NAB Personal Loan Review

Whether you’re a NAB customer or not, find out whether they’re the best option for you by comparing loans and features with Savvy.

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, updated on May 28th, 2024       

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NAB is one of the biggest financial institutions in Australia, sitting alongside ANZ, Commonwealth Bank and Westpac to make up the Big Four of Australian banking.

They offer a highly diverse range of products, from banking to insurance to home loans to various products designed for businesses and everything in between, including personal loans.

It’s always crucial to compare as many loans as possible when deciding which lender is right for you, which is why we’ve broken down the loan so you can find out all the key information fast and make an informed call. Start comparing today with Savvy.

*Please note that Savvy does not represent NAB for their personal loan product.

The features and benefits of NAB personal loans

Secure a rate as low as 6.99% p.a.

With competitive rates starting from 6.99% p.a. (8.05% p.a. comparison), you can lock in a great personal loan deal from the outset and save compared to some other lenders.

Borrow up to $55,000

You can borrow from $5,000 all the way up to $55,000 for your personal loan through NAB, depending on your needs.

Choose your preferred loan term

The key to a comfortable loan is the time you take to repay it. Fortunately, you can choose between a term as short as one year or as long as seven to space out your instalments.

No early exit charges

If you find yourself in a position to pay more than the required sum, you can do so without having to worry about being charged a significant fee to offset your interest saving.

Access to a redraw facility

NAB’s personal loans give you access to a redraw facility, which presents borrowers with a simpler way to withdraw funds when they need them compared to applying for another loan.

Unsecured personal loans

You won’t need to worry about finding an asset which holds resale value to serve as collateral when applying for your loan, as NAB only offers unsecured personal loans.

The pros and cons of personal loans with NAB


Fixed or variable interest

Whether you prefer to have your interest locked in from the outset to help with budgeting or leave it open to fluctuation, you can choose whichever you prefer with NAB.

Fast online applications

You can complete your personal loan application online with NAB with a quick approval time of within just 60 seconds of submitting the document to them.

Spend your money however you like

You won’t really be beholden to many restrictions on how you’ll be required to spend your funds, as these loans are designed to be flexible to whatever you may need.


Application and monthly fees

You’ll be required to pay a fee of $250 upon establishment, as well as contribute $10 per month across your term in service fees.

Unavailable to borrowers with imperfect credit

If you’ve struggled with your credit score, you’re better off seeking out a smaller specialist lender online than applying to one of the big banks, as they won’t approve your application.

No secured loan option

Secured personal loans can open up your ability to borrow a greater amount at a lower interest rate, so not having the option will mean you’ll have to look elsewhere if you want one.

NAB personal loans explained

How do I apply for a NAB personal loan?

The entire application process for taking out a personal loan is conducted via NAB’s website, so you’ll be able to complete this at home or on the go. However, you should make sure you know what to expect when submitting your application to ensure it runs as smoothly as possible. The steps for applying are:

Prepare the required documents

Before you apply, make sure you have all the documents and information you need to complete your application. NAB requires a set of documents to be supplied alongside your other application information, which include:

  • Your driver’s licence number
  • Information regarding your employment over the past three years
  • Information regarding your income (such as via payslips and bank statements)
  • Details of any assets and liabilities, as well as your regular expenses

Send your application through

Once you have these, you can complete your application form. This should take around 15 to 20 minutes to fill out and send off, after which you’ll only need to wait around for another minute or so to find out whether your application was successful.

Receive an outcome and supply any extra documents

Within 60 seconds of submitting your application form, you’ll receive confirmation of conditional approval if your application meets the mark. This will also include an indicative interest rate which you may receive once formally approved. At this stage, NAB may require you to supply further documentation, so send through anything they need.

Sign your contract and receive your money

Once they’re satisfied with your application, you’ll be sent a formal loan contract to sign and return, which confirms all the key details of your agreement, including the fees which can apply and the interest rate you’ll be formally offered. If you’re happy with everything, you can sign this and return it to NAB, who can then proceed to advance the funds directly into your account.

Before stepping into the application process with NAB, though, you should always compare personal loans with Savvy. We’re partnered with flexible lenders who can offer highly competitive loans when compared to the big banks and enable borrowers to access our useful tools to help calculate the potential cost of different loans. Choose the right personal loan for your needs by comparing offers today.

What are the eligibility criteria for NAB personal loans?

There are several key criteria for borrowers to follow when applying for a personal loan with NAB. It’s important to check over these thoroughly before you submit your application, as not doing so could lead to an avoidable rejection being placed on your credit file. The key considerations when it comes to qualification criteria are:

  • You must be at least 18 years of age
  • You must be an Australian citizen, permanent resident, temporary resident with an accepted visa or a New Zealand citizen
  • You must be employed and earning a stable income
  • If applying online, you must be a single applicant
  • If applying jointly with a partner, you must apply at your local branch

Common personal loan queries answered

Will I be able to get a personal loan as a casual employee?

Yes – provided you’ve been working in the same place consistently for an extended period (generally up to six months) and earning a stable income, you can be approved for a personal loan as a casual employee.

What will the approval time be for my personal loan?

While you can be pre-approved within just 60 seconds of applying for finance with NAB, it may take up to 24 to 48 hours to have your loan signed off on and fully funded. This depends on the nature of your profile and the loan you’re applying for, however. If there’s a greater number of questions needing to be asked about your financial background, the process is likely to take longer.

Does it matter where I live when applying for finance?

No – regardless of where you live in Australia, whether it be in Adelaide, Canberra, Hobart, Melbourne or anywhere else, rural or metropolitan, you can be approved for the same personal loan as anyone else.

Is it better to apply with a different type of lender?

Different lenders come with different benefits. A big bank like NAB offers a vast range of products, so it’s easier to do all of your banking and borrowing with one institution. However, non-bank and private online lenders can often offer better rates and overall deals to borrowers, as can credit unions, albeit without the same number of physical locations. Consider what your priorities are for your loan before you apply and take the time to think about which lender is best for you.

How do I maximise my chances of securing a low-cost loan?

When it comes to lowering the costs of your loan, there are several things you can do. These include:

  • Compare as many loans as you can to pick out the lowest interest rate
  • Make additional repayments throughout your loan
  • Try to find an offer with low or no fees
  • Choose a shorter loan term
  • Display positive credit behaviour in the leadup to applying
  • Use our repayment calculator to see which amounts, terms and rates are the most manageable for you

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