Compare personal loans from a panel of NZ banks and non-bank lenders — rates, fees and terms.
Last updated 8 June 2026 · By MoneyGuru Editorial Team
household consumer lending balance (non-mortgage)
RBNZ tracks non-mortgage household lending — personal loans, vehicle finance and overdrafts. Comparison-rate (APR) is the only fair way to compare lenders.
Source: Reserve Bank of New Zealand (RBNZ) · RBNZ lending and monetary statistics — household consumer lending · verified 2026-06-09
A panel of New Zealand personal loan lenders we compare
A short profile of each NZ personal loan lender on our panel.
Major NZ bank lender
Strengths
Considerations
Suited to: Existing ANZ customers wanting bank-tied lending.
CommBank Group NZ
Strengths
Considerations
Suited to: ASB customers wanting bank-tied lending.
Australian-owned bank
Strengths
Considerations
Suited to: Westpac customers wanting bank-tied lending.
NAB-owned bank
Strengths
Considerations
Suited to: BNZ customers wanting bank-tied lending.
Non-bank online lender
Strengths
Considerations
Suited to: Good-credit borrowers wanting an online application with fast decision.
Side-by-side personal loan features at a glance.
| Lender | Distribution | Security type | Rate type | Term | Early repayment |
|---|---|---|---|---|---|
| ANZ | Bank-tied | Unsecured + secured | Fixed | Up to 7 years | Available |
| ASB | Bank-tied | Unsecured + secured | Fixed | Up to 7 years | Available |
| Westpac | Bank-tied | Unsecured + secured | Fixed | Up to 7 years | Available |
| BNZ | Bank-tied | Unsecured + secured | Fixed | Up to 7 years | Available |
| Harmoney | Direct online | Unsecured | Fixed | Up to 7 years | Available |
Four steps before signing.
Borrow only what is needed for the specific purpose. Round numbers up to deal with surprises but avoid over-borrowing.
Secured = lower rate but asset at risk. Unsecured = higher rate but no asset on the line.
Headline rate plus fees, expressed as a single APR. The only fair way to compare lenders.
Lump-sum and early-payoff fees can wipe out a low-rate advantage if you pay early.
NZ personal loans split into secured and unsecured. Unsecured loans rely on credit score and income; secured loans use a vehicle or other asset as collateral. Terms typically range from one to seven years with fixed monthly repayments. Common uses are vehicle purchase, home renovation, debt consolidation, and one-off costs like weddings or medical bills. Non-bank online lenders compete with banks on speed and risk-based pricing.
Compare the comparison rate (advertised rate plus fees expressed as APR), the loan term, the early-repayment terms and any insurance bundled into the loan. Calculate total cost over the term, not just the monthly repayment.
A short questionnaire — typically takes about two minutes.
Your enquiry is sent to Evolve Group Limited (FSP711891), our partner Financial Advice Provider.
The adviser sources quotes across a panel of NZ insurers or lenders and walks you through the options.
No obligation to apply, switch or buy. You decide whether to proceed.
Most NZ personal loan lenders cap unsecured loans in the low-to-mid five-figure range. Secured loans (against a vehicle or property) can go higher. The actual amount depends on income, existing debts, credit score and the lender's appetite.
Rates vary widely by lender, security type and credit score. Bank-customer rates for good credit are at the bottom of the range; non-bank rates for higher-risk borrowers can be many percentage points higher. Always check the comparison rate, not just the advertised rate.
Secured loans use an asset (usually a vehicle) as collateral and attract lower rates. Unsecured loans have no collateral and rely on credit score and income — higher rates. Default on a secured loan and the lender can repossess the asset.
A clean credit score (Centrix, Equifax, illion) improves approval odds and unlocks lower rates. Recent missed payments, defaults or many credit applications hurt the score. Apply selectively — multiple applications in a short window damages the score further.
Fixed-rate loans lock in the rate for the term — predictable repayments. Variable-rate loans move with market rates — repayments can rise or fall. Most NZ personal loans are fixed-rate.
Most NZ personal loans allow early repayment but may charge an early-repayment fee on fixed-rate loans. Read the loan contract for the exact fee. Bank loans often allow lump-sum repayments without penalty up to a limit.
Often yes — personal loan rates are typically lower than credit card rates. Consolidating turns revolving high-rate debt into structured monthly repayments. The risk is running the credit card back up afterwards.
Online non-bank lenders can decision in minutes and fund within 24 hours. Banks typically take a few business days for unsecured loans, longer for secured loans where the asset needs to be checked.
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