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Frequently asked questions

  What’s the difference between a variable and fixed rate Personal Loan?

A fixed rate personal loan gives you the certainty of fixed repayments throughout the loan, but there will be charges if you’d like to make early or extra repaymentsdisclaimer and your repayments won't change even if rates decrease. With a variable rate personal loan, your interest rate may change 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 if you like.

If you repay some or all of your ANZ Secured Car Loan (which is a fixed rate loan) early, additional fees and charges will apply. Please refer to ANZ Secured Car Loans - what happens if you repay some or all of your loan early (PDF 44kB).

 What is redraw?

If you have an ANZ Variable Rate Personal Loan, our redraw feature allows you to access the extra money you've repaid. You could take out money you’ve paid above your minimum monthly repayments.

You can redraw for any reason you like.  

  • It's simple and easy
  • It won’t change your minimum repayment amount
  • You can have the money in your ANZ account instantly 

You should consider any redraws will be debited to your loan account and will incur interest on the same basis as principal owing under your loan. The amount withdrawn can only be cleared funds. ANZ can adjust the amount of your loan repayments to ensure you meet your loan term. 

To redraw your available funds, just transfer the money in ANZ Internet Banking or call 1800 801 485 (8am to 8pm AEST).

Redraw is not available on the ANZ Secured Car Loan or ANZ Fixed Rate Personal Loan.

To find out more, read our Consumer Lending terms and conditions brochure (PDF 475kB).

  Can I pay off my loan early?

If you have a variable rate personal loan, you can pay it off early by making early or extra repayments. This could save you money on the interest you pay. 

With a fixed rate personal loan, if additional payments are made an Early Repayment Fee of $300 will be applied. You may also incur early repayment costs. Please read ANZ Fixed Rate Personal Loan - what happens if you repay some or all of your loan early (PDF 47kB) to see how this is calculated.

If you have an ANZ Secured Car Loan and decide to make early or extra repayments, early repayment charges will apply. For more information, please read ANZ Secured Car Loans - what happens if you repay some or all of your loan early (PDF 44kB).

  What’s a comparison rate?

A rate that helps you work out the true cost of a loan. This rate takes other fees and charges into account, like a loan approval fee and loan administration charge in addition to the interest rate. It’s meant to be a fairer way of comparing how much a loan will cost you.

For more information visit

  How is interest calculated for an ANZ Personal Loan or ANZ Secured Car 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.

It's important to note that the interest charged to your loan may be different each month for ANZ Fixed Rate and Variable Rate Personal Loans, as it 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. For the full details about how interest is calculated refer to our Consumer Lending terms and conditions brochure (PDF 475kB).

For more information about how interest is calculated for the ANZ Secured Car Loan, contact 13 23 73 to obtain a copy of the terms and conditions.

  How to manage financial hardship

If you’re struggling to make your loan repayments, read on to see how we may be able to help. You can also find out more at our dedicated financial hardship site.

What do I do if I can’t make a payment?

If you can’t make a personal loan repayment, please call us immediately to discuss the matter and see if we can come to a financial arrangement. We may be able to look at temporary payment options to help you manage your loan.

What happens if I get sick, have an accident or lose my job?

You can call us to discuss an arrangement if something has happened that could affect your financial situation.

For Personal Loans repayments please call 1800 351 548.

For Secured Car Loans repayments please call 13 23 73.

  How can I use an ANZ Personal Loan?

You can use an ANZ Variable Rate or Fixed Rate Personal loan for the things you want, such as:

  What's a valid visa for ANZ Personal Loan and ANZ Overdraft applications?

If you are not a permanent Australian resident, you may still be eligible to apply for an ANZ personal loan but will be required to meet specific visa and income verification requirements. Valid visas include a range of working visas and business visas.  

Working visas

Includes all temporary visa subclasses that allow an individual to work in Australia. This typically includes holders of skilled category visas but can also include some family category visas.

Working holiday visas are not acceptable.

Business visas

Includes all temporary/provisional business visa subclasses that allow business people to establish or manage a new or existing business or invest in Australia. This generally includes holders of business owner, senior executive or investor category visas.

For more details please visit an ANZ branch or call 1800 339 410 to discuss your application. You can also find out what a particular visa entitles the holder to by visiting

  Do I need to provide security for my loan?

If you’re applying for an ANZ Variable Rate or Fixed Rate Personal Loan and your application is approved, you won’t need to provide any security as these are unsecured loans.

But if you apply for an ANZ Secured Car Loan and your application is approved, we’ll use the car you have purchased as security. As a result, we may be able to offer you a lower interest rate than an unsecured loan.

  Do I have to pay stamp duty

You don’t have to pay stamp duty on any of our personal or car loans.

But if you’re buying a car, you may need to pay stamp duty to the state or territory government to register it and to transfer its registration. The amount of stamp duty varies between states and territories, and also depending on the type of vehicle.

Remember that this money doesn’t go to us, but to the relevant state or territory government.

  What's a balloon payment?

A balloon payment is a one-off lump sum payment that you can choose to make at the end of an ANZ Secured Car Loan term. This could help reduce your regular repayment amounts during your loan term.

If you’re planning to sell your vehicle when your loan ends, a balloon payment may suit you as you could use the money from the sale to repay some or all of the balloon amount, depending on the price you sell the vehicle for.

Please note that a balloon payment is only available on a loan term of 1 to 5 years, and only to approved applicants, depending on several factors considered as part of the loan application. It must be agreed before commencement of the loan.

Consumer Asset Finance (ANZ Secured Car Loan)

It’s a term we use for loans provided to consumer customers to purchase assets such as motor vehicles, boats and caravans that are secured by the item that’s being financed.

ANZ offered Consumer Asset Finance through the ANZ Secured Car Loan product. The ANZ Secured Car Loan was available to individuals, sole proprietors and joint individuals to finance motor vehicles, caravans, motorcycles and boats where the asset being financed was to be used predominantly (>50%) for personal purposes.

There will be no impact, we will continue to manage their Secured Car Loans through to maturity

Customers can continue call our Asset Finance Call Centre on 13 23 73.

Refinance the balloon/residual

ANZ no longer offers secured asset finance loans to consumers, so if you’re intending to refinance you will need to explore other finance options.  You may be eligible to refinance your balloon payment via:

You should also consider alternative refinance options which may be available from other lenders in the market and may be more suited to your needs.  Whichever option you choose, you should consider the applicable terms and conditions, rates, fees and charges.

Customers experiencing financial difficulty should familiarise themselves with the ANZ Hardship options.

Customers can request  ANZ to change their loan contract in a number of ways, including:

  • extending the term of the contract and reducing payments;
  • extending the term of the contract and delaying payments for a set period; or
  • delaying payments for a set period.

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.

Early repayment costs apply if you repay your loan early during a fixed interest rate period.

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