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Screenshot National Australia Bank Personal Loan Home Page

All the friends are heading down to the southern parts of Europe for sunshine and shopping and the fear of missing out is just unbearable. Instead of heading out to buy yet another new gaming device upgrade, rather put that down as an installment of a personal loan and take that holiday. Personal loans are financed opportunities for those who don’t have sufficient savings or don’t wish to access their savings for one-off treats. It also works well for unforeseen emergencies and one-off projects. National Australia Bank Personal Loans provide customers with easy access to funds to suit a myriad of needs or desires. This review takes a look at these products to determine whether they’re of a global standard.

About National Australia Bank

National Australia Bank
Screenshot of History of National Australia Bank

When the bank first opened its doors to the public in the eighties, it was to provide them with a number of services to make their banking journey a little simpler. The bank was known for its prowess on the technology front and the implementation of digital banking assistance was a natural addition. Currently, the bank is dealing with the economic climate due to a fair amount of political instability. Ratings agencies are keeping a close eye on the happenings and unfortunately, politics may have a negative effect on this bank’s rating.

A full review provides a holistic overview of National Australia Bank.

How To Manage a Personal Loan

Although a personal loan can be a nice financial boost, it can also land consumers in hot water when not used properly. From escalating payments to files landing up on the sheriff’s desk, there’s no telling what will happen when those loans are defaulted. To avoid all the nastiness, it’s important that customers manage these loans for peace of mind and effective debt management.

Avoid Falling Into the Readvance Trap

When a loan nears the end of the term, it’s only natural for banks to want to squeeze a little out of their customers. This is usually followed up by a call or a message that lures customers into extending their loan. Customers then run the risk of taking out a loan for things they don’t need, whereas the instalment could have been used towards savings or paying off other debt.

Keep the Loan Amount Small

Whether customers use the funds to go on vacation, take out a loan that covers the trip and a little bit of spending money. Only take what is necessary and when there is a future need, there might be funds available if the client is not over-indebted.

Keep Both Term and Instalments Small

Customers are often tempted to keep their instalments as small as possible, but also have the longest term available. The trick to managing this kind of debt well is by keeping the loan amount small which then lowers the instalment naturally. A shorter term will allow customers to pay their finance off in no time.

Customers who wish to increase their asset base and are looking for something a little more substantial should consider the National Australia Bank Mortgage options.

National Australia Bank Personal Loans Product Offerings

Screenshot Product Range Personal Loans National Australia Bank

Personal Loan

This is the ideal loan type for those who wish to have some readily available cash for a personal project. Furthermore, customers have the choice between a fixed or variable rate.

  • The loan carries an application fee of $150, also, there is a monthly fee of $10.
  • There is no exit fee applicable on the loans.
  • Turnaround time for loans can take place within the same day. Customers may also have the funds the same day.
  • Customers can choose weekly, fortnightly, or monthly repayments.
  • Also, customers may make additional lump sum repayments without extra charges. This means customers can pay off their loans early.
  • The loan amounts range from $5,000 to $55,000 with terms that range from 1 to 7 years.
  • Finally, those who made extra payments can redraw them anytime if they have a variable rate loan.  

Personal Loan for Home Renovation

Customers who wish to turn their houses into homes have the opportunity to do this. Also, customers enjoy a fast application process where funds can pay out the same day.

  • There is an application fee of $150 and a monthly fee of $10.
  • The account has no exit fee and customers can make lump sum repayments whenever they want at no extra charge. Also, customers can pay off their loan early without fees.
  • Customers can choose weekly, fortnightly, or monthly repayments according to their budgets.
  • Furthermore, the loan amounts is between $5,000 and $55,000 and the loan terms run between 1 to 7 years.
  • Finally, those who have a variable rate loan can redraw extra amounts they’ve paid into the loans.

Wedding Loans

A wedding is a beautiful occasion, but can also be a stressful event when the finances run out for the big day. A wedding loan can help put things into perspective again and allows couples to go into the next phase of their union with far less stress.

  • Customers have the option between a fixed or a variable rate.
  • The account carries an application fee of $150 and a monthly fee of $10.
  • Furthermore, the account allows additional deposit at any time and customers are not penalized for early settlement. There is no exit fee.
  • The application process is fast and effortless and customers may have their funds in their account the same day.
  • Customers choose between a weekly, fortnightly, or monthly repayment option.
  • The loan amounts range from $5,000 to $55,000 and loan terms between 1 and 7 years.
  • Finally, customers with variable loan rate can redraw extra funds at any time.

Travel Loans

Sometimes life can feel a little hard to bear and a vacation is on the cards. However, these can be quite costly. A travel loan can be a viable option.

  • These loans enjoy a fast turnaround time and customers could have the funds in their account the same day.
  • There is an application fee of $150 and a monthly fee of $10.
  • Furthermore, customers can choose a weekly, fortnightly, or monthly repayment option.
  • Also, there is no exit fee on the account and customers can pay off their loan early without fees.
  • The loan amounts range from $5,000 to $55,000 and the terms range from 1 to 7 years.
  • Customers can choose between fixed and variable rates.
  • Also, customers have made extra payments can redraw them at any time on variable rate loans.
  • Finally, the repayment frequency can take place weekly, fortnightly, or monthly.

Debt Consolidation Loan

Sometimes life happens and debt can become hard to manage, especially when customers have a number of smaller loans to repay. Furthermore, this may also be an opportunity to reduce installments or interest rates.

  • The loans have an application fee of $150 and a monthly fee of $10.
  • Customers enjoy fast application processing and the funds could be in their account the same day.
  • The loan amounts range from $5,000 to $55,000 and the terms are between 1 to 7 years.
  • Furthermore, repayment terms can take place weekly, fortnightly, or monthly.
  • Also, customers are able to make lump sum repayments to pay off their loans faster, and there are no penalties for early loan repayments.
  • Customers can redraw extra payments at any time on variable rate loans.
  • Finally, customers choose between a fixed or variable interest rate option.

Customers can also take a look at this bank's stellar credit card range.

What We Like About National Australia Bank Personal Loans

There is no disputing that there are a number of products to choose from, therefore, allowing customers to meet numerous needs. Furthermore, these products are all tailored to provide a cashflow injection into a once-off need.

The loans themselves are fairly simple and quite flexible, which is a great treat. Customers can determine their average spend quite easily with the online tools.

Finally, the loans offer quite a bit of flexibility in terms of repayment as well, as the term ranges between 1 and 7 years.

What We Don’t Like About National Australia Bank Personal Loans

Although this seems to be a nice range of products, they’re just carbon copies of one another. There is nothing that really sets the one loan apart from the next, apart from the name. The only difference between the loans are the various names.

Critical Reviews Rating National Australia Bank Personal Loans – 9 of 10

Screenshot Additional Services Personal Loans National Australia Bank

This would have been a perfect 10 if the bank just remained true to itself. There are a number of different products here, but there is really nothing that sets them apart. Unfortunately, these are merely just carbon copies which make it a bit tough to give a better rating. However, we decided to only drop a single point, because this is a great example of the ideal personal loan. Our recommendation is for the bank to make each individual loan a little more special to that particular client base. For instance, the Travel Loans could have special travel offers, and more.

A bank that hits a home run with its personal loans, is Credit Agricole.

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