Joint overdrafts and personal loans

Joint overdrafts and joint personal loans are taken out by two people. Both are responsible for repaying the full amount, including interest. Know what to expect if one borrower dies, or the relationship breaks down. 

Borrowing money with another person

Before we can issue a joint overdraft or joint personal loan to anyone, we’re required to make sure the borrowers can manage repayments without getting into financial hardship. It’s part of our responsible lending obligations. 

If one borrower can’t or won’t repay a joint overdraft or personal loan, the other person will be responsible for repayments. This is called ‘jointly and severally liable’.

If something goes wrong

No one likes to think about relationship breakdowns or the death of a loved one. But it’s a good idea to know what to expect. 

As hard and uncomfortable as it might be, talk together about what happens if one of you can’t make repayments. It’s a good idea to include your whānau in the conversation.

Repayments after a borrower dies

We’re required to assess whether you can manage the repayments on your own. We may then offer you an overdraft or personal loan in your own name. It will also help us to see whether a different repayment amount or frequency might be better for you. 

If our assessment shows you can’t afford an overdraft or personal loan in your own name, we’ll work with you to find another solution. We may also be able to provide financial hardship assistance (e.g. a repayment plan) to help you through the tough time.

When a loved one dies, we can help you sort out their finances. Find out more about deceased estates.

More support

Important information

ANZ lending criteria, terms and conditions apply. Interest rates and fees are subject to change. Read more about our Rates, fees and agreements.

This material is for information purposes only. We recommend seeking financial advice about your situation and goals before getting a financial product. To talk to one of our team at ANZ, please call 0800 269 296. For more information about ANZ’s financial advice service or to view our financial advice provider disclosure statement see