NAB has today decreased interest rates on its unsecured fixed and variable personal loans by 300 basis points.

This takes the minimum advertised interest rates on these loans to 6.99% p.a and the maximum to 18.99% p.a (comparison rates may vary*). 

The table below features personal loans with some of the lowest interest rates on the market.


FixedUnsecuredN/AMore details
Loan amounts from $2k to $75k
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
Loan amounts from $2k to $75k

Low Rate Personal Loan Unsecured (Excellent Credit)

  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
FixedUnsecuredN/AN/AMore details

Unsecured Personal Loan (Excellent Credit)

    VariableUnsecuredN/AN/AMore details

    Personal Loan

      Important Information and Comparison Rate Warning

      All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

      The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

      Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of May 26, 2024. View disclaimer.

      This means NAB once again has the most competitive personal loan rates among the big four, after Westpac last week cut its unsecured personal loan interest rate by 200 basis points to 9.99% p.a (11.16% p.a comparison rate*). 

      Other personal lenders to cut interest rates recently include: 

      • Greater Bank: decreased the interest rates on its New Car Loan and Secured Personal Loan by up to 51 basis points to 5.99% p.a (6.37% p.a comparison rate*)
      • SocietyOne: dropped the interest rate on its Unsecured Loan for 'Excellent Credit' customers by 60 basis point to 6.39% p.a (6.39% p.a comparison rate*).

      NAB's 6.99% p.a interest rates are also much lower than the approximate 12% p.a average for unsecured rates on the market, according to's research. 

      In terms of fees, NAB's unsecured personal loans charge a $150 application fee and a $10 monthly service fee, with no exit fees or early repayment fees. 

      See how these compare to other personal loan fees here

      More personal loan rates are being reduced lately, which might suggest lenders are expecting an increase in demand for credit. 

      "As government stimulus starts to pull back, we anticipate personal loans may experience a revival, particularly among sub-prime borrowers who may not be eligible for other kinds of financing," Kevin James, General Manager Advisory and Solutions at Equifax, said last year

      Image source: Wikipedia Commons