ANZ is a name everyone in Australia is familiar with. Its branding is recognisable anywhere, and it’s not unusual to see those three large blue letters on the side of buses, in sports grounds, as you scroll through social media, or as you watch your favourite shows on TV. For most Aussies, ANZ’s presence is simply a part of the landscape.


But, does that mean you should choose ANZ as your personal loan provider? As a big bank, ANZ has plenty to offer in the way of banking products, covering everything from credit cards and home loans to insurance and investments. And yes, it also offers personal loans.

On this page, we’ll look at what ANZ can provide in its personal loan offering, to help you decide whether this big bank lender is right for you.

On this page, we’ll look at what ANZ can provide in its personal loan offering, to help you decide whether this big bank lender is right for you.

ANZ Fixed Rate Personal Loan

ANZ offers two types of personal loans. Let’s look first at its Fixed Rate Personal Loan.


With a fixed rate personal loan such as this, the interest rate is fixed over the life of the loan. That means the rate you lock in now when you apply will be the same rate applied to your loan until it is paid off. This can offer a few major benefits.


  • Even if rates rise elsewhere in the personal loan market, your rate will remain the same. So, if you apply for a loan when rates are low, you can benefit from that low ongoing rate, regardless of whether the market rebounds and rates start to rise.
  • You will always know what your repayments will be. If you like knowing exactly how much you will pay out each month on your personal loan repayments, this can offer a great sense of stability, taking the anxiety out of the situation.
  • With your repayment staying the same each month, this can also make it easier to budget. You know when your repayment is due and exactly how much it will be, month after month after month. This allows you to set aside enough to cover your repayment, making budget planning elsewhere a much simpler process.


It’s also worth mentioning that fixed rate loans can offer a lower rate than variable rate loans, although this depends on both the lender and the market.

Is this ANZ Personal Loan for you?

So, should you opt for a fixed personal loan from ANZ? Let’s dig a little deeper to find out.

  • You want to lock in your interest rate.
    Whether you want to take advantage of low rates currently offered on the market, or you simply want to relax safe in the knowledge that your rate will never go up, a fixed rate loan can make that happen.
  • You like to be careful with your budget.
    With a fixed rate loan, your budget becomes much more predictable. Whether you want to be able to set a certain amount aside each month, or you simply like to know where you stand with your incomings and outgoings, a fixed rate loan can provide that predictability.
  • You want a loan term between one and seven years.
    Working out how much you can borrow will rely on you finding an affordable repayment schedule. ANZ Fixed Rate Loans range from one year to seven years. It’s a good idea to play around with loan terms and amounts to find a repayment schedule you can afford, while paying the least in interest.
  • You want to borrow between $5,000 and $50,000.
    While the amount ANZ will allow you to borrow will depend on circumstances such as your income, employment history and credit score, you may be able to apply for a Fixed Rate Loan between $5,000 and $50,000.
  • You want flexibility in what you can use the loan for.
    ANZ seems pretty relaxed about what borrowers can use their personal loans for. Whether you want to use the loan to cover a holiday or home improvements, to pay for your wedding or consolidate your debts, ANZ Fixed Rate Loans seem flexible in their purpose.
  • You meet the bank’s eligibility requirements.
    According to ANZ, to apply for an ANZ Fixed Rate Loan, you must:
    • Be at least 18 years old
    • Earn a minimum of $15,000 per annum
    • Be an Australian citizen, permanent resident or have a valid visa

What should you be aware of?

First up, rates. With a fixed rate loan such as this, you know your rate will never go up. But, you should also know that your rate will never go down either. Even if rates fall elsewhere, you will not benefit from that.


As with any personal loan, you need to read the small print before you apply. Fees play a big part in this, so check any fees that may apply. These may include an establishment fee or approval fee, plus ongoing fees such as administration charges.


With a fixed rate loan, you should also be aware of early repayment fees. This is the fee you will pay if you choose to pay off the loan early. You may also pay additional costs, depending on how far through the loan term you are when you choose to pay it off. All this will be outlined in the loan’s terms and conditions.


Another factor to be aware of is whether you can make extra repayments on top of what you pay month to month. For the most part, you cannot make extra repayments on fixed rate loans such as ANZ’s offering. If this is important to you, the ANZ Variable Rate Loan may be a better fit.

ANZ Variable Rate Personal Loan

With ANZ’s Variable Rate Loan, the interest rate that is applied to the loan may change over time. That means, depending on the market – for example, when the cash rate goes up or down – your rate may follow. It is worth bearing in mind, however, that ANZ may or may not choose to follow those market changes, and the rate you pay is ultimately in the hands of the bank.


With that in mind, let’s take a look at some of the benefits of choosing this type of loan.

  • You can benefit from falling rates. If you apply for an ANZ Variable Rate Loan when rates are high in the market, you may benefit from a lower rate if rates fall – and ANZ chooses to lower your rate along with them. As you pay less interest, you could use the opportunity to pay off your loan quicker, or take advantage of a lower repayment amount.
  • If you want to pay off your loan early, you can do so thanks to the extra flexibility offered on this loan. This may mean increasing your repayment amount so you pay off more on a regular basis, or simply paying off more when you can. ANZ charges no early exit fees or extra repayment fees.
  • If you need some of that extra cash you paid into the loan, you have the option to redraw it when you need it. ANZ offers fast access to extra repayments paid on the loan via its redraw facility, with no extra cost for this feature (terms and conditions apply).

Is this personal loan for you?

Is the ANZ Variable Rate Personal Loan for you? Time to find out.

  • You think you might pay off the loan early.
    Whether you think you might come into money, allowing you to pay off the loan entirely, or you want to make extra repayments either regularly or once in a while, this loan allows you to do that without penalty.
  • You want access to those extra funds on the fly.
    Paying extra on your loan can help you to lower the amount of interest you pay overall. But, it’s also nice to know you can access that extra cash you paid on your loan when you need it. Using this loan’s redraw facility, you can take advantage of this feature whenever, wherever.
  • You think rates may fall over the length of the loan.
    No one can predict the future, but, if you think rates may fall as you pay off the loan, a variable rate option such as the ANZ Variable Rate Loan could let you take advantage of that.
  • You need longer to pay off your loan.
    Similar to the ANZ Fixed Rate Loan, this loan offers terms ranging from one to seven years. That means, if you need longer to pay off what you want to borrow, the option of a longer term is there. Similarly, if you want to get the loan done and dusted, a shorter term is available.
  • You want to borrow between $5,000 and $50,000.
    Again, the loan amounts on offer on ANZ’s Variable Rate Loan are the same as its fixed rate option. This should give you plenty of wiggle room to borrow what you need, as long as you meet the bank’s eligibility requirements.
  • You meet ANZ’s eligibility requirements.
    Talking of eligibility, to apply for this loan, you must:
    • Be at least 18 years old
    • Earn a minimum of $15,000 per annum
    • Be an Australian citizen, permanent resident or have a valid visa
  • You want the loan for… pretty much anything.
    With the ANZ Variable Rate Loan, you can enjoy a certain amount of flexibility. While you will have to advise what the funds will be used for when you apply, the bank seems relaxed about what its loans can be used to cover.

What should you be aware of?

While we have talked about variable loan borrowers being able to take advantage of falling rates, it should also be mentioned that this goes the other way as well. If rates rise, your repayment will increase. This makes it especially important to make sure you will be able to cover your repayments should they increase over the life of the loan.


It’s also worth bearing in mind that variable rate loans can have higher rates than fixed rate loans. Although this will depend on the lender in question. If you’re unsure, take a look at the rates offered on both ANZ’s fixed rate loan and variable rate loan, and compare them to the rest of the market before deciding which loan is right for you.


In terms of fees, take a look at the small print to find out what fees may apply. While ANZ does not charge early repayment fees or extra repayment fees, you may have to pay establishment fees and ongoing fees.

Why ANZ?

Now you know more about the different types of personal loans ANZ has to offer – and why each one might work better for you – it’s time to take a look at why you might want to choose ANZ as your lender.

  • ANZ is a known commodity.
    For some borrowers, they like the safety of borrowing from a bank they know and recognise.
  • ANZ is a big bank offering big bank facilities.
    Not only does ANZ have a contact centre that is available seven days a week, it also has branches across Australia. This can be nice to know if you are not keen on online communication.
  • ANZ has the money to develop its features.
    Being a large bank, ANZ has the money needed to develop features such as online banking and its app, making managing loans and repayments easier for its borrowers.
  • ANZ may charge more than online lenders.
    It is worth bearing in mind that ANZ, like most big banks, tends to have higher rates on its personal loans than online-only lenders.


Time to weigh up your options? If you think ANZ is your type of lender – and you like the look of its personal loans – click through to find out more.

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