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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 existing 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 does interest work 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 is interest 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 does it mean 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.

What if I 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.


How to apply

Start online

If you're new to ANZ, you'll need to visit a branch with your ID and proof of address to open your account.

Start your application

Call us

0800 837 123

Weekdays, 8am - 8.30pm

Weekends, 9am - 5pm


International: +64 4 470 3142


Visit a branch

Call 0800 269 296 to make an appointment
Weekdays, 8am - 6pm

Find a branch


ANZ lending criteria, terms, conditions, and fees apply. Interest rates and fees are subject to change.  

The ANZ Personal Loan interest rate is currently  (but can change) and you can pay these loans off between six months and seven years. For example if you borrowed $5,000 for two years at 12.90% p.a., the total interest payable would be about $699. Plus a one-off application fee of $115 applies (there is no application fee for full-time tertiary students on a Jumpstart account).

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.