Bank charges part 5: Personal loan

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Personal loans are taken out for many different reasons and from many different lenders.

Here, in the fifth and final article in our series on bank charges, we focus on the fees attached to personal overdrafts and personal loans from the big five banks.

In addition to fee details, we have included information on bank interest rates.

Personal overdraft ANZ BSA BNZ Kiwibank Westpac
Administration fees No charges $25 $30 No charges No charges
Fixed rate 12.90% per annum plus a margin of 6% per annum 19.50% per year 13.70% plus 6.25% margin 16.90% per year 19.95% per year
Costs not agreed $3 $3 $4 $10 $9
Unarranged rate 12.90% per year plus 15.00% margin per year 22.50% per year 13.70% plus 10% margin, RapidSave 11.00% plus 10% margin 22.00% per year 19.95% per year
Personal loans ANZ BSA BNZ Kiwibank Westpac
Administration fees No charges $99 loan processing fee $50 loan fee $240 No charges
Interest rate 12.9% per year 13.90% per year 17.85%, students 12.65% 18.95% per year, home loan customers 13.95% per year 13.90% per year

ANZ

The base consumer overdraft rate is 12.90% per annum (plus a margin).

All borrowers are listed as paying the base consumer overdraft rate and a margin of 6% per annum

However, if you exceed the credit limit, you are charged 12.90% per annum plus a margin of 15% per annum.

The monthly charge for overdraft management, excluding the ANZ Jumpstart account, is $3.

An unarranged overdraft has a fee of $3 per month.

For personal loans at ANZ there is a standard interest rate of 12.90% per annum

The amount you can access for a personal loan is between $3,000 and $50,000.

BSA

The fee for setting up an overdraft at ASB is $25.

The unsecured overdraft is 19.50% per annum

The unarranged overdraft is 22.50% per annum

There is an unarranged monthly overdraft fee of $3.

At ASB, the personal loan interest rate is 13.90% per annum with a minimum loan amount of $2,000.

A loan processing fee of $99 may apply.

BNZ

For the YouMoney account, an arranged overdraft comes with a setup fee of $30 and an interest rate of 13.70% plus a margin of 6.25%.

An unarranged overdraft on the YouMoney account is a fee of $4 per month and an interest rate of 13.70% plus a 10% margin.

The RapidSave account has no arranged overdraft. There is a $4 per month fee for an unarranged overdraft and an interest rate of 11.00% plus a 10% margin.

BNZ has an Advanced Student/Graduate/Apprentice Personal Loan with an interest rate of 12.65%.

The advanced personal loan has an interest rate of 17.85%.

The loan facility fee is $50 and the late payment fee is $2.

There is a minimum new loan amount of $1,000 and a maximum combined limit of $30,000.

Kiwibank

The authorized overdraft rate at Kiwibank is 16.90% pa

When your account is unauthorized and overdrawn, the rate is 22.00% per annum

There is no charge for requesting an overdraft from Kiwibank.

At Kiwibank, the interest rate for personal loans is 18.95% per annum

There is a different personal loan interest rate for Kiwibank home loan customers at 13.95% per annum

There is a setup fee for a personal loan of $240.

It costs $35 per late payment.

There is a minimum loan amount of $2000.

Westpac

At Westpac, an interest rate of 19.95% per annum applies to all overdrafts and there is an unarranged overdraft fee of $9 per month.

Personal loans at Westpac have an interest rate of 13.90% pa

You can apply to borrow up to $50,000, or maybe more depending on your situation.

*You can see part 1 of our series on bank charges here.

*You can see part 2 of our series on bank charges here.

*You can see part 3 of our series on bank charges here.

*You can see part 4 of our series on bank charges here.


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