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Kiwibank vs ASB: Which Personal Loan Fits Your Needs?
Compare Kiwibank and ASB personal loans on rates, terms, and borrower flexibility to find the best fit for your financial needs this June.
You're caught between Kiwibank and ASB for your next personal loan. Let's break down what actually matters to make your decision easier.
Rates and terms shown are representative. Your actual rate depends on your credit profile and circumstances. This is not financial advice — always read the lender's terms before applying.
Local Options: Kiwibank vs ASB
These two New Zealand banks offer compelling personal loan options, but each has its own strengths. Here's how Kiwibank and ASB compare on key points like rates, terms, and flexibility.
Kiwibank Personal Loan
Kiwibank offers a competitive 12.99% APR, appealing to borrowers who prefer a locally-owned bank. The trade-off is a lower maximum loan amount of NZ$30,000, which may not suffice for larger financial needs. If NZ ownership and competitive rates matter to you, Kiwibank is worth considering.
Kiwibank Personal Loan
Personal- Amount
- Up to NZ$2k–NZ$30k
- Term
- 12–60 mo
Best suited for borrowers looking for flexible loan amounts and terms, with the added benefit of supporting a New Zealand-owned institution.
ASB Personal Loan
ASB edges out Kiwibank with a slightly lower starting rate at 12.90% and offers longer terms up to 7 years, making it ideal for those seeking manageable monthly payments. However, rates vary based on your credit profile, which could lead to higher costs for some.
ASB Personal Loan
Personal- Amount
- Up to NZ$2k–NZ$50k
- Term
- 6–84 mo
This loan is best for borrowers needing substantial funds for projects or debt consolidation with flexible repayment terms.
While Kiwibank and ASB offer solid choices, some borrowers might prioritize low initial rates above all else. The following options focus on competitive starting APRs.
Lowest Rate Contenders
For those seeking the most attractive initial rates, consider these options.
Westpac Personal Loan
Westpac stands out with a special 7.99% rate for electric vehicle purchases, making it a great pick if you're financing an EV. However, its standard rate of 13.90% isn't as competitive as some others unless you qualify for the EV discount.
Westpac Personal Loan
Personal- Amount
- Up to NZ$2k–NZ$50k
- Term
- 6–60 mo
Best for those seeking lower rates for electric vehicle financing, as well as borrowers needing larger sums up to $50,000.
Harmoney Personal Loan
Harmoney offers an appealing starting rate of 7.99% and a fully online application process that takes as little as 9 minutes. This convenience comes with personalized rates, though, which means the best rates aren't guaranteed for everyone.
Harmoney Personal Loan
Personal- Amount
- Up to NZ$2k–NZ$100k
- Term
- 36–84 mo
- Speed
- ⚡ Quote in minutes, funding can be as fast as 9 minutes
This loan is best for individuals seeking quick access to funds with minimal paperwork, particularly those with good to excellent credit.
The Co-operative Bank Personal Loan
The Co-operative Bank delivers competitive rates from 9.95% and boasts nine consecutive Canstar Outstanding Value Awards. It's geared towards borrowers with good credit who want an award-winning lender without early repayment fees.
The Co-operative Bank Personal Loan
Personal- Amount
- Up to NZ$1k–NZ$50k
- Term
- 6–60 mo
Best suited for those needing a personal loan between $1,000 and $50,000 with flexible terms.
Instant Finance Personal Loan
Instant Finance caters to those needing smaller amounts with loans starting at just NZ$500 and rates from 9.95%. However, the max rate can hit 29.95%, making it crucial to evaluate your creditworthiness before applying.
Instant Finance Personal Loan
Personal- Amount
- Up to NZ$500–NZ$50k
- Term
- 3–84 mo
Best for borrowers needing quick access to cash with flexible repayment terms of 3 to 84 months.
If you're an existing customer of a major bank, loyalty might bring you benefits. The next section focuses on loans from major banks where existing relationships could tip the scales.
Major Bank Options
Consider these loans if you have an existing relationship with a major bank and prefer sticking with a familiar institution.
ANZ Personal Loan
ANZ offers a straightforward personal loan with a fixed standard rate of 13.90% and up to NZ$50,000 available. It’s a transparent choice with no application or early-repayment fees, but you'll need to be an existing customer.
ANZ Personal Loan
Personal- Amount
- Up to NZ$3k–NZ$50k
- Term
- 6–84 mo
- Speed
- ⚡ Decision within 5 business days, same-day funding once approved
BNZ Personal Loan
BNZ provides a reliable option with loans up to NZ$50,000 and no early repayment fee on variable rates. However, it requires a bank relationship, which could limit accessibility for new customers.
BNZ Personal Loan
Personal- Amount
- Up to NZ$2k–NZ$50k
- Term
- 6–60 mo
This loan is best for borrowers seeking amounts from NZ$2,000 to NZ$50,000 with flexible repayment terms.
Wrapping it up, choosing the right loan depends on your specific needs and circumstances. Whether you value low rates, fast approval, or existing banking relationships, there's an option tailored for you.
