Borrowing with ANZ, Aussie or Bankwest? Read this first to find out how much you'll pay.
Using a suitable loan calculator can give you a good indication of what your repayments look like over different loan terms. While loan calculators offered by banks through their websites can be quite similar, they tend to come with little differences. What you have to bear in mind is that these calculators are only indicative and don’t offer actual quotes. On this page, you'll find out how to use calculators from three major players in the personal loan market — ANZ, Aussie and Bankwest.
Loans you can use calculators with
ANZ Personal Loan repayment Calculator
The ANZ personal loan calculator lets you calculate your repayments for ANZ fixed and variable rate loans. Depending on the type of loan you choose the interest rate will auto-populate. You will, however, have to enter details in the following fields.
- Loan amount. The minimum you can apply for is $5,000, and the maximum depends on factors like your income and ability to make repayments.
- Loan term. This can vary between one and seven years.
- Repayment frequency. Here, you have to choose between making weekly, fortnightly, and monthly repayments.
Aussie Personal Loan Calculator
The Aussie personal loan calculator is quite similar to the one that ANZ offers, where the interest rate auto-populates in accordance to the current rate on offer. The calculator will show you just how much you have to repay weekly, fortnightly, or monthly. The details you have to enter include the following:
- Loan purpose. Your options include home improvements, debt consolidation, travel, education, and other.
- Loan amount. This is the amount you wish to borrow. The minimum you can borrow is $3,000, and the maximum stands at $15,000.
- Loan period. The loan period for Aussie personal loans can vary in between one and seven years.
Bankwest Personal Loan Calculator
Bankwest also gives its customers the ability to calculate personal loan repayments ahead of time using an online personal loan calculator. This bankwest loan calculator, unlike the previous two, also includes a graph to give a clear indication of how the principal and interest repayments look over time. Existing interest rates for the loan in question auto-populate in this calculator as well. You're required to enter the following details in the calculator:
- Loan amount. The minimum you can apply for is $5,000.
- Loan term. Loan terms for the unsecured Bankwest personal loan varies between three and seven years.
- Repayment frequency. Choose between making weekly, fortnightly, and monthly repayments.
When will these bank personal loan calculators come in use?
Using bank loan calculators come with a number of benefits, which include the following.
- Help save time. With access to a loan calculator all you have to do is enter basic details and the calculator does the work for you. This helps you save valuable time when you're looking for a personal loan.
- Help choose a loan as per your budget. While some people look for the cheapest loans in terms of rates and fees, while others look for loans that offer long loan terms with low repayments. A loan calculator can help you narrow down on the right option for you by showing you which option will be better for you in the long run.
- Help save money. When you use a loan calculator to compare similar loans, you get to know which one will be more cost-effective.
- Help ascertain the effect of changing your loan term. Increasing the loan term can reduce the size of your repayments, but doing so also has an effect on the total interest you pay. This is something you can find out by using a loan calculator.
- Show how a different interest rate will affect your loan. Even small interest rate differences can have a considerable effect on how much you end up repaying, and this will become clear when you use a loan calculator.
Personal loan calculator
The finder.com.au personal loan calculator gives you the ability to compare personal loans offered by multiple lenders in a single place. The personal loan repayment calculator requires you to enter your loan amount, loan term, interest rate and repayment frequency, and the results tell you what your repayments will look like. You'll also see the total amount you’ll have to pay in the form of interest.
The loan comparison calculator, on the other hand, lets you compare two personal loans side by side. Start by entering details that are the same for both of the loans. These include the loan amount and loan term. Then, move on to entering the variables, which include upfront fees, ongoing fees, introductory rates, introductory terms, and ongoing rates. The results tell you which loan will help you save in the initial period as well as over the course of the loan. The amortisation tab gives you an annual breakup of cumulative payments, showing you how much you save in the form of interest with every passing year.Back to top
What personal loans do these banks offer?
ANZ offers two types of personal loans: a fixed rate personal loan and a variable rate personal loan. The variable rate loan allows extra repayments and comes with a redraw facility. The minimum you can borrow through these loans is $5,000, and loan term varies in between one and seven years.
Aussie offers an unsecured personal loan that you can use for different purposes like debt consolidation, renovations, travel, weddings, and education. You can apply for as little as $3,000 through this loan and the loan term can extend up to seven years. This loan offers repayment flexibility, allowing you to choose between making weekly, fortnightly and monthly repayments.
The unsecured fixed rate personal loan that Bankwest offers allows you to borrow between $5,000 and $50,000, with the loan term varying between three and seven years. You can make extra repayments, but the loan does not come with a redraw facility.
A personal loan can give you the means to take care of different kinds of expenses, but before you apply for one it is best that you compare your options. After all, a slight variation in interest rate can save you money, and adjusting the loan term can make a loan more budget-friendly.