Westpac vs Harmoney: Personal Loan Showdown for NZ Borrowers

Westpac's personal loan stands out with a special 7.99% APR for electric vehicles, appealing to eco-conscious borrowers. While the standard rate is 13.90%, the absence of early repayment penalties adds flexibility.

BNZ offers loans up to NZ$50,000, but requires a banking relationship, making it less convenient for newcomers. Its higher minimum rate compared to fintechs might deter some, though the absence of early repayment fees on variable rates is a plus.

ANZ provides a straightforward option with a fixed 13.90% rate and no application fees. However, it's only available to existing customers, limiting accessibility for new clients.

ASB's offering is appealing for those looking for longer repayment terms up to 7 years. Starting rates at 12.90% are competitive, but the dependency on credit profiles can lead to higher costs for unsecured loans.

Kiwibank offers a locally-owned alternative with rates beginning at 12.99%. Its lower maximum loan amount of NZ$30,000 may be limiting for some, but its NZ roots appeal to those prioritizing local business.

Harmoney excels with its quick online process, offering loans from NZ$2,000 to NZ$100,000. Rates start at 7.99%, but personalized pricing means the best rate isn't guaranteed. An establishment fee applies, but with no monthly or early repayment fees, it's competitive for fast, unsecured loans.

Instant Finance is suitable for those needing smaller amounts, starting from just NZ$500, and offers terms up to 84 months. The establishment fees and higher rates up to 29.95% could be a drawback, but the flexibility in terms is a highlight.

The Co-operative Bank provides some of the best rates starting at 9.95%, ideal for those with good credit. However, the smaller branch network might be inconvenient for those who prefer in-person banking.

SBS Bank offers predictable pricing with a tight rate band between 11.50% and 15.50%. As a customer-owned mutual bank, it appeals to those seeking transparent fees, although its lower loan ceiling might not suit everyone.