ANZ Personal Loan Review

Compare personal loan offers with Savvy, including those from ANZ, to see if they’re right for you before you apply.

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, updated on October 4th, 2023       

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As one of Australia’s Big Four banks, ANZ retains significant name recognition around the country with products ranging from banking to home, personal and business finance to insurance and many more.

Because of this, they may be one of the first names you come across when seeking out the right personal loan to help you reach your financial goals, but you should always know all the key details of a finance offer before you apply.

Savvy is here to compare different personal loan offers and lenders to make it simpler for you to pick out the best deal for your situation, so you can start the process today to help you access your funds sooner.

*Please note that Savvy does not represent ANZ for their personal loan product.

The features and benefits of ANZ personal loans

Borrow up to $50,000

You can take out a loan as small as $5,000 or as large as $50,000, making them suitable for a vast array of purposes, from buying new furniture to consolidating larger debts.

No security required

You won’t need to worry about putting up an asset to serve as collateral for your loan, as ANZ offers unsecured personal loans to provide you with greater flexibility.

Choose your loan term

It’s important to choose the right loan term to suit your financial capabilities, so you can decide whether to take as long as seven years or as few as one to repay your debt.

Early repayments accepted

You can also make use of early repayments on their variable rate loan offer, opening an avenue for you to cut down on your total interest costs and pay the loan off sooner.

Redraw facility available

When you make additional repayments, you can also gain access to these payments down the track through an attached redraw facility should you need any more funds.

Set your ideal repayment frequency

On top of choosing your preferred loan term, you can decide whether to make your repayments on a weekly, fortnightly or monthly basis in line with what’s comfortable for you.

ANZ personal loan pros and cons


Fixed or variable interest rates

You’re given a great deal of choice when it comes to personal loans, as you can decide between locking in your loan’s rate from the beginning or leaving it open to fluctuation.

Cash in your account the same day you apply

A feature to which many prospective borrowers would be drawn is the speed at which your application can be accepted and funded, being turned around in 24 hours or less.

Online applications available

While you can apply in your local ANZ branch, you can also do so online without having to worry about making the trip in to speak with one of their consultants.


Higher rates than other lenders

With a minimum fixed rate of 12.45% p.a. and variable rates from 15.99% p.a. (16.84% p.a.), you’ll find substantially lower minimum rates when comparing other loans and lenders.

Establishment and administration fees

You’ll be required to pay a loan approval fee of $150 as part of your agreement, as well as ongoing fees of $10 per month which can add up to hundreds of dollars.

In-branch applications only for joint applicants

If you’re wanting to apply with your partner jointly, you won’t be able to do so online, with ANZ requiring co-applicants to visit their nearest branch to commence the process.

More about ANZ personal loans

How do I apply for my ANZ personal loan?

While you can apply for finance either online, over the phone or in person, the process itself remains similar and relatively simple. You should always ensure that you have everything prepared in advance to avoid any potential hiccups or delays in the process, as well as know each step so that you aren’t hit with any surprises around the corner. Your unsecured personal loan application will be as follows:

Review the required eligibility criteria

Before you apply, double-check the qualification requirements to ensure your application can actually be considered by the lender. You’ll have to meet the following points:

  • You must be 18 years or older
  • You must be an Australian citizen, permanent resident or hold an applicable visa
  • You must be earning at least $15,000 annually

Gather your documentation

Additionally, you should ensure you have all the required documents on hand to provide as part of your application, as preparing these in advance will expedite the process. These are:

  • Your driver’s licence
  • Your ANZ account number
  • Information regarding your income, as well as your assets, liabilities and expenses
  • If you’re not an ANZ customer prior, you’ll need two of your driver’s licence, Medicare card, Australian passport or an Australian visa

Submit your application and receive an outcome

Once you have all of these, you can fill out the form on ANZ’s website and submit it to them for consideration. This is simple to complete and shouldn’t take you too long to do. From there, they’ll let you know whether your application has been successful and proceed if it was.

Supply any supporting documents and get approved

You may be required to supply some further supporting documentation once conditionally approved. If you do this and they’re happy with the application, you’ll be notified of your formal approval.

Sign your contract and receive your funds

You’ll be sent a loan contract to sign which sets your agreement in stone with ANZ. You’ll be required to sign and return this and, once you’ve done so, the funds can be transferred into your nominated account and you can use them however you wish.

Of course, it’s important to compare your options with Savvy before you apply with ANZ. We’re partnered with a variety of flexible lending partners who can provide you with the loan you’re looking for at affordable rates. Put yourself in a position to make the right call before you apply. You can even use our repayment calculator to help you estimate the cost of your loan before applying.

Which ANZ personal loan offers are available to me?

There are two personal loans offered by ANZ: fixed and variable rate finance.

Fixed rate loan

Offering a lower interest rate which is locked in from the outset of your loan, fixed rate personal loans can be a highly affordable source of finance. Budgeting is much more accurate with this type of loan. However, fees may apply if you decide to make additional payments to pay off your loan early.

Variable rate loan

Variable rate finance differs from fixed rates in a few key areas. While they’re offered at a higher rate and can fluctuate to make budgeting more difficult, the flexibility in making extra payments to save money on your loan and the ability to redraw funds makes them the preferred choice for many borrowers.

Common personal loan queries

Which visas are accepted by ANZ?

ANZ accepts a variety of working and business visas as part of their eligibility criteria for loans for temporary residents. In terms of working visas, you can be approved on any subclasses which enable someone to work here, which will mostly apply to skilled category visas but may also cover certain family categories. Business owners, senior executives or investors can also apply under their respective visa categories. Check with ANZ before you apply to see if you’re eligible for a loan.

How is my loan’s comparison rate calculated?

Comparison rates encompass both your loan’s interest rate and the fees you’re set to pay as part of the loan arrangement. This will include charges such as establishment and ongoing service fees but not charges like early or late payment costs, as these won’t always apply to borrowers. Rates are also based on a $30,000 loan over a five-year term to allow borrowers to compare loans accurately.

Can I increase my loan amount or loan term down the track?

Yes – if you decide to refinance your personal loan, you can add further cash to your loan or extend its repayment term (provided you can afford to do so). You may also look to refinance to access features your current loan may not have or to take advantage of lower rates and fees.

How is ANZ different from other types of lenders?

Because banks have shareholders, they’re required to pass profits upwards to them as part of their business model. This isn’t the case for credit unions or online direct lenders, who can take advantage of a lack of shareholders and fewer overheads stemming from the cost of running a large number of branches to offer lower rates and fees most of the time.

Am I able to have multiple personal loans at once?

Yes – you can have more than one personal loan on the go at any given time. The number you can be approved for will depend on your ability to service the loans consistently and comfortably, however, so some borrowers may not be approved for multiple loans.

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