Best Unsecured Personal Lender 3 years in a row
RFi Group’s Australian Lending Awards 2019, 2020, 2021
Benefits of a NAB Personal Loan
No penalties, exit fees or surprise charges
No penalties when you make early repayments, no exit fees when you pay off your loan sooner and no surprise charges including no late payment fee.
Get funds in one business day
If you’re approved and accept our loan offer through NAB Internet Banking, your money will be ready in one business day.
Personalised rates
From 8.49% p.a. to 20.49% p.a. (comparison rate 9.88% p.a. to 21.78% p.a ).
Ability to redraw extra funds
Redraw available on a variable rate loan if you’re ahead on repayments, giving you flexibility if you need extra funds.
Borrow from $5,000
You can borrow from $5,000 and up to $55,000, for a variety of loan purposes.
One to seven years flexible loan term
With weekly, fortnightly or monthly repayment options.
Make it happen with up to 110,000 Qantas Points
Earn two Qantas Points for each dollar of your approved NAB Personal Loan amount when you borrow between $5,000 and up to $55,000.
To be eligible for the offer, you must:
See important information for full eligibility criteria.
Compare personal loan rates and fees
We offer a range of rates on our personal loans. The interest rate you are offered is based on your personal circumstances. We decide your rate based on:
- your banking history with NAB
- information you provide in your application, including income, assets, debts and expenses
- your credit history report including your credit score.
Find out more about credit-worthiness and how to improve your credit score.
After you submit your application, we’ll give you an indicative interest rate if you’re conditionally approved. This is subject to verification of the information you give us in your application.
Once we’ve verified your information, we’ll give you the loan documentation setting out your interest rate and other important information. Keep in mind that the rate shown in the loan documentation is subject to change and may be different on the day of settlement.
Personal loan interest rates
| Interest rate | Comparison rate | |
|---|---|---|
| Variable rate loan | Interest rate
From 8.49% p.a. to 20.49% p.a. |
Comparison rate
From 9.88% p.a. to 21.78% p.a. |
| Fixed rate loan | Interest rate
From 8.49% p.a. to 20.49% p.a. |
Comparison rate
From 9.88% p.a. to 21.78% p.a. |
Personal loan fees
| Application fee One-off payment when loan is established |
$250 |
|---|---|
| Monthly fee |
$15 |
| Exit fee | $0 |
| Late payment fee | $0 |
What you’ll need to apply online
Here’s what you need to know about applying and eligibility.
Exclusions apply, see important information.
Check your eligibility
-
Be a member of the Qantas Frequent Flyer program
-
Apply online during the offer period
-
Be approved and drawdown within 90 days of the contract date or by 29 July 2023, whichever is earlier
-
Register with Qantas within 30 days of drawing down
-
Keep your NAB Personal Loan open until you receive your Qantas Points
Identify yourself
You’ll need to have the following information ready:
- employment details for the past three years
- financial information (income, assets, debts and expenses)
- proof of income (such as payslips or bank statements)
Apply online
To apply online, you must:
Read important information for visa categories that are not acceptable.
-
If you’re an existing customer, you can:
- save time and use your NAB ID to prefill your personal and financial information (this may include debts you have with other financial institutions)
- save the progress of your online application by clicking Save and continue (you have 30 days to return and complete your application). However, you must submit your application by 30 April 2023 to be eligible for the offer
- speed up your application by uploading your proof of income documents in the application form.
You can find your NAB ID on the back of your NAB card or in your NAB app under My Details.
To resume your application, make sure you have your NAB ID and mobile phone with you.
We may ask to verify your income. You may not be required to provide any documents as part of the application process. NAB will only ask you for documents if we can’t verify your information.
-
If you’re a new customer, you’ll need to provide at least one form of ID in the online application form:
- Australian driver’s licence
- Australian passport
- International passport
If you prefer to visit a NAB branch to verify your identify, make sure you have the right combination of acceptable documentation.
You may be asked to provide recent financial documents (such as payslips or bank statements) when applying. Learn what documents we need to verify your income. You can speed up your application by having these ready.
Understanding if a personal loan is right for you
A personal loan allows you to borrow funds for one-off personal and household purchases or debt consolidation. This comes in an upfront lump sum.
A credit card is useful for daily expenses, monthly bills or small purchases. You’ll be given a specific limit that you can spend up to with a credit card.
Learn more about choosing between a credit card or personal loan to find the credit product best suited to your needs.
What a personal loan may be ideal for
What you can’t use a personal loan for
It’s important that you’re able to comfortably make repayments. When evaluating your ability to repay the amount you asked to borrow, we’ll review your creditworthiness and take steps to ensure you’re not approved for a loan amount outside your means.
Our interest rates explained
Understanding the different types of interest rates will help you make an informed choice.
-
A fixed rate stays the same for the life of the loan, so your loan repayments will also stay the same.
A variable rate can go either up or down over the life of the loan – this means your minimum repayment may change. A variable rate loan also gives you access to a redraw facility, so if you need money unexpectedly you can redraw extra funds you’ve paid.
-
A comparison rate is used to help you identify the true cost of the loan, including the interest and some fees and charges. This makes it easier to compare the overall cost of different loans.
When you read comparison rates, take note of the loan amount and term that they are based on. These affect the comparison rate and you want to be comparing apples with apples.
Find out more about this offer
Learn more about how this NAB Personal Loan Qantas Points offer works.
How many Qantas Points will I receive?
You could earn two Qantas Points for each dollar you borrow of your approved NAB Personal Loan amount when you borrow between $5,000 and $55,000.
For example, if you borrow $30,000, you’ll receive 60,000 Qantas Points, if you meet all eligibility requirements, terms and conditions.
How long will it take for my Qantas Points to be credited?
Qantas will allocate your points to your Qantas Frequent Flyer membership account within eight weeks following registration.
Help and support
Find out more about personal loans.
Terms and Conditions
Apologies but the Important Information section you are trying to view is not displaying properly at the moment. Please refresh the page or try again later.
Consider the NAB Internet Banking Terms and Conditions which apply when using NAB Internet Banking.
National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 (NAB) is the credit provider and credit licensee under National Consumer Credit laws. NAB pays Qantas for Qantas Points issued in relation to these personal loans.
Terms and conditions and fees and charges apply. Approval and loan amount are subject to our credit assessment criteria. Information, including fees are subject to change. See our general terms for personal loans, personal banking fees and charges and indicator rates for other personal lending.
Target Market Determinations for these products are available at nab.com.au/TMD.