skip to log on skip to main content

Loan calculator issue

Important security warning:

Fraudsters may send ‘phishing’ emails or make calls pretending to be from ANZ in an attempt to get your personal information or access to your bank accounts. That’s why it’s important to be vigilant and stay aware.

We’ll send physical letters to customers affected by our loan calculator issue, not emails.  


  • ANZ will never send you any emails with attachments or ask you to click a link through to ANZ Internet Banking or to download any software onto your computer.
  • Always log on to ANZ Internet Banking by typing into the address bar, rather than following links to the ANZ website.


What does the loan calculator issue mean for me?

After discussions with the Commerce Commission, we’ll be paying a further amount to some customers with consumer credit contracts affected by our loan calculator problem in 2015 and 2016.

Over the coming months, we’ll send letters to relevant customers, advising how much their payment will be.


How will I know if I'm receiving a payment?

If you’re receiving a  payment, we’ll write to you detailing the payment. We’ll start sending these letters in April 2020, and expect to be complete by early 2021.

We’ll be making the payments to bank accounts, rather than to your loan. If we don’t have an appropriate bank account for the borrowers of the loan, we’ll send a letter detailing how to claim your payment – you’ll need to type into your browser and enter the details from your letter.


What was the original loan calculator problem?

Between May 2015 and May 2016, some customers who asked for loan changes were impacted by a calculator problem. We didn’t include some interest we were due to charge when working out the new repayments and loan terms.

For some loans that meant, for a time, loan repayments were a little smaller than needed. For others, the indicative total interest we told customers was a little smaller than it should have been.

We fixed the loan calculator in May 2016. Over 2018-2019, we wrote to most impacted customers. We credited any customers who had underpaid because of the problem, clearing the amount underpaid while their loan was impacted. At that time, we paid $5.6m to customers who had consumer credit contracts.

No customers were disadvantaged by the loan calculator problem.


Why is a further payment being made to customers?

When we credited customers who had underpaid their loans back in 2018/2019, we ensured impacted loans were back on track, and customers would ultimately pay less than they agreed to in their loan agreement. No customers were disadvantaged by the loan calculator issue.

While we believe our initial payment to impacted customers was fair and better than overseas examples, the Commission believes, and we have accepted, that, for consumer credit contracts, we fell short of the requirements of a responsible lender under section 9C(2)(a)(iii) of the Credit Contracts and Consumer Finance Act 2003. After further discussions with the Commission, we’ve agreed to pay a further $29.4m to relevant customers with a consumer credit contract. This brings the total paid for customers with consumer credit contracts to $35m.


Where can I get more information?

If you have any questions, please call us on 0800 269 014, Monday to Friday, between 9.00am and 5.00pm.

Or you’re welcome to email us at and we will be in touch with you over the next business day.

See ANZ Media Releases.