ANZ Debt Consolidation Loan Review & Details
A Debt Consolidation Loan is one of the few ways to relieve extreme credit card debt while also saving your credit rating. It might seem counter-intuitive, to borrow money in order to pay back money that you have already borrowed but this solution really does work.
Part of he problem with credit card debt is that the interest rates are usually quite high making them nearly impossible to pay off in a reasonable amount of time.
Add to that the fact that credit card debt compounds, meaning you pay interest on interest and your balance continues to grown even if you have stopped spending on your cards.
By borrowing cash to pay off all of these debts and then repaying one loan you reduce your principle amount and allow for better planning toward repayments.
ANZ Personal Loan
The ANZ Personal Loan program can be the perfect solutions to your debt worries. The loans come in either a variable or fixed rate variety. The choice between the two comes down to your own financial needs and your ability to roll with fluctuations in your budget.
If you take the time to understand both loans the choice between them should come to you fairly easily.
Variable Rate Loan – The interest rate on this loan will fluctuate with the market which means your payments and your total owed amount may also fluctuate. the benefit to this is that you may be able to take advantage of lower rates as they arise.
With this product you also have complete freedom when it comes to paying your loan off early or make additional repayments. You can also redraw on those extra payments should you need cash at a later date. The current interest rate is from 14.90% per annum.
Fixed Rate Loan – The interest rate on this product is fixed so you always know what your payment is and can budget accordingly. Should interest rates rise your payment and budget will not be affected.
Those people who need a solid budget plan will benefit best from this loan. While you may make additional repayments or pay off the debt early you will be subject to fees and charges. There are no redraw capabilities for those early or extra payments. The current interest rate is from 14.95% per annum.
Features – Both choices have a minimum borrowed amount of $5,000 with no maximum amount. The term is from one to seven years.
Fees that apply include a $150 application and establishment fee as well as a $150 fee per guarantor. The loan administration charge is $30 per quarter. Added optional loan protection is available and can qualify borrowers for .25% discount on their interest rate.
Getting the right debt consolidation loan at the right price is key to becoming financially free. At ANZ they can help free you from debt for less money then you ever thought possible. All you have to do to apply is go on line or make a phone call and you will get an approval within one day.