If you want to apply for an ANZ Personal Loan 2019, you need to meet some criteria. According to ANZ’s official website, these are the criteria that you must have:
- Be at least 18 years old
- Minimum income of $15,000 per annum
- Be an Australian citizen, permanent resident or have a valid visa
Variable Rate Loans for ANZ Personal Loan 2019:
If you choose to have ANZ’s variable rate personal loan, your interest rate is %15,99 p.a. and the comparison rate is %16,84 p.a. For additional fees, ANZ says the customers must pay $150 loan approval fee as a one-off payment. In addition to that, the bank charges customers $10 monthly for loan administration charge, which will be paid at the end of each quarter. If you were late to make a payment on time, you should pay $20 late payment fee to the bank.
Fixed Rate Loans for ANZ Personal Loan 2019:
For ANZ Personal Loan 2019’s fixed rate loan plan, your interest rate is currently set at %12,45 p.a. This figure will up to %13,32 p.a. if you want to look at a comparison rate.
Just like the variable rate personal loan, you need to pay $150 loan approval fee as a one-off payment and bank will charge you $10 per month under the name of a loan administration charge.
If you want to buy a new or used car, you can use this ANZ Personal Loan 2019. Also, if you want to travel but you are short of savings, you can apply for this loan program as well. Other key areas that people are using personal loans for are wedding funding, debt consolidation, and other daily activities.
Your personal loan money must between $4000 and $50,000 and similar to the other Australian banks, you need to repay the money in between one to seven years. Bank also warns that these rates are subject to change.
Things to Take Care of While Applying for ANZ Personal Loan 2019
Now that we have given the basic details of a typical ANZ Personal Loan 2019, you would be keen to go in for the right loan to fulfill your requirement. But you must be careful of a few things that can help your loan application get approved fast. This also ensures that the ANZ Personal Loan 2019 actually helps you. Here are a few things you should keep in mind:
1. Maintain a Good Credit Score:
Every country has its own credit scoring system. Under this, institutions and individuals are graded for their credit quality. Banks and institutions which offer Australia Personal Loan 2019 usually refer to the Equifax score. You need to do everything necessary to keep this score as high as possible. It is good to know what the things that could reduce it are. These are things like late payments on loan EMIs, credit card payment defaults and earlier cases of bank rejection of the unsecured loan.
2. Borrow Only What You Need:
Getting a lump sum amount of money through an ANZ Personal Loan 2019 is always nice. But remember that you need to repay it too. So if you are eligible for an ANZ Personal Loan 2019 of $10000 but need only $8000, then make sure you don’t take a dollar more than you need. The extra money you get will be spent easily. But the repayment of the extra $2000 will throw your plans haywire.
3. Choose Interest Type Smartly:
You need to decide which type of interest calculation system works for you. We spoke above about the fixed rate personal loan and variable rate personal loan. Your bank will tell you the rates for both at any particular time, but the implications of your choice won’t be clear then. The implication of the type of rate would depend on the economy, and not just on you or your lender. So if you foresee a falling interest rate regime, for instance, only then would a floating rate make sense.
4. Read The Fine Print Too:
Many people applying for an ANZ Personal Loan 2019 make the mistake of only looking at the rate of interest. You should be aware that there are several other fees that would be charged from you. Some of them would be by default, like processing fee, while some others would be contingent upon your action. One example is a prepayment fee or a fee for asking for a statement of the loan.
5. Approval Time:
Another thing that many people often miss to check is the committed turnaround time. Depending on the process, different banks commit different completion times for an ANZ Personal Loan 2019. If you have lots of time in hand, then you can ignore the time taken. But if you are in a hurry, then that is the first thing you should check. In such situations, the time taken is even more important than the rate of interest.
6. Eligibility and Documentation:
Last, but not the least, is the eligibility criteria and documentation. You must remember that an ANZ Personal Loan 2019 is an unsecured loan. So the bank can have several selection criteria to ensure its own security. You need to check if you qualify on those counts. You must also check whether you have all the documents that the lender requires.
How to Improve Your Chances of Getting Approval for an ANZ Personal Loan 2019?
We did speak earlier on in this post about how an ANZ Personal Loan 2019 is a completely unsecured loan. This means that you would not be required to keep any collateral with the lending bank. This makes the bank’s situation quite risky. If a borrower defaults, there is very little that the bank can do immediately to recover the money. That is why banks take a lot of care before approving an ANZ Personal Loan 2019 to an applicant.
The credit score is one way Australian banks assess the repayment capacity (and willingness) of a personal loan applicant. This is a dynamic score that everyone is allocated. It increases with good credit behavior. But it decreases with defaults, delays, etc on your part. There is complete information sharing between all Australian banks. Therefore all good and bad you do with one bank gets immediately shared with all other banks. Here are a few things you can do to improve your credit score. This will also improve your chances of getting approved before you apply for an ANZ Personal Loan 2019.
1. Reduce Exposure to Loans and Cards:
If you are a credit card user, then you would know it is an unsecured loan as well. In case you have a number of active credit cards, it might work to your disadvantage. The banks might wonder why you need another unsecured loan when you have access to unsecured funds anyway. Try surrendering those credit cards you never use, before you apply for a personal loan. If you already have an outstanding loan, try to close it completely before applying for a new one.
2. Apply for ANZ Personal Loan 2019 Only to Select Few Banks, Not All:
Some people think that it is safer to apply to all possible banks when they need a personal loan. You must be aware that each such application hurts your credit score. Every bank mandatorily checks your credit history when you apply. This gets recorded on your score and is usually counted as a negative score. Try not to leave so many ‘footprints’ on your credit score when you will take the loan from just one bank.
2. Create Credit History If You Don’t Have One:
One quandary many people face is that they have no credit score at all. This is simply because they have never taken any loan before. This should be neither good nor bad news. But banks usually penalize you for not having a credit score. You need to look for banks that would give you a loan against a fixed deposit of money. And then repay the loan on time or before time to build a credit score. Someone without a credit score might ask, ‘if I had money for a fixed deposit, why would I need a loan?’ If that is the case with you then you might consider applying for a credit card instead. These are usually approved based on salaries or bank balances. Use the card on a regular basis and repay before the due date. This will help build your credit score.
The attractive thing about a personal loan is that there is no collateral involved. Also, banks won’t usually ask for the end use of funds, as long as you fulfill the eligibility criteria. That is why you can use an ANZ Personal Loan 2019 for a variety of purposes. You just need to keep some things in mind before applying. Also, there are some perfectly legal steps you can take in order to improve your chances of getting your loan application approved easily.