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 fees, we focus on the fees attached to personal overdrafts and personal loans from the big five banks.
Alongside fee details, we've included information on interest rates the banks charge.
| Personal Overdraft | ANZ | ASB | BNZ | Kiwibank | Westpac |
| Establishment fee | No fee | $25 | $30 | No fee | No fee |
| Arranged rate | 12.90%p.a plus 6%p.a margin | 19.50% p.a | 13.70% plus 6.25% margin | 16.90% p.a | 19.95% p.a |
| Unarranged fee | $3 | $3 | $4 | $10 | $9 |
| Unarranged rate | 12.90%p.a plus 15.00% p.a margin | 22.50% p.a | 13.70% plus 10% margin, RapidSave 11.00% plus 10% margin | 22.00% p.a | 19.95% p.a |
| Personal Loans | ANZ | ASB | BNZ | Kiwibank | Westpac |
| Establishment fee | No fee | $99 loan processing fee | $50 loan facility fee | $240 | No fee |
| Interest Rate | 12.9% p.a | 13.90% p.a | 17.85%, students 12.65% | 18.95% p.a., Home Loan Customers 13.95% p.a | 13.90% p.a |
ANZ
Consumer overdraft base rate is 12.90% p.a. (plus a margin).
All borrowers are listed as paying the consumer overdraft base rate and a 6% p.a. margin
However if you go over the credit limit you are charged 12.90% p.a plus a margin of 15% p.a.
The monthly overdraft management fee, excluding the ANZ Jumpstart account, is $3.
An unarranged overdraft has a fee of $3 every month.
For personal loans at ANZ there is a standard interest rate of 12.90% p.a
The amount you can access for a personal loan is between $3000 to $50,000,
for those on an ANZ Jumpstart account the minimum loan amount is $1000
ASB
The establishment fee for an overdraft at ASB is $25.
Unsecured overdraft is 19.50% p.a.
Unarranged overdraft is 22.50% p.a.
There is a monthly unarranged overdraft fee of $3.
At ASB the personal loan interest rate is 13.90% p.a with a minimum loan amount of $2000.
A loan processing fee of $99 may apply.
BNZ
For the YouMoney account an arranged overdraft comes with an establishment fee of $30 and interest rate of 13.70% plus 6.25% margin.
An unarranged overdraft on the YouMoney account is a $4 fee per month and an interest rate of 13.70% plus a 10% margin.
The RapidSave account has no arranged overdraft. There is a $4 fee per month for an unarranged overdraft and an interest rate of 11.00% plus a 10% margin.
BNZ has an students/graduates/apprentices advanced 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 lending amount of $1,000 and a maximum combined limit of $30,000.
Kiwibank
The authorised overdraft rate at Kiwibank is 16.90% p.a.
When your account is unauthorised and gets overdrawn the rate is 22.00% p.a.
There is no fee to apply for an overdraft at Kiwibank.
At Kiwibank the interest rate for personal loans is 18.95% p.a.
There is a different interest rate for personal loans for Kiwibank home loan customers at 13.95% p.a.
There is an establishment fee for a personal loan of $240.
It costs $35 per late payment.
There is a $2000 minimum loan amount.
Westpac
At Westpac a 19.95% p.a. interest rate 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% p.a.
You can apply to borrow up to $50,000, or maybe more based on your circumstances.
*You can see part 1 in our bank fees series here.
*You can see part 2 in our bank fees series here.
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