ANZ Variable Rate Personal Loan Review for Aussies, Flexible Repayments, Redraw and Fees

Overview of the ANZ Variable Rate Personal Loan

The ANZ Variable Rate Personal Loan is a flexible borrowing option for Aussies needing cash for renovations, a car, or consolidating debt. This product lets you borrow between $5,000 and $50,000 with variable interest from 7.49% p.a., making the ANZ Variable Rate Personal Loan competitive among big banks.

ANZ targets both salaried and self-employed customers and promotes easy online applications and quick approvals. With digital tools via the ANZ app you can track repayments, view balances and manage redraws without visiting a branch.

Rates, fees and comparison

Interest rates start at 7.49% p.a. with a comparison rate of 8.18% p.a., so it’s worth checking the latest figures before you apply. There’s a $150 loan approval fee and a $10 monthly administration fee billed quarterly, which should be factored into your cost comparison.

Because the rate is variable, repayments can change if the market moves, so compare total costs and the ANZ Variable Rate Personal Loan against other offers. Keep an eye on special promotions that sometimes waive the approval fee, reducing upfront costs.

Repayments, redraw and repayment flexibility

One of the biggest draws to the ANZ Variable Rate Personal Loan is no penalty for extra repayments, so you can pay down the loan faster and save on interest. The redraw facility lets you access extra repayments if you need backup funds, which is handy for unexpected expenses.

Repayment schedules are flexible and can be adjusted if your financial situation changes, and ANZ allows you to extend terms or change your payment frequency in some cases. Use the ANZ app to set alerts, schedule payments and keep on top of dates to avoid late fees.

Who should consider this loan and final thoughts

The ANZ Variable Rate Personal Loan suits Aussies who want flexibility, access to redraw and the option for extra repayments without penalties. It’s also a solid pick for self-employed borrowers who need straightforward approval and digital banking support.

Before applying, compare the ANZ Variable Rate Personal Loan with other market options, factor in the $150 approval fee and quarterly admin charge, and check current rates on ANZ’s website. If flexibility and easy online management matter to you, this loan is worth a close look.