ANZ Debt Consolidation Using A Balance Transfer Or Personal Loan

Information verified correct on October 28th, 2016

If you’re considering consolidating your debts, take a look at the options ANZ has to offer through its personal loans and credit cards.

There is no lack of instances when people feel burdened by their existing credit cards, store cards, and personal loans, and many, in such scenarios, turn to consolidate their debts. ANZ debt consolidation options give you the ability to save on interest while also simplifying your repayment woes.

ANZ Debt Consolidation Credit Cards

Rates last updated October 28th, 2016
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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
ANZ First Visa Credit Card
Enjoy 0% p.a. balance transfer rate for the first 18 months, a low annual fee, interest-free days on purchases and a low minimum credit limit.
0% p.a. for 18 months with 3% balance transfer fee 19.74% p.a. $30 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
0% p.a. for 12 months 0% p.a. for 3 months (reverts to 19.74% p.a.) $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
ANZ Platinum Credit Card
Enjoy platinum card benefits with $0 annual fee in the first year and complimentary overseas travel and medical insurance.
0% p.a. for 18 months with 3% balance transfer fee 19.74% p.a. $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info


What are my options?

If you wish to turn to ANZ for debt consolidation, you can choose between getting a personal loan or a credit card with a balance transfer offer. Details of these options are as follows:

  • Personal loan

ANZ personal loans allow you to combine your outstanding credit card and loan dues under a single account. You can choose a repayment period from one to seven years, in accordance to how much you can afford to pay each month. If you opt for a variable rate loan, you can make extra repayments as and when you like without paying any penalties, and these loans come with redraw facilities. You can make weekly, fortnightly, or monthly repayments; and you can set up direct debits to simplify repayments.

  • Balance transfer

Certain ANZ credit cards come with promotional balance transfer offers, which give you the ability to transfer balances from other credit cards and store cards, but not personal loans. These cards charge little to no interest on transferred balances for a given time period. As a result, taking this route can lead to savings in the form of interest, and you also have fewer repayments to track. You can make additional repayments at any time, but bear in mind that any outstanding balance at the end of the promotional period starts attracting the card’s cash advance rate. If you use an ANZ credit card for balance transfers, you’ll have to pay a balance transfer fee.

What else should I consider?

ANZ gives you numerous options when it comes to debt consolidation, and if you’re seriously thinking about going this way ensure considering the following:

  • Fixed rate or variable rate. A fixed rate personal loan gives you peace of mind in the form of fixed repayments throughout the course of the loan. A variable rate loan, on the other hand, gives you greater freedom when it comes to making extra repayments and you can even expect it to come with a redraw facility.
  • Using your new card for purchases. If you opt for a credit card with a balance transfer offer, remember that interest-free days on purchases don’t apply until you pay the transferred balances in full. As a result, using your new ANZ credit card until you repay the transferred balances completely is not a good idea.
  • Comparing rates and fees. Pay due attention to the interest rate and fees, no matter whether you’re looking for a personal loan or a credit card. If you wish to get a balance transfer credit card, find out about the revert rate it charges ahead of time. The annual fee you have to pay can also vary from one offering to the next.

ANZ debt consolidation

ANZ, as you can see, gives you multiple options when it comes to consolidating your debts, and while you can choose to get a personal loan, you can turn to a balance transfer credit card as well. Since many other financial institutions have similar offerings in place, make sure you take some time to compare a few before deciding.

Compare Personal Loan Options

Rates last updated October 28th, 2016
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
ANZ Variable Rate Personal Loan
A variable rate loan that lets you make and redraw additional repayments.
From 14.69% (variable) 15.55% $5,000 1 to 7 years $0 Go to site More
ANZ Fixed Rate Personal Loan
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $0 Go to site More
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Frequently asked questions

I have an existing ANZ credit card. Can I transfer its balance to a new ANZ card with a balance transfer offer?

Unfortunately, the answer to this is no. You can only transfer balances from non-ANZ issued credit and store cards.

I wish to get an ANZ balance transfer credit card to transfer an outstanding balance from a personal loan - what’s my best option?

You cannot use ANZ balance transfer credit cards to transfer balances from personal loans. You can choose to get a fixed rate or variable rate personal loan instead.

Can I make extra repayments towards a fixed rate loan?

Yes, you can, but additional fees and charges would apply.

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10 Responses to ANZ Debt Consolidation Using A Balance Transfer Or Personal Loan

  1. Default Gravatar
    jill | April 15, 2016

    I have an ANZ credit card and another credit card with another company. I have no other debts and own my own home but am on an aged pension would ANZ pay out the other credit card and combine them both to make a personal loan.

    • Staff
      May | April 15, 2016

      Hi Jill,

      Thanks for getting in touch.

      Just to confirm, are you planning to do a balance transfer to consolidate your credit card debts or looking for a personal loan and use the proceeds to pay out your credit card debts?

      In any case, since you mentioned that you’re on age pension, you may review the criteria and get more information on our guide here if you’re looking to apply for a personal loan.

      As for the balance transfer, you can apply for a credit card and may consider a low rate and low fee range brand. Although we do not advise whether or not a credit card is available to people who receive pension payments, depending on the card company, they will review your criteria and may approve your application.

      I hope this is helpful.


  2. Default Gravatar
    Nerida | March 15, 2016

    Can you consolidate a personal loan into an existing ANZ mortgage?

    • Staff
      Jonathan | March 18, 2016

      Hi Nerida, thanks for your inquiry!

      Mortgage accounts can only be deposited into/ withdrawn from (depending on your home loan type) and do not accept outstanding debt amounts.



  3. Default Gravatar
    Cristina | March 3, 2016

    hi there, i just want to ask, does taking a debt consolidation loan give you a bad credit history or does is goes against you when you try to apply for other credit cards?

    • Staff
      Jonathan | March 4, 2016

      Hi Cristina, thanks for your inquiry!

      Debt consolidations can improve your credit history if you repay your existing debts. If you are applying for a debt consolidation loan it is generally recommended to avoid applying for another product for 6-8months since too many frequent applications can be a warning signal to lenders.



  4. Default Gravatar
    steve | August 17, 2014

    hi I have a Anz credit card and a personal loan can I b able to consolidate both into one easy payment with uncombined debts is 22000 thousand

    • Staff
      Shirley | August 18, 2014

      Hi Steve,

      Thanks for your question.

      Please have a read through the eligibility requirements for the debt consolidations you’re interested in. If you meet the criteria, then you may want to apply for that product.

      All the best,

  5. Default Gravatar
    Sarah | March 25, 2013


    I was wondering whether I was able to conduct a balance transfer from my CBA personal loan to you? I am looking for a balance transfer offer similar to that of a credit card – where I get a period of time interest free.



    • Staff
      Jacob | March 26, 2013

      Hi Sarah. Thanks for your question. ANZ do not accept balance transfers from personal loans to their credit card. Citibank and Virgin are two institutions that do.

Credit Cards Comparison

Rates last updated October 28th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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