Understanding the loan review program

Why we’re doing a loan review

As part of our commitment to doing the right thing, we sometimes reach out to check in with customers to ensure we’ve used correct and complete information when assessing their loans.

There’s no fee to complete the review, and when the review is completed, we won’t ask you to pay anything.

Your participation is voluntary

The program is voluntary and it’s important to note that whether you choose to participate or not, there’ll be no negative impact on your accounts or credit rating.

If we don’t hear from you within 60 days of our first contact to you, we’ll assume that you don’t want to participate.

If for any reason you miss the cut-off date, you can still contact us, and our team will be happy to speak with you about the next steps.

If you have joint accounts

We’ll write to all account owners to participate in the review, as we may need information from all parties.

If all parties agree, you can nominate one of the account holders to be the main contact point for the review.

How the loan review process works

A consultant will be in touch with you after the initial review is completed.

If more information is required, we’ll book a phone appointment with you to discuss your applications in more detail.

We don’t review the interest rate as part of this review, rather we're focused on ensuring that we used correct and complete information when assessing your loans.

If you’re unhappy with your interest rate, or have a different loan enquiry, you can contact us by calling 13 22 65, messaging our team through the NAB app or visiting your local branch.

How to prepare for your appointment

We might provide you with documents that we used to assess your loans. We’ll ask that you review these and have them with you at the time of your appointment.

You can bring a friend or family member with you during the phone meeting if required.

We also have interpreters available to answer your questions about the program in your preferred language.

What happens after the review

We'll endeavour to have an outcome for you within 60 days of your first meeting. If we ask you for more information or to review documents, it may take longer.

After reviewing all the information, we’ll be in touch to let you know the outcome. This may include providing you with compensation.

We’re unable to give you an estimated compensation amount, as it depends on the type of loan and the outcome of the review.

If you’re eligible, compensation is calculated with reference to the approach published by the Australian Financial Complaints Authority (AFCA), opens in new window. A range of factors are considered when calculating compensation, such as interest and fees charged on the loan(s).

If you’re not happy with the outcome

If you aren’t satisfied with our response, you can raise a complaint or provide feedback.

If your concerns haven’t been resolved to your satisfaction, you can contact the Australian Financial Complaints Authority (AFCA), on 1800 931 678 or by email. We recommend contacting AFCA within six months from the date at the top of your letter, as time limits might apply.

Would you like to participate in the loan review?

To participate, please call us on 1800 290 550 or email us at review@nab.com.au and include the reference number from your letter or email. We’ll answer any questions you have and conduct an initial review on your applications.