ANZ debt consolidation using a balance transfer or personal loan

Consolidate your existing debts, save on interest costs and get your finances in control with a balance transfer or personal loan with ANZ.

If you're struggling to repay a high-interest debt (or multiple debts), debt consolidation could be the key to paying your balance down without the burden of large interest rates. Most banks offer promotional balance transfers and low rate personal loans, giving Australians plenty of debt consolidation options. This guide, however, will focus on the alternatives offered by ANZ. Read on to compare the debt consolidation options offered by ANZ and weigh up whether they're right for you.

ANZ Debt Consolidation Credit Cards

Rates last updated February 24th, 2019
% p.a.

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Name Product Balance transfer rate Purchase rate (p.a.) Annual fee Amount Saved Product Description
ANZ Low Rate
0% p.a. for 15 months
12.49% p.a.
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
ANZ Platinum Credit Card
0% p.a. for 18 months with 2% balance transfer fee
19.74% p.a.
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Receive a 0% p.a. for 18 month balance transfer offer and a $0 first year annual fee. Plus, complimentary overseas travel and medical insurance.
ANZ First Visa Credit Card
0% p.a. for 18 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Get up to 18 months interest-free on balance transfers and save with a low $30 annual fee. Plus, up to 44 days interest-free on purchases.

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What are my options?

If you wish to turn to ANZ for debt consolidation, you can choose between getting a personal loan or a credit card with a balance transfer offer. Details of these options are as follows:

  • Personal loan

ANZ personal loans allow you to combine your outstanding credit card and loan dues under a single account. You can choose a repayment period from one to seven years in accordance to how much you can afford to pay each month. If you opt for a variable rate loan, you can make extra repayments as and when you like without paying any penalties, and these loans come with redraw facilities. You can make weekly, fortnightly, or monthly repayments; and you can set up direct debits to simplify repayments.

  • Balance transfer

ANZ offers balance transfer credit card offers that let you transfer your existing balance to the card and pay it off with a 0% balance transfer rate for a promotional period. This gives you the chance to pay down your balance without the burden of interest for a promotional period of say, 18 months. Once this introductory offer ends, though, any remaining balance will collect the much higher standard interest or cash advance rate. Even if the card has a 0% promotional offer, you'll still need to make minimum repayments each month. However, you should always try to pay more than the minimum to repay your entire balance before the promotional offer ends.

ANZ lets you transfer balances from up to three non-ANZ bank accounts to the new card, so long as it doesn't exceed 95% of the credit limit. You'll also be required to pay a one-off balance transfer fee. See our guide for tips on how to conduct a balance transfer with ANZ.

What else should I consider?

If you're considering using a balance transfer or personal loan to manage your existing debts, consider some of these factors to determine which option is right for you:

  • Fixed rate or variable rate. A fixed rate personal loan gives you peace of mind in the form of fixed repayments throughout the course of the loan. A variable rate loan, on the other hand, gives you greater freedom when it comes to making extra repayments and you can even expect it to come with a redraw facility.
  • Using your new card for purchases. If you opt for a credit card with a balance transfer offer, remember that interest-free days on purchases don’t apply until you pay the transferred balances in full. Also, your repayments will go directly to the balance that's accruing the highest interest, so they'll go to your purchases first, then your balance transfer. If you need to concentrate on repaying your debt, using a balance transfer credit card for purchases isn't the wisest idea.
  • Comparing rates and fees. Pay due attention to the interest rate and fees, no matter whether you’re looking for a personal loan or a credit card. If you wish to get a balance transfer credit card, find out about the revert rate it charges ahead of time. The annual fee you have to pay can also vary from one offering to the next.
  • Promotional rate and length of offer. While a personal loan might have a higher interest rate than a promotional 0% balance transfer card, you have a longer period to pay it off. While you could get a personal loan with a low rate that lasts for several years, you'll only have between 6 and 18 months (depending on the offer) to pay off your balance without incurring any interest. Consider the size of your debt and calculate how much you'd need to pay each month to pay it off by the time the credit card promotional period or loan repayment period ends to calculate which one offers better value for you.

ANZ debt consolidation

Balance transfers and personal loans are both useful debt consolidation tools, but the most suitable option will largely depend on your debt and ability to repay. While ANZ offers competitive balance transfer and personal loan deals, make sure to compare your options before applying to make sure you're choosing the best* option for you.

Compare Personal Loan Options

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10 Responses

  1. Default Gravatar
    jillApril 15, 2016

    I have an ANZ credit card and another credit card with another company. I have no other debts and own my own home but am on an aged pension would ANZ pay out the other credit card and combine them both to make a personal loan.

    • finder Customer Care
      MayApril 15, 2016Staff

      Hi Jill,

      Thanks for getting in touch.

      Just to confirm, are you planning to do a balance transfer to consolidate your credit card debts or looking for a personal loan and use the proceeds to pay out your credit card debts?

      In any case, since you mentioned that you’re on age pension, you may review the criteria and get more information on our guide here if you’re looking to apply for a personal loan.

      As for the balance transfer, you can apply for a credit card and may consider a low rate and low fee range brand. Although we do not advise whether or not a credit card is available to people who receive pension payments, depending on the card company, they will review your criteria and may approve your application.

      I hope this is helpful.


  2. Default Gravatar
    NeridaMarch 15, 2016

    Can you consolidate a personal loan into an existing ANZ mortgage?

    • finder Customer Care
      JonathanMarch 18, 2016Staff

      Hi Nerida, thanks for your inquiry!

      Mortgage accounts can only be deposited into/ withdrawn from (depending on your home loan type) and do not accept outstanding debt amounts.



  3. Default Gravatar
    CristinaMarch 3, 2016

    hi there, i just want to ask, does taking a debt consolidation loan give you a bad credit history or does is goes against you when you try to apply for other credit cards?

    • finder Customer Care
      JonathanMarch 4, 2016Staff

      Hi Cristina, thanks for your inquiry!

      Debt consolidations can improve your credit history if you repay your existing debts. If you are applying for a debt consolidation loan it is generally recommended to avoid applying for another product for 6-8months since too many frequent applications can be a warning signal to lenders.



  4. Default Gravatar
    steveAugust 17, 2014

    hi I have a Anz credit card and a personal loan can I b able to consolidate both into one easy payment with uncombined debts is 22000 thousand

    • finder Customer Care
      ShirleyAugust 18, 2014Staff

      Hi Steve,

      Thanks for your question.

      Please have a read through the eligibility requirements for the debt consolidations you’re interested in. If you meet the criteria, then you may want to apply for that product.

      All the best,

  5. Default Gravatar
    SarahMarch 25, 2013


    I was wondering whether I was able to conduct a balance transfer from my CBA personal loan to you? I am looking for a balance transfer offer similar to that of a credit card – where I get a period of time interest free.



    • finder Customer Care
      JacobMarch 26, 2013Staff

      Hi Sarah. Thanks for your question. ANZ do not accept balance transfers from personal loans to their credit card. Citibank and Virgin are two institutions that do.

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