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A personal loan for debt consolidation
Juggling multiple debts can be stressful. Whereas consolidating your debt with an ANZ Personal Loan may make it easier for you to manage your debt and pay it off sooner. We explain how debt consolidation typically works and what you should consider before going down this path.
A personal loan for what you need.
$500 cashback for what you want.disclaimer
Apply for a new ANZ Personal Loan of $10,000 or more and you could get $500 cashback.disclaimer Hurry, offer must end.
Limited to one cashback offer per loan per customer within an 18 month period. Eligibility, T&Cs, fees and charges
If you have multiple debts with various providers – such as loan, credit card and store card debt – you might find yourself juggling several repayments with different due dates, interest rates and fees for each debt.
And if you’re only making the minimum repayments on some of those debts, then the interest you pay could end up costing you a lot more than the original purchase or loan amount.
Debt consolidation is when you roll that existing debt into one easy-to-manage personal loan – giving you just one set of regular repayments to make.
Your goal should be to pay less in fees and charges and get a lower overall interest rate. Plus, you’ll have a clearer timeline for when you aim to be debt-free.
You’re looking for a simpler way to manage and pay off your existing debts and hope to get a lower overall interest rate
You have multiple debts with different rates, fees and due dates and keeping track of them all is stressful
You’re struggling to make repayments for the different debts that you owe – and you need to act
Here’s how a personal loan for debt consolidation may benefit you:
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Borrow up to $50,000
Borrow a specific amount between $5,000 and $50,000 (subject to approval).
Greater flexibility
Choose a loan term from 1 to 7 years, with weekly, fortnightly, or monthly repayment options.
Personalised rates
Get a personalised interest rate with an ANZ Fixed Rate Loan or an ANZ Variable Rate Loan based on your credit history.
No assets needed
ANZ Personal Loans are unsecured, which means you don’t have to provide an asset, such as your car, as security.
Same-day cash
Get same-day cash when you apply and are approved in-branch by midday, Monday to Friday.disclaimer Deposited into your existing ANZ everyday account.
No fees plus redraw
No penalties for making extra repayments or paying off your loan early with an ANZ Variable Rate Loan. Plus, redraw available if you’re ahead on payments.
Repayment certainty
Know what your repayments will be and protect yourself from interest rate movements for the life of the loan with an ANZ Fixed Rate Loan.
Online convenience
Track your balance and make repayments 24/7 with ANZ Internet Banking or via the ANZ App.disclaimer
Estimate your personalised interest rate
We tailor our interest rates based on our assessment of your credit score. With a better credit score, you could enjoy one of our lower interest rates.disclaimer This tool will also help you estimate your repayments if you consolidate your debt using an ANZ Personal Loan.
Calculate how much you could borrow
Get an indication of how much you may be able to borrow based on your income and expenses. Please note this is an estimate only and your full borrowing amount will only be made available in your Letter of Offer.
Choose a personal loan that works for you
If you want your loan repayments to stay the same – even if interest rates change – then an ANZ Fixed Rate Loan could be for you.
If you're looking for flexibility – such as paying off your loan sooner with no exit fees – then an ANZ Variable Rate Loan could be for you.
Check your eligibility
To be eligible for an ANZ Personal Loan you must:
- be at least 18 years old;
- earn a minimum of $15,000 per annum; and
- be an Australian citizen, permanent resident, or have a valid visa.
Read up on the eligibility criteria and documentation we'll need for each type of loan.
Know what you owe
Make sure you have a clear understanding of your debt.
Write down how much you owe, what interest rates you’re being charged and how much you’re currently repaying. And don’t forget to factor in any additional fees for paying off your debt early.
Your goal should be to pay less in fees and charges and get a lower overall interest rate when you consolidate your debts with a personal loan.
Apply for a personal loan
Here's what you need to apply:
- details of your income, expenses, assets and liabilities
- your driver's licence, ANZ Account Number or Customer Registration Number (if you have them)
If you're new to ANZ, you'll need any two of your Australian driver's licence, Medicare card, Australian passport, or Australian visa.
Be careful of who you deal with
Be cautious of financial providers that try to rush through a debt consolidation agreement, make unrealistic promises or ask you to sign blank documents.
Before entering into an agreement, make sure that the lender is registered with the Australian Securities Investment Commission (ASIC) Professional Registers. If they are not registered, it means they are not licensed to provide financial advice.
Also, make sure that the lender is a member of the Australian Financial Complaints Authority (AFCA). AFCA membership means you can make a complaint against the lender if required and get free, independent dispute resolution.
All major Australian financial providers, such as ANZ, are registered with ASIC and are members of AFCA.
About you
How much do you earn?
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What are your expenses?
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You could borrow up to
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Your borrowing power is based on
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7 years
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Ready to apply for an ANZ Personal Loan?
Compare our loans
The borrowing power shown using this calculator is an estimate based on the income and expenses entered and the credit score you have provided. The interest rate used for the purposes of these calculations is an estimate only and is based on the credit score you have provided. These calculations are also based on an ANZ Variable Rate Loan with a loan term of seven years with monthly repayments. The borrowing power and interest rate estimates are provided for illustrative purposes only. Actual borrowing capacity and your actual interest rate may vary when you complete an application. Your loan amount and actual interest rate will be confirmed in your letter of offer once the application has been assessed and approved. This calculation does not constitute a quote, loan approval, agreement or advice by ANZ. It does not take into account all of your personal or financial circumstances. To apply for an ANZ Personal Loan you must complete an application. All applications are subject to ANZ’s credit assessment criteria. Terms, conditions, fees and charges apply.
ANZ Fixed Rate Loan
I need stability
Features
Certainty your repayments won’t change even if rates increase as you’ve locked in a fixed interest rate
Things to consider
- Early repayment charges may apply if you make early or extra repayments, repay your loan early or increase your loan amountdisclaimer
- No access to extra money paid (redraw)
Early repayment charges
You may incur an Early Repayment Cost, which may be significant, if you make early or additional payments. See Early Repayment Costs (PDF) and Consumer Lending Terms and Conditions booklet (PDF).
Apply for a new ANZ Personal Loan of $10,000 or more and you could get $500 cashback.disclaimer
Limited to one cashback offer per loan per customer within an 18 month period. Eligibility, T&Cs, fees and charges
ANZ Fixed Rate LoanInterest rate range from to disclaimer (Comparison rate range to )disclaimer |
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ANZ Variable Rate Loan
I prefer flexibility
Features
Ability to make early or extra repayments, or repay your loan early, without additional costs
Flexibility to increase your loan amount (subject to credit assessment)
Access to extra money paid (redraw)disclaimer
Things to consider
- Your repayments may change as your interest rate may increase or decrease during the term
Early repayment charges
Not applicable.
Apply for a new ANZ Personal Loan of $10,000 or more and you could get $500 cashback.disclaimer
Limited to one cashback offer per loan per customer within an 18 month period. Eligibility, T&Cs, fees and charges
ANZ Variable Rate LoanInterest rate range from to disclaimer (Comparison rate range to )disclaimer |
General
ANZ Fixed Rate Personal Loan
Loan Approval Fee |
$150 |
Loan Administration Charge |
$10 per month, debited every three months until the loan is closed in ANZ systems. |
Early repayment charges |
Early Repayment Costs may apply if you make early or additional repayments, see Early Repayment Charges (PDF) and ANZ Consumer Lending Terms and Conditions booklet (PDF) for further information. |
Late Repayment Fee |
$20 will be charged if your repayment is five days late or more. A further $20 will be charged monthly until repayments are up to date |
ANZ Variable Rate Personal Loan
Applying for a personal loan
Any information provided is general in nature and does not take into account your personal needs, financial circumstances or objectives and you should consider whether it is appropriate for you. ANZ recommends you read the applicable Terms and Conditions booklets and the ANZ Financial Services Guide before deciding whether to acquire, or continue to hold, a particular product.
All applications for credit are subject to ANZ’s credit assessment criteria. Terms and conditions are available on application. Fees and charges apply. Australian credit licence number 234527.
Cashback offer available to customers who apply for (1) a new ANZ Personal Loan of $10,000 or more or (2) an ANZ Personal Loan increase with a total loan amount of $10,000 or more, between August 16 2023 and December 13 2023. This offer may be withdrawn or changed at any time without notice. The loan must be approved, and the funds drawn down within 90 days of approval to be eligible for the cashback offer. There is a limit of one $500 cashback offer per eligible customer within an 18-month period. The cashback payment will be paid within 120 days of drawdown into the transaction account which the loan funds are disbursed into. The transaction account must be in the same name as the loan account. For joint applications, only one cashback payment will be paid in total for the application and will be paid to the first listed applicant. For joint applications, the account for funds disbursements must include the name of the first listed applicant. Applications for a joint ANZ Personal Loan or an increase of a joint ANZ Personal Loan may only be made in branch. If a customer closes their ANZ Personal Loan account or transaction account before the cashback payment is paid, they will become ineligible for this offer. Applications for credit are subject to ANZ’s credit assessment criteria. If you have any questions about the tax treatment of the cashback offer, please discuss with a tax agent or the Australian Tax Office.
ReturnApplications must be submitted at an ANZ branch, and approved before noon Monday to Friday (AEST), and customers must have approved funds deposited into an existing ANZ everyday account. For a full list of eligible ANZ everyday accounts, please contact us on 1800 801 485 between 8am to 6pm (AEST) weekdays.
ReturnThe ANZ App is provided by Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. Super, Shares and Insurance (if available) are not provided by ANZ but entities which are not banks. ANZ does not guarantee them. This information is general in nature only and does not take into account your personal objectives, financial situation or needs. ANZ recommends that you read the ANZ App Terms and Conditions available here for iOS (PDF) and here for Android (PDF) and consider if this service is appropriate to you prior to making a decision to acquire or use the ANZ App.
ANZ App for Android is only available on Google Play™. ANZ App for iPhone is only available from the App Store.
ReturnWe tailor your interest rate based on our assessment of your credit score. Where you have demonstrated good credit based behaviour, such as not opening too many credit products or making repayments on time for your other credit products, this will be reflected in your credit score and you may be offered a rate in the lower end of our range. Where your credit history isn’t as long, or as good, or you have made many applications in a short period of time, this may negatively impact your credit score and you may be offered a rate at the higher end of the range.
ReturnInterest rates as at and are subject to change.
ReturnThese comparison rates are based on a $30,000 Personal Loan for a five year term. The rates are applicable for unsecured loans only.
WARNING: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rates.
There are various credit reporting agencies that can hold different information and you may have a credit report with more than one agency. However, ANZ uses the credit score provided by Equifax to determine the applicable interest rate, and therefore recommends that you access your credit report or credit score from Equifax or getcreditscore.com.au (who retrieve the credit score directly from Equifax) for a more accurate estimate.
ReturnThe interest rate shown using this calculator is an estimate of what your personalised interest rate could be based on the credit score and loan details you have provided. It is for illustrative purposes only and is based on the accuracy of the information entered, and your actual interest rate may vary when you complete an application and are approved. The estimate does not constitute a quote, loan approval, agreement or advice by ANZ and should not be taken as a guarantee that you will receive this interest rate. Your interest rate will be confirmed in your letter of offer (if approved).
ReturnFor the purposes of this calculator, the interest rate estimate is based on the current interest rate range applicable to ANZ Fixed and Variable Rate Personal Loans of to (comparison rate to ). Rates as at and are subject to change and may impact the estimate provided.
ReturnThe repayment amount shown using this calculator is an estimate based on the loan amount and loan term selected, and the credit score you have provided. The estimate is provided for illustrative purposes only and actual repayment amounts may vary when you complete an application and are approved. This calculation does not constitute a quote, loan approval, agreement or advice by ANZ. It does not take into account your personal or financial circumstances. To apply for an ANZ Personal Loan you must complete an application. For an ANZ Fixed or Variable Rate Personal Loan, the repayment amount shown on this calculator includes the Loan Approval Fee of $150, interest and monthly Loan Administration Charge of $10 .
ReturnFixed rate personal loans aren’t for everyone and early repayment fees and charges, which may be significant, may apply if you make early or additional repayments or repay your loan early. Refer to Early Repayment Charges (PDF) and ANZ Consumer Lending Terms and Conditions booklet (PDF).
ReturnInterest rates as at and are subject to change. These interest rates may be withdrawn or changed at any time without notice and may not be available in conjunction with any other offers, packages, or promotions.
ReturnTerms and Conditions and eligibility criteria apply to ANZ Redraw. For further information on ANZ Redraw please refer to the ANZ Consumer Lending Terms and Conditions (PDF).
Return