ANZ Variable Rate Personal Loan
- Interest Rate (p.a.)
- 7.49% to 19.99%
- Comp. Rate (p.a.)
- 8.18% to 20.58%
- Min Loan Amount
- $5,000
Summary
Borrow between $5,000 and $50,000. Loan approval fees and administration fees apply.
To be eligible you must be applying for a new personal loan or applying for an increase to an existing loan. You must apply before 16 January and draw down the funds to be eligible.
Cashback will be paid into the transaction account the loan is paid into within 120 days of draw down.
With ANZ’s variable rate personal loan, you can make extra repayments for free and redraw these payments for no charge. This is a variable rate loan, which means that your repayments could change on a monthly basis. Interest rates start from 7.49% p.a., with a comparison rate of 8.18% p.a. You will also be charged a loan approval fee of $150 and a recurring administration fee of $10 per month, charged at the end of each quarter.
Pros
-
No penalty for extra repayments
-
Available to self-employed borrowers
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Access extra repayments with a redraw facility
Cons
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$10 per month fee, charged at the end of each quarter
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$150 application fee
Details
Product details
| Product Name | ANZ Variable Rate Personal Loan |
| Interest Rate (p.a.) | 7.49% to 19.99% |
| Comp. Rate (p.a.) | 8.18% to 20.58% |
| Interest Rate Type | Variable |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $50,000 |
| Loan Security | Unsecured |
How does the ANZ Variable Rate Personal Loan work?
The ANZ Variable Rate Personal Loan has a redraw facility and early repayment options. As this is an unsecured personal loan, you won't need to use any assets as security. For those who want the consistency of knowing exactly how much to budget for each month, ANZ also offers a fixed rate option.
If approved, the interest rate you receive will depend on ANZ's credit assessment criteria, based on information in your credit report including your credit score. The interest rates shown are the minimum and maximum rates for this product, and the actual interest rate you receive will be finalised in your letter of offer. Eligibility criteria, T&Cs, fees and charges apply.
How to apply
To get approved for a Variable Rate Personal Loan from ANZ, click 'Go to Site' to be transferred securely to ANZ's online application form. Make sure you meet the criteria below.
Eligibility criteria
To meet the minimum criteria you must:
- Be at least 18 years of age
- Currently reside in Australia. If you are not a permanent resident you may still be eligible, but you will need to meet specific visa and income verification requirements.
- Have a regular income
- Have a good credit rating
- Be looking to borrow at least $5,000
Documentation required
- Current driver's licence
- Current and previous employer's address
- Details of your income, assets, expenses and liabilities
- Your ANZ account number if you are a customer
It's important to compare the features you want for in a personal loan before making a final decision.
Features of this loan
- Special Offer. Until 16 January, eligible borrowers of an ANZ personal loan can get $250 cashback and $150 application fee waived. Terms and conditions apply.
- Variable rate. A variable interest rate from 7.49% p.a. to 19.99% p.a. (Comparison rate of 8.18% p.a. to 20.58% p.a.) - meaning your interest rate could increase or decrease depending on the market.
- Loan term. The loan term is flexible and you can choose a period from 1 to 7 years.
- Loan amount. The minimum loan amount is $5,000 and the maximum loan amount you can borrow is $50,000.
- Repayment options. You can make extra repayments for free. This will help you pay off your loan faster and save on interest.
- Redraw facility. If you are ahead on your payments you can access the extra money you've paid to spend on whatever you like. It can be transferred to your ANZ account instantly with no extra cost or approval needed.
How much does the ANZ Variable Rate Personal Loan cost?
- Loan approval fee. You'll need to pay $150.
- Administration fee. You'll be charged a fee of $10 per month, charged at the end of each quarter.
- Late payment fee. You'll need to pay a fee of $20.
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