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9.99%
Fixed
11.22%
Secured Fixed Low Rate (Excellent Credit Rating)
ANZ began as the Bank of Australasia in Sydney in 1835. It has since evolved to become one of Australia’s Big Four banks and operates in more than 30 global markets, with thousands of ATMs and branches.
ANZ has a strong retail offering, with personal loans, car loans, home loans, savings and transaction accounts, wealth planning services, an institutional banking arm and insurance products.
Total interest paid
$8,245
Total amount to pay
$38,245
Product | Advertised Rate | Comparison Rate | Repayment | Upfront Fee | Features | Go to site | |
|---|---|---|---|---|---|---|---|
12.45% Fixed | 13.32% | $674 monthly over 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
15.99% Variable | 16.84% | $729 monthly over 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
12.45% Variable | 12.60% | $674 monthly over 5 years | $100 | Redraw facility Extra repayments Fully drawn advance Secured | More details |
ANZ offers several personal loans, including a variable rate loan, fixed rate loan, secured car loan and overdrafts. Loan amounts range from $5000 to $50,000, and borrowers can choose a loan term between one and seven years. While there are no exit fees if you pay your loan off early, some ANZ personal loans come with ongoing fees and a one-off administration fee. In some circumstances, borrowers can increase their loan amount after approval.
Borrowers with existing ANZ everyday accounts may be eligible for same-day cash if the loan is approved in-branch.
ANZ personal loans can be used for a range of different purposes including:
Borrowers wishing to apply for an ANZ personal loan can do so online, over the phone or through an extensive national network of branches. Customers can contact ANZ via email and online. Borrowers can also contact customer service via:
Who is eligible for an ANZ personal loan?
Borrowers must meet the following criteria to qualify for an ANZ personal loan:
Applications for an ANZ personal loan can be completed online or in-branch. Applying online is simple, takes around 20 minutes to complete, and involves the following steps:
Once you’ve submitted your application, you’ll receive confirmation. If your application is successful, you’ll receive a Letter of Offer confirming your interest rate, amount and loan term before receiving the funds.
ANZ’s range of personal loans are likely to appeal to many borrowers, given the flexible repayment conditions, variety of loan amounts and purposes and low income threshold. Although they don’t come with penalties for early repayment, there are several fees associated with the loans, including a small ongoing fee and a moderate loan application fee.
The interest rate for standard loans ranges from moderate to moderately high. ANZ takes a number of factors into account when determining borrowers’ interest rates, and potential borrowers should note that the actual rate is not confirmed until after application.
Existing ANZ everyday account holders wanting to access quick cash may be eligible for same-day funds if the loan is approved in branch before midday, Monday to Friday.
When it comes to accessing additional funds, in some cases, borrowers may redraw additional loan repayments, and depending on the circumstances, you could apply to increase your loan amount after approval.
Most negative events that appear on a personal’s credit file will stay in their credit history for up to seven years.
You may be able to improve your credit score by correcting errors in your credit report, clearing outstanding debts, and maintaining good financial habits over time.
If you’re having trouble being approved for a loan of less than $2000, and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford their loans on your income.
It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. There are nine steps you can take to improve your credit score, most of which are simple to follow.
As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.
Many borrowers use quick loans to cover short-term costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics.
Before applying for a quick loan, consider whether other options are available, such as working out a payment plan or applying for an advance or extension.
Comprehensive credit reporting may change your credit score – either positively or negatively.
Under comprehensive credit reporting, credit providers will share more information about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. For some consumers, that will lead to higher scores; for others, lower scores.
The No Interest Loans Scheme (NILS) allows low income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.
There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.
If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders will offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
