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National Australia Bank |
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National Australia Bank, or NAB, is one of Australia’s largest banks, and the seventeenth largest bank in the world. As well as being a big Australian bank in terms of customers, it also operates in ten other countries and has more than eight million customers worldwide. It was originally founded from a collection of regionally based Australian banks founded in the second half of the nineteenth century.
There are a number of personal loans on offer. These include the personal loan, the personal project loan, the personal overdraft and the tertiary student loan and a debt consolidation product.
The personal loan has a minimum amount of $5,000 and there is a maximum amount of $80,000, the amount is further limited by the credit worthiness of the individual borrower. There are lower minimum amounts of $500 for the tertiary student loan and $2,000 for some graduate and home loan customers. The loan term can be set from one year to seven years.
There is a choice of fixed or variable rates, with the variable rates being lower but more exposed to Reserve Bank interest rate rises. There are also both secured and unsecured options. Some borrowers will not be able to borrow an unsecured loan, and only have access to the secured option. The secured personal loan has a lower interest rate than the unsecured personal loan.
Approval will be within two days, which is slower than many other personal loan providers. However conditional approvals can be given before a purchase which can speed up a loan application.
Weekly, monthly and fortnightly repayment options are offered, and branch repayment options are allowed as well as telephone and Direct Debit payments. Lump sum payments are also allowed and daily interest is calculated which gives the full benefit of early repayments. The variable rate loan has a redraw facility for overpayments on loans, although this is not available on the fixed rate loans. This means that there is no need to go through another loan application and there can be some security in overpaying the loan. The maximum amount is $15,000 with a minimum $500 amount. There is also a loan trimmer account which works as a savings offset.
Temporary relief is offered to borrowers whose financial circumstances suddenly change, as long as this has been notified to the bank in good time. If borrowers are ahead of their repayment schedule there is an automatic right to redraw funds or to take a payment holiday. |
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