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To get the full story on a NAB Personal 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 does a NAB Personal Loan for debt consolidation cover?
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 put up my assets as security for the loan?
How long does it take for my loan to be approved?
How do I make repayments?
Can anyone apply for a personal loan from NAB?
What do I need to apply for a loan?
What does a NAB Personal Loan for debt consolidation cover?
A NAB Personal Loan for debt consolidation is where multiple loans and debts, such as store cards, credit cards, or store loans that are no longer ‘interest-free’, are replaced with a single personal loan. This means you only have to make and keep track of one payment instead of numerous ones. You may also end up with a lower interest rate, lower payments and a longer repayment period. This could help you to manage your finances more efficiently.
A NAB Personal Loan does not cover everyday living expenses such as insurance costs, utility bills, rates, medical expenses or school fees.
How much can I borrow?
The minimum amount you can borrow is $5000*. A maximum loan amount can be calculated according to your specific details, up to $80,000.
* If you are a NAB Home Loan customer unable to use redraw to access small loan amounts, you can borrow from a minimum of $2000.
How long can I take out a loan for?
You can take out a NAB Personal Loan from one to seven years. Choose a period that’s comfortable for you.
What type of interest will I be paying?
A NAB Personal Loan gives you the choice of a fixed or variable interest rate. You can decide whether you want the security of always knowing how much your repayments will be with a fixed rate, or enjoy the competitive rate of our variable loan.
Refer to the current competitive NAB Personal Loan interest rates and comparison rates.
Do I have to put my assets up as security for the loan?
No, you don’t. If you qualify for an unsecured NAB Personal Loan, you don't need to provide any type of security.
If you do provide security for your NAB Personal Loan, you will be entitled to an interest rates lower than the unsecured NAB Personal Loan rate. For a secured loan, the bank requires security such as a mortgage over property or a Term Deposit account.
How long does it take for my 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 provided within 24 - 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.
How do I make repayments?
With a range of repayment options, there’s bound to be one to suit your needs. Pay via periodical payment, in a branch, or by Telephone Banking or Internet Banking on a monthly, fortnightly or weekly basis. The choice is yours.
You also have the flexibility to increase the amount and frequency of your repayments at any time and make lump sum repayments in order to pay off your loan sooner and to save on interest.
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 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:
- 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
Take control of your debts in one hit.
Terms and conditions are available on application. Fees and charges are payable. Normal lending criteria apply.
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