ANZ Personal Loans
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.
ANZ personal loan repayment calculator
Total interest paid
$8,245
Total amount to pay
$38,245
ANZ personal loans rates
Product | Advertised Rate | Comparison Rate* | Company | Repayment | Upfront Fee | Features | Go to site | |
|---|---|---|---|---|---|---|---|---|
11.95% Variable | 12.10% | Personal Overdraft | $667 based on $30,000 loan amount for 5 years | $100 up to $500 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
12.45% Fixed | 13.32% | Personal Loan Fixed | $674 based on $30,000 loan amount for 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details | ||
15.99% Variable | 16.84% | Personal Loan | $729 based on $30,000 loan amount for 5 years | $150 | Redraw facility Extra repayments Fully drawn advance Secured | More details |
- Flexible repayment options.
- Flexibility to increase your loan amount.
- No exit fees for early repayments
- Ongoing fees.
- Moderately-high interest rate.
- Upfront administration fee.
Features of an ANZ personal loan
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 different purposes including:
- debt consolidation
- buying a car
- renovations and home improvement
- travel and holidays
- weddings and other occasions
ANZ personal loans – customer service
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:
- online banking
- mobile app
- phone, Monday to Friday, 8am to 8pm (AEST)
Who is eligible for an ANZ personal loan?
Borrowers must meet the following criteria to qualify for an ANZ personal loan:
- be at least 18 years old
- earn a minimum of $15,000 per year
- be an Australian citizen, permanent resident or have a valid visa
- have a regular income
- have a good credit rating
- use the loan for personal use only
How to apply 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:
- Select the ANZ personal loan you want to apply for.
- Enter your income and expenses.
- Do the sums on your loan and estimate your repayments.
- Get the result of your application.
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 personal loans review
ANZ’s range of personal loans may appeal to many borrowers, given the flexible repayment conditions 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 high. ANZ takes a number of factors into account when determining borrowers’ interest rates, and anyone looking to borrow should note that the actual rate is not confirmed until after application.
Existing ANZ everyday account holders wanting to access cash quickly 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.
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FAQs
It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.
As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.
Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).
If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
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
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.
Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension.
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Depending on the lender, personal loans and medium-amount loans for $5000 can sometimes be approved in under an hour, and give you access to the money the same day. Other loans may take 24 hours or longer to assess your application, and you may not get the money for a few days.
If you need to borrow $2000 or less, alternatives to getting a personal loan or payday loan include using a credit card or the redraw facility of your home, car or personal loan.
Before you borrow $2000 on a credit card, remember that interest will continue being charged on what you owe until you clear your credit card balance. To minimise your interest, consider prioritising paying off your credit card.
Before you draw down $2000 in extra repayments from your home, car or personal loan using a redraw facility, note that fees and charges may apply, and drawing money from your loan may mean your loan will take longer to repay, costing you more in total interest.