ANZ Variable Rate Personal Loan
- Interest Rate (p.a.)
- 7.49% to 21.99%
- Comparison rate (p.a.)
- 8.18% to 22.56%
- Min Loan Amount
- $5,000
Summary
A competitive option with one of the lowest application fees in our database.With a high Finder Score of 8.1, the ANZ Variable Rate Personal Loan stands out for its low $150 application fee, which is in the top 10% of our database. Its minimum interest rate is also competitive when compared to its peers.
The main drawback is the $10 monthly fee which adds to the loan's cost. This could make it a less suitable option for borrowers who want to avoid ongoing charges.
Pros
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No penalty for extra repayments
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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 21.99% |
| Comparison rate (p.a.) | 8.18% to 22.56% |
| Interest Rate Type | Variable |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $75,000 |
| Loan Security | Unsecured |
How does ANZ Variable Rate Personal Loan compare?
- Competitive starting rate. This loan's minimum interest rate is in the top half of lower rates in our database.
- Low application fee. The $150 application fee is in the top 10% of the lowest application fees we compare.
- Flexible repayments. You can make extra repayments without penalty offering more flexibility than some competing loans.
- Ongoing fee. The $10 monthly fee adds to the overall cost of the loan and is a feature many other loans we compare do not have.
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 18 years of age or over
- Be a permanent Australian resident or a non-permanent resident with more than 9 months remaining on your Visa
- Have a good credit rating and meet our credit lending guidelines
Documentation required
- Income, employment and financial commitment details
- Driver's licence (if you have one)
- Your ANZ Account number or Customer Registration Number (if you have one)
It's important to compare the features you want for in a personal loan before making a final decision.
Features of this loan
- Variable rate. A variable interest rate from 7.49% p.a. to 21.99% p.a. (Comparison rate of 8.18% p.a. to 22.56% 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 $75,000.
- 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.