Personal loans NZ: what they cost
See what a personal loan costs at 12 New Zealand lenders, then have a licensed broker check your options.
$107 a week
$27,774 paid back in total
$20,000 over 5 years at the 13.90% p.a. standard rate at ANZ, ASB and Westpac, checked 21 Oct 2026. Fees and conditions are below.
Personal loan rates in NZ, October 2026
Personal loans cost 7.95% to 29.99% a year at the 12 lenders Compare Loans checked, plus a set-up fee of up to $380. The lowest rates go to strong credit. At Nectar that's 7.95%–11.95%, against 24.95%–29.95% for fair or developing credit.
So read each row as the best case, and ask a broker where you'd land. Compare Loans doesn't list every lender, and none of these pays to appear.
| Lender | Rate (p.a.) | Fee | Each week | Paid back in total |
|---|---|---|---|---|
| Harmoney7.99%–24.99% · $150 fee | 7.99%–24.99% | $150 | $94 | $24,458 |
| Nectar7.95%–29.95% · $230 fee | 7.95%–29.95% | $230 | $94 | $24,532 |
| Finance Now8.25%–29.95% · $215 fee | 8.25%–29.95% | $215 | $95 | $24,686 |
| The Co-operative Bank9.95%–17.75% · $145 fee | 9.95%–17.75% | $145 | $98 | $25,589 |
| Gem by Latitude9.99%–29.99% · $240 fee | 9.99%–29.99% | $240 | $99 | $25,733 |
| First Credit Union10.95%–18.00% · $0 fee | 10.95%–18.00% | $0 | $100 | $25,993 |
| BNZ12.90% · $50 fee | 12.90% | $50 | $105 | $27,230 |
| ANZ, ASB and Westpac13.90% · $0 fee | 13.90% | $0 | $107 | $27,774 |
Each week and total: $20,000 over 5 years at each lender's lowest advertised rate, with the highest set-up fee added. Rates from each lender's own page, checked 21 Oct 2026.
Have a broker check my optionsWhat would my repayments be?
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How much is a $20,000 personal loan per month?
About $464 a month over 5 years at 13.90%, the standard rate at ANZ, ASB and Westpac. You'd pay back $27,860 in total.
Strong credit at 9.95% brings that down to $424 a month. At 29.95% it's $646. Fees come on top.
| Loan | Rate (p.a.) | Each month | Paid back in total |
|---|---|---|---|
| $10,000 over 3 years | 13.90% | $341 | $12,286 |
| $10,000 over 5 years | 13.90% | $232 | $13,930 |
| $20,000 over 3 years | 13.90% | $683 | $24,573 |
| $20,000 over 5 years | 13.90% | $464 | $27,860 |
| $30,000 over 3 years | 13.90% | $1,024 | $36,859 |
| $30,000 over 5 years | 13.90% | $696 | $41,790 |
| $20,000 over 5 years | 9.95% | $424 | $25,467 |
| $20,000 over 5 years | 29.95% | $646 | $38,787 |
Estimate only, not a quote or an approval. Your rate depends on your credit and the lender. Rates checked 21 Oct 2026.
Have a broker check my options
What fees come with a personal loan?
Mostly a one-off set-up fee. It's $0 at ANZ, ASB, Westpac and First Credit Union and up to $380 at MTF. Some lenders also charge a small fee every month or every repayment.
Fees can make the lower rate the dearer loan. On $20,000 over 5 years, Harmoney at 7.99% with its $150 fee costs $24,508 in total. Nectar at 7.95% with its $230 fee and a fee on every repayment costs $24,687, which is $179 more. Ask for the total with every fee in before you sign.
- A secured loan adds a PPSR fee of about $10.
- Paying off early is free at most lenders. MTF charges a settlement fee.
- Some lenders pass on credit and ID check costs, up to about $30.
Fees from each lender's own page, checked 21 Oct 2026.
Secured or unsecured personal loan?
A secured loan is usually cheaper. You pledge your car or another asset, and the lender can take and sell it if you stop paying. At Unity, secured rates run 9.90%–19.90% against 12.90%–22.90% unsecured, and you can borrow more with security. If losing the car would hurt, weigh that first.
You also choose how the rate behaves. A fixed rate keeps your repayment the same for the whole loan. A floating rate can move, and the lender tells you the new repayment.
- Fixed: Harmoney, Nectar, Finance Now, MTF, ANZ and ASB.
- Floating: the Co-operative Bank, Unity, First Credit Union and BNZ.
- Your choice: Gem.
Gem and MTF also lend secured and unsecured. Rates p.a., checked 21 Oct 2026.
Who can get a personal loan in NZ?
You can usually apply if you're 18 or over, a New Zealand citizen, resident or on a qualifying visa, and you earn enough to cover the repayments after your bills. Each lender adds its own rules:
- ANZ: a work visa must be issued for 2 years or more with at least 1 year left, and you need an ANZ everyday account.
- ASB: over $20,000 a year to apply online, and the online application is for ASB customers.
- BNZ: $35,000 a year or more to apply online, and you need to be a BNZ customer.
- Harmoney: paid work, self-employed included, and no bankruptcies, judgments or defaults.
- Nectar: $350 a week or more after tax, and no serious bad debts or payment defaults.
Got a default on your file? See bad credit loans for lenders that assess applicants with a default.
Applying takes five steps.
- 1
Get a quote. Harmoney, Gem, Nectar and MTF quote with a soft credit check, which doesn't touch your credit score.
- 2
Apply with photo ID, proof of address and recent bank statements.
- 3
The lender checks your credit and what you can afford. The full check records an enquiry on your file.
- 4
Read the disclosure statement. It shows the rate, every fee and the total you'll repay.
- 5
Sign and get the money. Gem pays within 24 hours of your signed contract, subject to Gem's responsible lending and affordability checks.
Will checking my rate affect my credit score?
No. A quote with a soft credit check doesn't touch your score. Only a full application leaves a mark, a hard check that records an enquiry on your file.
- Harmoney uses a soft check for the online quote, and a hard check only if you go ahead.
- Gem gives a tailored rate "with no impact to your credit score".
- Nectar uses a soft check for the quote, and records a credit check when you draw down the loan.
- MTF lets you explore options "with no impact on your credit score".
Several full applications in a short time all show up. Collect soft-check quotes first, then apply once, to the lender with the lowest total cost.
Is a broker better than applying direct?
A broker checks the lenders on their panel, finds the ones likely to consider you, and helps you make one application instead of several. That's most useful when you're self-employed, on a work visa, have a mark on your credit file or want a secured loan.
If your own bank already has a rate that works, applying direct is fine. ANZ, ASB and Westpac all quote 13.90%, though each wants you to bank with them.
Every licensed broker must give you a disclosure statement listing any broker fee and the commission lenders pay. Compare Loans does not lend money and does not give financial advice, and passes your enquiry to a licensed broker only when you send the enquiry form.
When is a personal loan the wrong choice?
When a cheaper or free option would do the job. Pause and look at that first if any of these sound like you.
- If money is tight and you need essentials or a car, Good Loans from Good Shepherd NZ charge no interest or fees, up to $7,000 for a car. Work and Income also covers some essential costs.
- For a small amount, a credit card balance transfer is cheaper if you clear it before the promotional rate ends.
- Stretching the term so the repayment fits costs more. $20,000 at 13.90% costs $27,860 over 5 years and $31,390 over 7.
- If you're already missing repayments, a new loan adds another bill. Talk to a free financial mentor at MoneyTalks on 0800 345 123, or see debt consolidation loans.
You can still talk to a broker later, once you know a loan makes sense.
Good Loans lend up to $15,000 in total for households under an income guide ($65,000 a year for a single person); debt-consolidation enquiries are paused.
What protects you when you take a personal loan?
New Zealand's lending law sets out what every lender owes you, and the Financial Markets Authority (FMA) enforces it. Missed payments do cost more, so talk to your lender early if things get hard. ANZ adds 5% a year to the loan rate as default interest.
- Every lender must check the loan is affordable and suits you. No lender can skip credit and affordability checks.
- You get the rate, the fees and the total you'll repay in writing before you sign.
- You can cancel within 5 working days of getting the disclosure, longer if it's posted. BNZ gives 8 working days.
- If illness, injury or job loss hits your repayments, you can ask the lender for a hardship variation.
- You can always repay early. ANZ, ASB, BNZ, Westpac, Harmoney and Nectar charge nothing for it.
- At 50% a year or more, interest is capped at 0.8% a day and total costs at 100% of what you borrowed. The highest rate here is 29.99%.
- Every lender listed belongs to a free dispute resolution scheme.
Credit Contracts and Consumer Finance Act 2003, s 9C; the FMA has regulated consumer lenders since 1 July 2026.
What else affects a personal loan?
- Combining several debts into one loan: see debt consolidation loans.
- Buying a car, where a secured car loan usually costs less: see car finance.
- A default or missed payments on your file: see bad credit loans.
- Extra repayments or a full schedule: see the loan calculator.
- Every loan type Compare Loans covers: see loans in NZ.
What else do people ask about personal loans?
Can I pay off a personal loan early?
Yes, and at most lenders it costs nothing extra. ANZ, ASB, BNZ, Westpac, Harmoney, Nectar, Gem, Unity, the Co-operative Bank and First Credit Union all charge $0, and paying early cuts your interest. MTF is the exception: its settlement fee changes daily, so check the figure before you pay out.
Can I get a personal loan on a work visa in NZ?
Yes, at some banks. ANZ needs a work visa issued for two years or more with at least one year left, ASB accepts NZ work visas with conditions, and BNZ lends up to $10,000 if you have permanent work. Harmoney and Nectar lend only to NZ citizens and permanent residents, and Harmoney also to Australian citizens.
Can I get a personal loan if I'm self-employed?
Yes, if your income is steady and you can show it. Harmoney accepts self-employed applicants "with a consistent income". Banks usually want two years of financial statements or tax returns, and non-bank lenders accept shorter records at a higher rate.
How much can I borrow on a personal loan in NZ?
From $1,000 up to $100,000 unsecured, or $500,000 secured. Most banks lend up to $50,000 or $60,000, Harmoney up to $100,000 and MTF up to $500,000 with security. What you're offered depends on your income, your expenses and your other debts.
How long does personal loan approval take?
Anywhere from the same day to a few business days, subject to the lender's responsible lending and affordability checks. Gem replies within 2 business days and pays within 24 hours of your signed contract. Nectar aims to pay the same day you sign, once its checks are done. A missing document is the usual hold-up.
What is the cheapest personal loan in NZ?
The one with the lowest total once every fee is in. Nectar and Harmoney advertise the lowest rates, from 7.95% and 7.99%, but those go to people with strong credit. On $10,000 over 3 years, BNZ at 12.90% with its $50 fee costs $12,173 in total, and ASB at 13.90% with no fee costs $12,286.
Can I get a personal loan with bad credit in NZ?
Some lenders will look at your application, usually at a higher rate, and every one still checks your credit and what you can afford. No lender can promise approval. Harmoney and Nectar exclude applicants with defaults. See bad credit loans for your options and the free help.
Does a longer term make a personal loan cheaper?
No. A longer term lowers each repayment but raises the total. $20,000 at 13.90% costs $464 a month and $27,860 in total over 5 years, or $374 a month and $31,390 over 7 years. Those two extra years cost you $3,531.
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