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Calculator FAQs - Personal lending

Calculator FAQs

How is the interest calculated?
Interest is calculated on the unpaid daily balance of your loan. The rate applied each day is equal to your annual percentage rate applicable at the time, divided by 365. For advice on how frequently interest will be debited, refer to your Loan Agreement and the relevant ANZ Loan terms and conditions.
What is a fixed rate loan?
A fixed rate loan has a fixed interest rate for a set period of time. During the fixed rate period, ANZ may accept any early or additional full or partial repayments. If it does, you may be liable to pay an early repayment cost, plus the early repayment administration fee, if full repayment occurs.
What is a variable rate loan?
A variable rate loan allows you to make additional loan payments at any time. Variable interest rates can change at any time during the life of your loan. If this occurs, the amount of your repayments may need to change if you are to repay your loan within the agreed term.
Can I repay the loan early during a variable interest rate?
With an ANZ Variable Interest Rate Personal Loan you have the freedom to increase your repayments at any time. This means you can pay off your loan faster and save on interest costs1.

1. A Deferred Establishment Fee will apply if you repay your Variable Rate Loan within 12 months from date of advance.