NAB personal loan repayment calculator

Thinking about taking out a personal loan with NAB? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how NAB personal loans compare with other options.

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Additional repayments allowed
  • No early exit fees
  • Can apply online
  • Upfront fees
  • Monthly fees
  • Not the lowest rates on the market

NAB personal loans rates

Product
Advertised Rate
Comparison Rate*
Repayment
Upfront Fee
Features
Go to site
Company

12.77%

Variable

12.99%

$679

based on $30,000 loan amount for 5 years

$150

Redraw facility
Extra repayments
Fully drawn advance
Secured
NAB
More details

12.69%

Variable

13.56%

$678

based on $30,000 loan amount for 5 years

$150

Redraw facility
Extra repayments
Fully drawn advance
Secured
NAB
More details

12.69%

Fixed

13.56%

$678

based on $30,000 loan amount for 5 years

$150

Redraw facility
Extra repayments
Fully drawn advance
Secured
NAB
More details

Features of a NAB personal loan

NAB’s unsecured personal loans are available for borrowing between $10,000 and $55,000, and you can choose either a fixed or variable interest rate, depending on whether you would prefer simpler budgeting or greater repayment flexibility.

You can choose a loan term of between one and seven years, so you can get your debt paid off more quickly or make more affordable repayments. These repayments can be made monthly, fortnightly or weekly – whatever suits your budget. In some circumstances, you could receive your funds same day if you apply in-store by 2pm.

NAB personal loans can be used for a range of different purposes including:

  • New and used cars
  • Motorcycles
  • Boats
  • Student loans
  • Debt consolidation
  • Renovations
  • Shares
  • Holidays
  • Medical bills
  • Weddings and events

NAB personal loans – customer service

NAB customers can contact the bank online, via email or on the phone seven days a week. There is also a vast network of branches across Australia. Borrowers can also contact customer service via:

  • Online banking
  • Email
  • Phone
  • In store
  • Mobile banking

Who is eligible for a NAB personal loan?

To be eligible for a NAB personal loan, borrowers must meet the following criteria:

  • Be at least 18 years old  
  • Be an Australian citizen, permanent resident or have a valid visa
  • Provide details of income and employment
  • Have a regular income and a good credit rating
  • Be able to service the loan repayments

How to apply for a NAB personal loan?

Applications for a NAB personal loan can be made online or in store. The process takes around 10 minutes and involves the following steps:

  • Apply online through the NAB website
  • NAB will then review your application and you’ll receive a decision within two business days
  • If approved, you can accept documents online
  • Once accepted, the funds are paid directly into your NAB account

At the time of application, you’ll need to provide the following documentation:

  • Proof of identity
  • Proof of income and employment
  • Details of any other financial commitments
  • Details of additional assets

NAB personal loans review

A NAB personal loan can be used for a wide range of purposes like weddings, cars, holidays and renovations. Borrowers can borrow from $5,000 to $55,000, with loan terms from one to seven years and choose from either a fixed or variable interest rate.

While NAB personal loans have a range of features, it’s worth noting that NAB’s fixed and variable personal loan interest rates are higher than the market average. When it comes to fees and charges, NAB’s upfront fee is lower than the market average, while the ongoing monthly fee is higher.

With NAB personal loans, you have the option to make extra repayments onto NAB’s fixed or variable personal loans, which can potentially reduce the amount of interest you pay. NAB personal loans also have no exit fees for paying off the loan early. However, only the variable-rate personal loan includes access to a redraw facility, which allows you to withdraw extra repayments you make onto your loan.

Before choosing a personal loan, it always pays to do your research and compare your options.

Can you refinance a $5000 personal loan?

Many personal loans, much like home loans, can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent, without worrying about ending up out of pocket if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, with higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will guarantee the loan, taking on the financial responsibility if the borrower defaults.

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who don’t have a lot of free time. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan – however, the process is easier and faster than taking out a mortgage.

Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. They have higher interest rates than regular personal loans and are also harder to access.

Can students with no credit history get loans?

It is possible for students with no available history of borrowing or managing money to get a personal loan, though it may be more difficult and/or expensive than for borrowers with a good credit history.

Having no credit history means having no credit score. While many lenders may consider having no credit score to be better than having a bad credit score, they may still consider it riskier to lend to an unknown borrower and may charge higher interest rates or fees than to borrowers with good credit scores.

Can I get a bad credit personal loan with a guarantor?

Selected lenders will consider personal loan application from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).

If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the costs.

What can I use a bad credit personal loan for?

Generally, bad credit personal loans can be used for one or more of the following purposes:

  • Debt consolidation
  • Paying bills
  • Buying vehicles
  • Moving expenses
  • Holidays
  • Weddings
  • Education

Some lenders restrict how their bad credit personal loans can be used as part of their commitment to responsible lending – be sure to check before applying.

Can I get a no credit check personal loan?

Personal loans with no credit check are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They carry a range of risks, including putting individuals into a worsened cycle of debt due to higher than average fees.

How much can I borrow with a personal loan?

It’s unusual for a lender to make a personal loan above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.

What is debt consolidation?

Debt consolidation is the process of rolling several old debts into one new debt – usually to save money or for the sake of convenience.