The ANZ unsecured loan gives you the choice of a variable or fixed interest rate. What's better will really depend on your money management comfort level. Do you just want to pay a fixed amount each month and be done, or do you want more flexibility so that you can pay off your loan faster and save on interest costs?
Both loans have a $5000 minimum loan amount and $50,000 maximum loan amount and give you the option to choose your repayment term from 1 - 7 years.
What you get with the variable rate option:
- 15.99% interest rate
- Free extra repayments
- $0 redraw fee
- No fee for paying off the loan early
What you get with the fixed rate:
- 10.99% interest rate
- Set monthly repayments
- Loan term up to 7 years
Who it's good for:
Anyone who's in need of some cash to help them pay for something that they need now like a holiday or updated kitchen and pay it back overtime.
Keep in mind, with the fixed interest rate version, there's no redraw facility available. So once you've made those extra repayments they are locked into the loan for good.