My Finances Today is an independent comparison site. We may earn a commission when you click through to retailers. Learn more.
ANZ NZ Personal Loan: Worth Your Time?
Need a personal loan in New Zealand? ANZ offers competitive rates, but mind the fees. Here's what you need to know before applying.
The Quick Version
If you're looking for a personal loan in New Zealand, ANZ offers some appealing rates. However, watch out for the fees that can sneak up on you. This loan could work well for those with a solid credit score and a clear repayment plan.
ANZ New Zealand Personal Loan
Review of ANZ NZ Personal Loan
ANZ New Zealand Personal Loan
What You Get
ANZ offers personal loans with rates starting from 6.9% APR, which is quite competitive. Loan amounts range from NZD 3,000 to NZD 40,000, with terms spanning from 6 months to 7 years. Be aware of the application fee, which is a flat NZD 250. There's also a monthly loan administration fee of NZD 12.
What's Actually Good
The primary advantage of ANZ's personal loan is their relatively low starting APR. If you've got a good credit score, you're likely to secure a rate that's hard to beat by other big banks like ASB or BNZ. Plus, the loan terms are flexible enough to fit various financial plans.
The Catch
ANZ's fees are the major downside. The upfront NZD 250 application fee can be a significant barrier if you're only borrowing a small amount. Additionally, the monthly administration fee adds up over time, especially on longer loan terms. Not ideal if you're trying to minimize costs.
Who Should Apply
This loan is best suited for those with a credit score above 700 who need a moderate sum and can repay within a few years. If you're borrowing NZD 10,000 or more and plan to pay it off quickly, the low APR can outweigh the fees.
The Bottom Line
If you have a solid credit history and need a personal loan in New Zealand, ANZ offers competitive rates. But if you're concerned about fees, you might be better off with a competitor like Kiwibank, which offers lower upfront costs.
