What is a personal loan?
A personal loan allows you to borrow a lump sum, usually for a particular purpose or need.
Personal loans are also used for consolidating debts into one loan. You are charged interest on the amount of the loan and repay the loan amount, plus the interest over the term of the loan.
You pay the loan back in fixed scheduled repayments, arranged during the application process. Each repayment includes principle (the amount you borrowed) and interest (what you pay when you borrow money). Your repayments depend on how you set up your loan, including your loan term and payment frequency.
How interest works on an ANZ Personal Loan
What is interest?
Interest is what you pay a lender to borrow money. The interest rate is set during the application process and is expressed as a percentage e.g. 13.95% per annum (p.a.).
How interest is calculated
Interest is calculated each day on the unpaid balance of your loan and charged to the loan on the last business day of the month. The interest rate applied each day is equal to your annual interest rate, divided by 365.
Interest charges
The interest charged to your loan may be different each month based on a variety of factors. These include the number of days in that month, the applicable annual interest rate and the unpaid balance of your loan.
What it means if a personal loan is secured or unsecured
Unsecured loan
When a loan is unsecured it means the loan is not secured against any of the borrower’s assets. All ANZ Personal Loans are unsecured.
Secured loan
When a loan is secured it means the loan is secured against some or all of a borrower's assets. If the borrower fails to make repayments, the lender may get some or all of those assets to cover the outstanding loan amount.
If you want to pay off an ANZ Personal Loan sooner than the agreed term of the loan
You can choose the length of time you want to repay the loan over, from six months to seven years, when you apply.
You can make extra repayments, of any amount, on your ANZ Personal Loan anytime for no fee. If you make a lump sum payment or increase your repayments, you’ll pay off your loan faster and pay less interest over the life of the loan.
Eligibility
To get an ANZ personal loan you'll need to meet our lending criteria
Including:
- Be at least 18 years old.
- Receiving a regular income.
- Having enough money left over at the end of month, after your expenses are paid, to meet your loan repayments.
- Being a New Zealand citizen, permanent resident or if you’re a non-resident, have more than one year left on your work visa.
- Proving your identity and earnings.
Note: no more than two people can apply jointly.
Details to have handy
- Your personal tax details, including your Foreign Tax Identification Number (TIN) if you are a tax resident of another country.
- Details of your income, expenses, assets and debts.
- Your ANZ account number or customer number (if you have one).
Once you have submitted your application we may contact you to request your last 90 days of bank statements to verify your income and expenses.
If you're not an existing ANZ customer we may need this extra information
Confirmation of income
If you’re a wage or salary earner you’ll need to provide your last 90 days of bank statements and maybe one of the following, dated within the last four weeks:
- Payslip showing year-to-date income figures.
- Payslip showing your annual base income.
- Letter from your employer on their letterhead, confirming your annual income and employment type (e.g. full or part time).
If you're self-employed, you’ll need to provide copies of:
- Your last two years' balance sheets or annual accounts.
- Your last two years’ profit and loss statements.
- Your personal tax return.
If you have other income (e.g. rent, dividends) please call us on 0800 837 123 to discuss what our particular requirements will be.
Proof of identity
- Your driver’s licence or another acceptable form of ID (PDF 332KB) and;
- Mail addressed to your residential address and dated within the last three months.
What can you use an ANZ Personal Loan for?
Whatever you need, from medical and dental expenses to new appliances and furniture, an ANZ Personal Loan could be a way to get it.
How to apply
Apply online
Apply for an ANZ Personal Loan.
Call us
Monday to Friday, 8am - 7pm
Saturday and Sunday, 9am - 5pm
From overseas: +64 4 470 3142
Visit us
Find your local branch and make an appointment to visit us.
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.
Our financial advice provider statement has some important information you should know about ANZ and our financial advice services. Please take the time to read it.