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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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.
With competitive rates starting from 6.99% p.a. (7.91% p.a. comparison), you can lock in a great personal loan deal from the outset and save compared to some other lenders.
Unlike most personal loans which are capped at a maximum amount of $50,000, you can take advantage of an extra $5,000 if you need it (or borrow from just $5,000).
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.
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.
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.
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.
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.
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.
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.
You’ll be required to pay a fee of $150 upon establishment, which is lower than what many lenders offer, but also contribute $10 per month across your term in service fees.
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.
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.
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:
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.
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:
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
