NAB makes significant cut to personal loan rates

author-avatar By
on March 29, 2021
NAB makes significant cut to personal loan rates

Big four bank NAB has made a major cut to its personal loan rates, and is now a market leader among its major bank competitors.

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.

Lender

FixedUnsecuredN/AMore details
CHECK YOUR RATE IN 2 MINUTES
  • No ongoing fees
  • No early exit charges
  • Apply online
CHECK YOUR RATE IN 2 MINUTES

Unsecured Loan (Excellent Credit)

  • No ongoing fees
  • No early exit charges
  • Apply online
FixedUnsecuredN/AMore details
APPLY ONLINE
  • No ongoing fees
  • No early exit charges
  • Apply online
APPLY ONLINE

Low Rate Personal Loan Unsecured (Excellent Credit)

  • No ongoing fees
  • No early exit charges
  • Apply online
FixedUnsecuredN/AMore details
FUNDING WITHIN 24 HOURS
  • 2-min rate estimate
  • Flexible repayments
  • No monthly, ongoing or early repayment fees
FUNDING WITHIN 24 HOURS

Liberty Personal Loan (Excellent Credit History)

  • 2-min rate estimate
  • Flexible repayments
  • No monthly, ongoing or early repayment fees

*Comparison rates based on a loan of $30,000 for a five-year loan term. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate, Rates correct as of August 7, 2022. 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 Savings.com.au'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 

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author-avatar
William Jolly joined Savings.com.au as a Financial Journalist in 2018, after spending two years at financial research firm Canstar. In William's articles, you're likely to find complex financial topics and products broken down into everyday language. He is deeply passionate about improving the financial literacy of Australians and providing them with resources on how to save money in their everyday lives.

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