ANZ debt consolidation balance transfer personal loan | finder.com.au

ANZ debt consolidation using a balance transfer or personal loan

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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 ANZ Debt Consolidation Balance Transfer and ANZ Personal Loan, and see which debt consolidation option could better suit you.

10.50% (fixed)

Interest Rate (p.a.)

11.38%

Comparison Rate (p.a.)

$5,000

Min Loan Amount

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ANZ Debt Consolidation Balance Transfer vs ANZ Personal Loan

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.

ANZ Debt Consolidation Balance Transfer vs Personal Loan - what to 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 usually 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. This means that 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. To calculate whether a credit card or personal loan will work better for you, consider the size of your debt. Then work out how much you'd need to pay each month to pay it off by the end of the credit card promotional period or loan repayment period.

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 other personal loans

Data updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Harmoney Unsecured Personal Loan

From 6.99% (fixed)
7.79%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 6.99% p.a. and 24.79% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
Plenti Personal Loan

From 6.39% (fixed)
6.39%
$2,001
3 to 7 years
$0 to $999
$0
You'll receive a fixed rate between 6.39% p.a. and 17.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
SocietyOne Unsecured Personal Loan (2-3 years)

From 6.39% (fixed)
6.39%
$5,000
2 to 3 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.39% p.a. and 17.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
SocietyOne Unsecured Personal Loan (5 years)

From 6.39% (fixed)
6.39%
$5,000
5 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.39% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Alex Personal Loan

From 5.49% (fixed)
5.49%
$2,100
6 months to 5 years
$0 (Waived $295 establishment fee)
$0
You'll receive a fixed interest rate from 5.49% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 3 May 2021
OurMoneyMarket Personal Loan

From 5.35% (fixed)
6.31%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 5.35% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.


⭐ Finder Exclusive: Apply before April 30th to secure a discounted rate of 5.35% p.a. (comparison rate: 6.31% p.a.) for the first 12 months.
Wisr Personal Loan

From 6.49% (fixed)
6.76%
$5,000
3 to 5 years
$595
$0
You'll receive a fixed rate between 6.49% p.a. and 19.95% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
CUA Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.39% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
Latitude Personal Loan (Unsecured)

From 7.99% (fixed)
9.24%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 7.99% p.a. and 22.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly. You can check your interest rate before applying with no impact to your credit score.
Pepper Money No Fee Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
$0
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $50,000 and use for a range of purposes. Pay no upfront, early repayment or ongoing fees.
MoneyMe Personal Loans

From 6.25% (fixed)
7.64%
$2,100
1 to 5 years
from $295 to $495
$10
You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile
Borrow up to $50,000 with no hidden fees or costs. Application process usually takes 5 minutes to complete and is done fully online.
Plenti Variable Rate Personal Loan

From 6.39% (variable)
6.39%
$2,001
1 to 3 years
$0 to $999
$0
You'll receive a variable rate from 6.39% p.a and 16.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
CUA Unsecured Variable Personal Loan
11.89% (variable)
12.15%
$5,000
1 to 7 years
$175
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
NAB Personal Loan Unsecured Variable Rate

From 6.99% (variable)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 6.99% p.a. and 18.99% p.a. (7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
NOW Finance No Fee Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
No Establishment Fee
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.


⭐ Finder Exclusive: Get a free $200 Westfield e-gift card once your loan application has settled. Offer ends on 30 April 2021. T&Cs apply.
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10 Comments

    Default Gravatar
    jill
    April 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.

      Avatarfinder Customer Care
      May
      April 15, 2016

      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 view our guide on personal loan options available for people receiving Centrelink payments.

      As for the balance transfer, you can apply for a credit card and may consider low interest rate credit cards. 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.

      Cheers,
      May

    Default Gravatar
    Nerida
    March 15, 2016

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

      Avatarfinder Customer Care
      Jonathan
      March 18, 2016

      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.

      Cheers,

      Jonathan

    Default Gravatar
    Cristina
    March 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?

      Avatarfinder Customer Care
      Jonathan
      March 4, 2016

      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.

      Cheers,

      Jonathan

    Default Gravatar
    steve
    August 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

      Avatarfinder Customer Care
      Shirley
      August 18, 2014

      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,
      Shirey

    Default Gravatar
    Sarah
    March 25, 2013

    Hi,

    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.

    Regards

    Sarah

      Avatarfinder Customer Care
      Jacob
      March 26, 2013

      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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