A personal loan in New Zealand can cost you very different amounts depending on where you borrow. The major banks advertise rates from about 12.9% to 13.9%, while online lenders and finance companies range from under 8% for excellent credit to almost 30% for weaker files. On a $10,000 loan over 3 years, that spread is worth more than $2,600 in interest.
Use the calculator below to see your weekly repayment and total interest at different rates. Further down you’ll find a comparison of the main banks, credit unions and online lenders, the fees to watch, and what decides the rate you’re offered.
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How much do you want to borrow?
Over how long?
Your loan at different rates
Example only, based on a reducing-balance loan with weekly repayments and no fees. The rates are typical levels in New Zealand, not offers; your rate depends on your credit file, income and the lender. Add the establishment fee and any monthly fee to compare offers fully.
Bank personal loans compared
Advertised unsecured personal loan rates, checked October 2026. Rates and fees change; confirm the current offer with the bank before you apply.
| Bank | Rate p.a. | Amount | Term | Establishment fee |
|---|---|---|---|---|
| ANZ | 13.90% (one rate) | $3,000–$50,000 | 6 months–7 years | None |
| BNZ Advanced Personal Loan | 12.90% | $1,000–$60,000 | 3 months–5 years | $50 loan facility fee |
| ASB | 13.90% | Ask ASB | Ask ASB | Ask ASB |
| Westpac | From 13.90% | Ask Westpac | Ask Westpac | Ask Westpac |
| Kiwibank | 18.95% (13.95% for home loan customers) | Ask Kiwibank | Ask Kiwibank | Ask Kiwibank |
| TSB | From 12.95% | Ask TSB | Ask TSB | Ask TSB |
Most of the big banks advertise a single standard rate, but that rate isn’t guaranteed: your offer depends on your credit file, income and existing debts. ANZ and BNZ say they don’t charge an early repayment fee, which matters if you want to pay the loan off faster.
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Online lenders, credit unions and finance companies
| Lender | Rate p.a. | Fees | Notes |
|---|---|---|---|
| Harmoney (online) | 7.99%–24.99% | $150 establishment | $2,000–$100,000; 3, 5 or 7 years; rate based on your credit profile |
| Finance Now | 8.25%–29.95% | $215 establishment + $2.50 a month | Up to $60,000; 6–60 months |
| MTF Finance | 14.00%–24.00% unsecured; 10.55%–22.55% secured | Up to $380 establishment, admin fee | Early repayment fee applies |
| Lending Crowd (online) | 14.95%–25.95% unsecured; 8.95%–23.78% secured | $200 platform fee | Unsecured $2,000–$50,000; 2–5 years |
| First Credit Union | 10.95%–18.00% | Ask the credit union | Member-owned |
| Unity (credit union) | 12.90%–22.90% unsecured; 9.90%–19.90% secured | Ask the credit union | Member-owned |
The lowest advertised rates go to borrowers with excellent credit and stable income. The top of each range is closer to what many people with a few late payments are offered.
What $10,000 really costs at each lender
$10,000 over 3 years, weekly repayments, using advertised rates and fees.
| Lender and rate | Weekly | Interest | Interest + fees |
|---|---|---|---|
| Harmoney, best rate 7.99% | $72.14 | $1,253.98 | $1,403.98 |
| Finance Now, best rate 8.25% | $72.41 | $1,296.39 | $1,601.39 |
| BNZ, 12.90% | $77.38 | $2,071.74 | $2,121.74 |
| ANZ, 13.90% | $78.48 | $2,242.66 | $2,242.66 |
| Kiwibank, 18.95% | $84.15 | $3,128.12 | Plus any fees |
| Harmoney, top rate 24.99% | $91.25 | $4,235.46 | $4,385.46 |
| Finance Now, top rate 29.95% | $97.33 | $5,183.29 | $5,488.29 |
Two lessons. With excellent credit, an online lender’s best rate can beat the banks by around $700 even after fees. With average credit, you may be offered the top of the range instead, and then a bank’s fixed rate is usually cheaper. The only way to know is to get real quotes: many online lenders show your rate after a soft check that doesn’t affect your credit file, but ask before you apply.
What decides your rate: 6 factors lenders look at
| Factor | What helps |
|---|---|
| Repayment history | 24 months of on-time payments on your credit file |
| Defaults and judgments | None, or paid and older; see bad credit loans NZ |
| Income | Regular, provable income; permanent employment helps |
| Existing debt | Low card limits and few other loans; lenders count unused card limits too |
| Budget | Bank statements that show you have money left after regular costs |
| Security | Offering a car as security can lower the rate |
Quick wins before you apply: lower unused credit card limits, clear small debts, and avoid several loan applications in a short time. Each application stays on your credit file for 4 years.
Secured or unsecured: which is cheaper and when
| Unsecured | Secured (usually against a car) | |
|---|---|---|
| Rate | Higher | Often a few percentage points lower |
| Approval with weaker credit | Harder | Easier |
| If you can’t pay | Collection, default on your file | Also repossession of the security |
| Best for | Good credit, smaller amounts | Buying a car, larger amounts |
Buying a car? Compare dealer finance and bank loans in car loans NZ.
Application checklist and documents
- ID: NZ driver licence or passport.
- Proof of income: recent payslips, or bank statements showing your income; self-employed people usually need tax returns or accounts.
- Bank statements: often the last 90 days, frequently shared digitally.
- Proof of address, if the lender asks.
- Details of your debts: loans, cards and their limits, buy now pay later.
- Your budget: rent or mortgage, power, food, transport and other regular costs.
- Purpose of the loan, and for debt consolidation, payout figures from your current lenders.
Consolidating debts? Use the debt consolidation calculator to check you actually save.
Personal loan, credit card or overdraft?
| Need | Usually best |
|---|---|
| A one-off cost of $3,000 or more, repaid over 1–5 years | Personal loan with a fixed end date |
| A short gap until payday | Arranged overdraft, used briefly |
| A purchase you can clear in full by the statement date | Credit card |
| A big purchase on “interest free” | Only if you can clear it in time; store cards charge about 29% afterwards |
| A small, urgent cost of a few hundred dollars | See cash loans NZ or Work and Income help |
Frequently asked questions
Which bank has the lowest personal loan rate in NZ?
Among the major banks, BNZ’s advertised 12.90% was the lowest when we checked in October 2026. Online lenders advertise lower starting rates for excellent credit, but not everyone gets them.
Can I repay a personal loan early?
Usually yes. Some lenders, including ANZ and BNZ, say they charge no early repayment fee; others charge one. Check before you sign.
How much can I borrow?
Banks lend from about $1,000 to $60,000 unsecured, but your limit depends on your income, debts and budget.
How fast is a personal loan paid out?
Online lenders and your own bank can often pay out within a day or two of approval.
Does checking my rate affect my credit score?
A full application adds an enquiry to your credit file. Some lenders offer a rate check first; ask whether it is a soft check.
Conclusion
Personal loan rates in New Zealand range from under 8% to almost 30%, and on $10,000 over 3 years that is the difference between about $1,400 and $5,500 in costs. Check your credit file, get quotes from a bank, a credit union and an online lender, and compare the total repaid including fees. The advertised rate is a starting point; your quote is what counts.
