plus interest and fees.  Repayments can be made by fee-free direct debit, NAB Telephone Banking or NAB Internet Banking, using BPAY®, in branch or by mail.

Our Personal Project Loan repayment calculator can help you determine what your repayments could be.

You also have the flexibility to make lump sum repayments or pay out your loan early without penalty. 

® Registered to BPAY Pty Ltd ABN 69 079 137 518  

Can anyone apply for a personal loan from NAB?

As long as you have a regular income and are over 18 years of age, you can apply for a NAB Personal Project Loan.  You don't even need to be a NAB customer. 

If you are not a NAB customer, you will have to complete the standard identification procedures required by AUSTRAC, prior to receiving your funds.

What do I need to apply for a loan?

All you need is:

NAB's normal lending criteria apply. Fees and charges apply. Terms and conditions are available upon application.

1. Accessing funds at a non-NAB branch on your NAB Personal Project Loan will incur a non-NAB Branch Withdrawal Fee.

2. Each transaction under $300 will incur a Low Value Transaction Fee.

3. Minimum loan amounts apply.

4. Terms and conditions apply and are available upon registration for the service. Fess and charges may be payable.

5. Accessing funds in a non-NAB branch will incur a non-NAB Branch Withdrawl Fee.

6. The accountholder is responsible for all transactions conducted with the additional card.  The holder of an additional card must be over 16 years of age.