ANZ Progress Loan FAQs

 

What can I use an ANZ Progress Loan for?

You can use an ANZ Progress Loan for most types of household purchases. For example:

  • a car, motorcycle or scooter, or vehicle repairs
  • whitegoods, such as a new fridge, freezer or washing machine
  • furniture or home improvements
  • lifestyle items such as a television, computer or stereo
  • to pay for medical or school expenses.

 

How much will my fortnightly repayments be?

A loan consultant will assist you to make sure that the repayments are affordable and can fit within your budget. Repayments are usually between $20 and $50 per fortnight and are timed to match your Centrelink payments.

 

What is the loan term?

ANZ Progress Loan terms are between 1 and 5 years. The loan term is linked to the amount that you would like to borrow and the amount you can afford to repay each fortnight, to ensure that your repayments are affordable.

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Is the interest rate fixed or variable?

ANZ Progress Loan has a fixed interest rate, which means the rate is set from the outset so you are protected against interest rate rises and you will have peace of mind knowing your repayments will remain the same for the whole term.

Do I need to provide security for my loan?

No, you will not be required to provide security.

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Are there any establishment or ongoing fees?

There is a one-off Loan Approval Fee of $40, which is only payable if your application is successful. No other fees apply.

What are the minimum requirements to be approved for an ANZ Progress Loan?

ANZ has worked with the Brotherhood of St Laurence to develop assessment criteria specifically for Health Care Card and Pensioner Concession Card holders. The criteria take into account how much you can afford to borrow within your budget. You do not need to earn an income. Applicants need to be:

  • Australian residents
  • at least 18 years of age
  • up to date with their rent and bills.

Applicants must have lived at their current home for at least three months.

Default listings on credit reports will be considered on a case-by-case basis.

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What paperwork will I need to provide?

You will need to provide evidence of the following:

  • your current address
  • your Health Care Card or Pensioner Concession Card
  • your Centrelink income
  • receipts for rent and utilities
  • your bank statement for the past three months
  • any credit card or other loan statements.

 

Where can I find out more information about loans and credit?

MoneyMinded is an unbiased financial education program which has been designed by ANZ in conjunction with community organisations, education experts and financial counsellors. The program includes courses to assist you to build your financial skills and knowledge. Visit the MoneyMinded website, which offers free online courses on topics such as loans and credit.

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