The Australia and New Zealand Banking Group (ANZ) is one of the five largest listed companies in Australia and the largest bank operating in New Zealand. ANZ has more than 10 million customers worldwide and operates in 34 markets around the globe.
ANZ began in London with the establishment of The Bank of Australasia in 1835. It wasn’t until 1951 that The Bank of Australasia merged with the Union Bank of Australia, creating the present bank: ANZ.
ANZ continued to merge with and acquire other banks in Australia and Europe – opening branches in several countries along the way. Now, ANZ provides loans, personal banking, and other services to Australian citizens along with their counterparts around the world.
ANZ offers multiple loan packages with different loan options. You can borrow the following from ANZ as a prospective homeowner.
- Variable rate loan
- Fixed rate loan
- Home equity loan
- Construction loan
To learn more about the specifics of ANZ home loans, take a look at our “Loan Types” section below.
ANZ home loan products come with multiple features for borrowers. Here are some of the notable features that are available through most ANZ home loans.
Most ANZ home loans offer flexible repayment schedules. This means that you can choose when you make your payments.
You can repay your loan on a weekly, fortnightly, or monthly basis.
You can also choose a loan term that lasts from one to 30 years. Many lenders offer fixed rate terms of three, five, and ten years. With ANZ, you can choose from one, two, three, four, five, seven, and ten years.
You can offset your loan amount through an ANZ One offset account. Depositing funds into this account can reduce your repayments and save you money in the long run.
Choosing a one-year fixed rate term also allows you to save through the ANZ One offset account. Offset accounts do not apply to any fixed rate term above one year, though you will have access to this feature once the fixed rate period ends.
You can choose to split your home loan between fixed and variable rates at a ratio of your choosing. This feature allows for additional flexibility in how you manage your repayments.
ANZ Breakfree Package
Loan packages allow borrowers to bundle a home loan, everyday account, and credit card into a single package with one annual fee.
By choosing to bundle these products, you’ll receive the following:
Here is a breakdown of the different loan products you can select through ANZ
ANZ Standard Variable Home Loan
The ANZ Standard Variable Home Loan is exactly what the name suggests. You can choose between one and 30 years for a loan term, make fee-free additional repayments, and redraw your funds as you need.
You can also make the most of the ANZ One offset account feature with the standard variable rate loan, or choose to use the Standard Variable model for a construction loan.
Interest-only repayments are available for a maximum of five years with this product.
ANZ Simplicity PLUS Home Loan
The Simplicity PLUS Home Loan from ANZ is for borrowers who want a variable rate loan without all of the extra features attached. Instead of paying for features you won’t use, you can choose the Simplicity PLUS Home Loan instead.
You can choose to make additional repayments and withdraw extra funds with this home loan, but there is no offset account feature. You also cannot bundle the Simplicity PLUS Home Loan with the Breakfree package.
ANZ Fixed Home Loan
The ANZ Fixed Home Loan gives you the security of knowing what you will owe every month without any surprises.
You can select a fixed rate term that is one to five, seven, or ten years before switching to variable rate. The fixed rate product also allows you to choose weekly, fortnightly, or monthly repayments with a five-year interest-only option.
Making extra repayments on the fixed rate loan incurs an early repayment fee, which can sometimes be quite large. You cannot redraw additional funds during the fixed period of the loan.
The ANZ One offset account feature is available, but only if you select a one-year fixed-rate loan.
ANZ Equity Manager
The ANZ Equity Manager is the ANZ line of credit loan that is similar to a lot of other loans of the same type. You only pay interest on the funds you use and can access your money through multiple portals including online banking, ATMs, and the ANZ App.
You can withdraw credit until you reach your limit, and decide when and how you make your repayments. No repayments are necessary until you exceed your borrowing limit.
If you like, you can choose to bundle the ANZ Equity Manager with the ANZ Breakfree package.
There is no shortage of methods through which you can apply for an ANZ home loan. Below are all of the ways ANZ allows you to initiate your application.
Yes, redraw facilities are available through ANZ variable rate loans.
You cannot redraw any of your funds during the fixed rate period of your loan but can access them once the variable rate period begins.
Use the ANZ Internet Banking portal, submit a redraw request form, or call the customer service number at 1800 077 070 to redraw your funds.
Yes, you can make unlimited additional repayments for variable rate loans without incurring a fee.
Additional repayments are technically available for fixed rate loans as well but these have a high fee for early repayments. You can make additional repayments without an added cost once the fixed rate period of your loan ends.