ANZ Personal Loans

An ANZ Personal Loan is a credit facility which lets you borrow an approved amount of money from ANZ.

You can borrow between $5,000 and $50,000 for a term of 1 to 7 years, at either a fixed or variable interest rate, and you pay back your loan (with interest) in instalments over the agreed term.

ANZ offers unsecured personal loans and there are two types of ANZ Personal Loans: Fixed Rate Personal Loan and Variable Rate Personal Loan.

Learn more about the difference between an ANZ Fixed Rate Personal Loan and ANZ Variable Rate Personal Loan.

You can use an ANZ Personal Loan for a number of purposes, including:

• debt consolidation which allows you to combine multiple existing credit card or other debts in one loan
• buying a new or used car, motorcycle, boat, scooter, caravan or other vehicle
• booking a holiday or going travelling
• household goods or furniture including a new TV or couch
• home renovations and improvements such as a new kitchen or swimming pool
• education, including school or university tuition fees

ANZ offers two types of unsecured personal loans between $5,000 and $50,000. Both the ANZ Fixed Rate Loan and ANZ Variable Rate Loan can be used for a specific purpose, such as consolidating debt or a big purchase like buying a new or used car.

Before you apply for an ANZ Personal Loan, it’s important to figure out how much you could borrow, and what you can afford to repay.

• Calculate how much you could borrow with an ANZ Personal Loan
• Get an estimate of your potential loan repayments for an ANZ Personal Loan

If approved

When you are approved for an ANZ Personal Loan, you will be approved to borrow a specific amount of money. This will be transferred to your nominated bank account in a lump sum at the start of your loan term. You will need to repay the amount borrowed, along with interest accrued and any fees or charges incurred, in regular instalments over a set term.

You can choose a term between 1 to 7 years, depending on how long you think you will need to pay off the loan. You can have one set of regular repayments to line up with your pay cycle, such as weekly, fortnightly or monthly.

Learn more

• Learn more about the differences between the ANZ Personal Loans
• Learn more about the interest rates and fees on ANZ Personal Loans
• Learn more about how repayments work
• Learn more about how interest is charged

ANZ Fixed Rate Personal Loan

Alternatively, an ANZ Fixed Rate Personal Loan gives you the certainty of fixed repayments throughout the life of the loan and your repayments won't change even if rates increase.

However, there may be fees and charges if you’d like to make early or extra repayments or if you fully repay your loan early. Learn more about what happens if you repay some or all of it early (PDF, 46 KB).

ANZ Variable Rate Personal Loan

With an ANZ Variable Rate Personal Loan, your interest rate may increase or decrease during the loan term, and so may your repayments. Plus, you can make early or extra repayments to pay off the loan faster (and save on interest charges), or redraw any extra money you’ve paid on your loan if you like.

With an ANZ Variable Rate Personal Loan, your interest rate is subject to change during the loan term, and accordingly, the repayment amounts may also change.

An ANZ Variable Rate Personal Loan offers you the flexibility of making early or extra repayments to pay off your loan sooner (and potentially save on interest costs) with no exit fees.

You will have access to a redraw facility on an ANZ Variable Rate Personal Loan which will allow you to access extra money you’ve repaid at a later date, as often as you like and for any reason you like. Learn more about redraw.

With an ANZ Fixed Rate Personal Loan, you can lock in an interest rate that stays the same over the life of the loan. So even if interest rates change, your repayment amount won’t.

This type of loan may be suitable if you want certainty that your repayments will stay the same throughout the life of the loan which can help to make budgeting easier. However, there may be charges if you’d like to make extra or early repayments or if you fully repay your loan early. Learn more about what happens if you repay some or all of it early (PDF, 46 KB).

Yes, you can apply but your application for an ANZ Personal Loan will be subject to ANZ’s credit assessment criteria.

Your liabilities and other financial commitments, such as an existing personal loan with another lender, will be taken into account when we assess your application for an ANZ Personal Loan.

We’ll ask you for information about:

• your income amount and frequency
• your assets
• what existing financial commitments you have with ANZ and other financial institutions, such as personal loans, home loans or credit cards
• your expenses, such as how much you spend on gas, electricity, insurances, food, transport and lifestyle expenses

We ask for this information so that we can verify your financial circumstances and assess your ability to repay an ANZ Personal Loan without substantial hardship. You can explore which ANZ Personal Loan may suit your needs by using our tools and calculators. 

• Calculate how much you could borrow with an ANZ Personal Loan
• Get an estimate of your potential loan repayments for an ANZ Personal Loan
• Compare key features of the different types of ANZ Personal Loans

At ANZ, both the ANZ Variable Rate Personal Loans and ANZ Fixed Rate Personal Loans are unsecured. With an ANZ Personal Loan, you can borrow funds for a range of purposes, such as consolidating debt, or buying a new or used car, without having to worry about providing any security.

The interest charged may be different each month for ANZ Fixed Rate and an ANZ Variable Rate Personal Loans. The interest charged depends on a variety of factors, such as the number of days in that month, the applicable annual interest rate and the unpaid balance of your loan.

Interest is calculated on the unpaid daily balance of your loan and is charged to the loan on a fortnightly or monthly basis (depending on which product you have). The interest rate applied each day is equal to your annual interest rate, divided by 365.

Refer to our Consumer Lending terms and conditions brochure (PDF, 308 KB) for the full details.

Your credit score, which is sometimes called your credit rating, is based on the personal and financial information on your credit report.

Under the Comprehensive Credit Reporting system, ANZ shares information with credit reporting bodies about the lending products you have with ANZ, including personal loans, credit cards, home loans and overdrafts.

You can find out more about Comprehensive Credit Reporting at our Privacy Centre.

Your credit report shows details of your repayment history (including when you make repayments on time and when you miss any repayments). It also shows your loan and credit accounts, as well as details on every application for credit (and the amount) you’ve made. Too many applications can have a negative impact on your report, so try and keep them to a minimum.

Making your personal loan repayments on time will demonstrate good credit-based behaviour and this will be reflected on your credit report and credit score.

There may be a number of options to help you manage your personal loan if you are worried about making your regular repayments.

We understand that financial circumstances can change, and we will do our best to help if you're having trouble with your personal loan repayments.

There may be a number of options available to help you manage your personal loan during times of financial uncertainty, including:

• Using other funds you may have available to continue making loan repayments (e.g. in another transaction or savings account)
• Reducing your repayments to the minimum repayment amount (if you’re currently making higher repayments)
• If you have a variable rate loan, redrawing funds from your current personal loan based on the extra repayments you have paid in the past (but the amount redrawn will be added to your loan balance and interest will be charged on that higher balance). ^disclaimer

When considering different options, please keep in mind that some of them may result in you paying more interest over the life of your loan. 

If these options are not available to you or are not suitable given your circumstances, you can learn more about assistance options that may be available to you..