ANZ Review for Potential Borrowers
ANZ Business Loan Review for Potential Borrowers
This review of ANZ Business Loan will get under the hood of this small business lender. We’ll take a look at ANZ’s company story, lending solutions and minimum borrowing criteria. As always, we’ll search the net for existing ANZ Business Loan reviews to see what existing customers have had to say about their experience and see if there are any common themes which point to the advantages and disadvantages of obtaining funding through ANZ. Read our ANZ Business Loan review and see if they meet your business’ working capital needs.
ANZ Business Loan Review – Basic Figures for 2022
Website
Logo
ABN
11 005 357 522
Credit License:
234527
Loan Amount
minimum of $10,000
Loan Term
1 to 30 years
Unsecured Loans?
Yes
Response Time
24 hour
Easy to Apply
You can apply for this business loan through an online enquiry, over the phone or meet with a business banking specialist at your local ANZ branch.
The Nitty-gritty
Online Reviews
None
Awards and Recognition
None
Minimal Interest Rates
4.84% p.a.
Company Story & Credibility?
We provide banking and financial products and services to over 8.5 million retail and business customers, and operate across 32 markets. Our expertise, products and services make us a bank. Our people, purpose, values and culture make us ANZ. ANZ Group Holdings Limited is an authorised non-operating holding company under the Australian Banking Act.
You can choose between loan types, interest and repayment options. The loan comes with approval and administration charges.
With ANZ’s business loan, you can borrow from $10,000. You can choose between an unsecured or secured loan. With a secured business loan, you could get a lower interest rate. There are also several repayment options, including repaying the principal and interest, or paying interest only and a lump sum balloon payment at the end of the loan term. The loan comes with various fees and charges. Loan approval fees, loan administration charge can vary, making it harder to calculate the cost of the loan before application.
Features of the ANZ Business Loan
Some of the features of this loan include:
- Unsecured or secured loan terms. There is the option to choose between a secured or unsecured loan term. The secured option requires that you put an asset against the loan, which brings benefits such as a lower interest rate.
- Variable or fixed interest rate terms. There are three different interest rate types to choose from: a variable rate with a loan term of up to 30 year(s), a fixed rate with interest in arrears (due at the end of the loan period) with a loan period of up to 10 years, and a fixed rate with interest in advance and a loan period of up to 5 years.
- Varied repayment options. You can choose between repaying the principal and interest or paying interest only and a lump sum balloon payment of up to 100% of the loan amount at the end of the loan term.
- Varied repayment terms. There are varied loan repayment terms depending on which loan you choose. With the variable rate loan you can repay the loan weekly, fortnightly, monthly, quarterly, half-yearly, yearly or seasonally. With the fixed rate loan you can repay the loan in monthly, quarterly, half-yearly or yearly installments.
- Large minimum amount. The minimum amount for this loan is $10,000.
How does the ANZ Business Loan work?
Your business can apply for a minimum of $10,000. The loan terms are dependent on whether or not you want a fixed or variable rate loan.
The fixed rate loan terms are a maximum of 10 years and the variable rate loan terms are up to 30 year(s). Once you’ve applied for the loan and been approved for the amount you’ve applied for, the funds will be in your account within the terms specified by the ANZ business banking specialist.
ANZ Review Summary
Name: ANZ
Summary
We provide banking and financial products and services to over 8.5 million retail and business customers, and operate across 32 markets.
Our expertise, products and services make us a bank. Our people, purpose, values and culture make us ANZ.
ANZ Group Holdings Limited is an authorised non-operating holding company under the Australian Banking Act.
Pros
- Choose from variable and fixed interest rates
- Choose the frequency of your repayments to suit your business
- Choose your repayment type, principal and interest, interest only or both
- Where eligible, flexible loan term of up to 30 years
Cons