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To get the full story about a Tertiary Student Deferred Repayment 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 Deferred Repayment Loan?
How much can I borrow?
How long can I take out a loan for?
What type of interest will I be paying?
Do I have to provide security for my loan?
How long does it take for the loan to be approved?
How do I make repayments?
Can anyone apply for a Tertiary Student Package Deferred Repayment Loan from NAB?
What do I need to apply for a loan?
What are the major benefits of a Tertiary Student Package Deferred Repayment Loan?
You can experience all student life has to offer without money worries holding you back. Borrow what you need to live now and have the option of deferring repayments until after you finish your studies* for up to 5 years, along with a preferential interest rates.
How much can I borrow?
The minimum amount you can borrow is $500. A maximum loan amount can be calculated according to your specific details, up to $20,000.
How long can I take out a loan for?
You can defer your repayments for up to five years. After the deferral period has ended, you have three years to repay the loan.
What type of interest will I be paying?
A preferential variable interest rate, which is lower than the NAB Personal Loan rate. Refer to the current competitive interest rates offered by NAB.
Do I have to provide security for my loan?
This will vary depending upon your individual circumstances. You may need a credit contract or consumer guarantee. The most appropriate option can be discussed at your loan interview.
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, a conditional approval of your loan is provided within 24 to 48 hours. Based on verification of your details you provided in your application, we will begin preparing the loan contract/s, which usually takes 3 to 4 working days. Your money is available once the contracts have been signed. In most cases, your money will be provided by cheques - made out to the specified creditors in your loan application.
How do I make repayments?
Your repayments can be deferred for up to five years. You have the option to make occasional or regular repayments when you like during the deferral period to save interest, which accrues from the date you draw down your funds.
There are a range of repayment options. You can pay via periodical payment, in branch or by NAB Telephone Banking or NAB Internet Banking. The choice is yours.
Can anyone apply for a Tertiary Student Package Deferred Repayment Loan from NAB?
As long as you are a full time tertiary student at a University, TAFE, Agricultural College or Registered Training Organisation, and are over 18 years of age, you can apply for a Deferred Repayment Loan from NAB. 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:
- identification to satisfy an AUSTRAC 100 point test (if you are a new customer)
- your driver’s licence details
- the value of your home, if applicable, and any other assets
- the amount owing on any loans, credit cards or store cards
- your income and employment details
- documentary evidence of enrolment
NAB's normal lending criteria apply. Fees and charges apply. Terms and conditions are available upon application.
* Repayments begin three months after you complete your full-time study. Interest accrues from the date of draw down.
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