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ANZ Standard Variable home loan

Get the flexibility you need to react to changes in your life or circumstances, with options to pay off your loan early or access the extra repayments you've made.

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What's a variable home loan?

A variable home loan means the interest rate that's applied to your home loan can change whenever your lender changes the rate.

This means your minimum repayments will decrease when interest rates go down, or will increase when rates go up.

Watch our video to find out more.

A variable home loan means the interest rate that is applied to your home loan can change, for example, due to changes in the economy. This means your repayments decrease when interest rates go down, and your repayments will increase when interest rates go up.

The ANZ Standard Variable Loan is full of features and it gives you the flexibility to react to the changes in your life or circumstances.

Benefits such as:

  • the ability to make extra repayments,
  • linking an offset account, which can reduce the interest you pay on your loan and help you pay your loan off sooner; and
  • no early repayment costs if you decide to sell your property

Let’s look a couple of these features more closely.

Your repayment amount is based on several factors, including the interest rate which applies to your loan. If the rate goes down and you don’t change your repayment amount, you’ll be repaying an extra amount off your loan.  This can help pay off your home loan sooner.

An ANZ One offset account can help save on interest payable as well!

The money you have in an offset account can be used to “offset” the amount you owe on your home loan, because you'll only be charged interest on the difference!

For example, if you owe $500,000 dollars on your home loan and you have $25,000 dollars in your offset account, you will only be charged interest on $475,000 dollars.

Keep in mind, if interest rates do move up or down, your minimum repayments will change.

And lastly, it’s really important to consider whether you can afford higher loan repayments  because if interest rates do go up, your repayments will increase in line with the interest rate rise.

Why choose a variable rate home loan?

Make extra repayments to pay off your loan faster

No extra fees for making additional repayments whenever you can.

Choose how you make repayments

Pick a loan term from 1 to 30 years, and repay weekly, fortnightly or monthly.

Save on interest payable with an ANZ One offset accountdisclaimer

With an ANZ One offset account, you could offset the amount you owe on your home loan and you'll only be charged interest on the difference.

Redrawdisclaimeryour extra repayments if you need to

If you've made additional repayments, you could be able to access these funds using ANZ Redraw.

More benefits

Need to buy before you sell?

Find out about ANZ Bridging Finance, which could be an option to help you purchase a new home while you wait for the sale of your current property. ANZ Standard Variable interest rate applies.disclaimer

Draw down the loan progressively as you builddisclaimer

If you're constructing a property, your loan can be drawn down over a period of up to 24 months. (Fees and charges apply.)

Make interest only paymentsdisclaimer

You can apply for a loan with interest only repayments for an agreed term (5 years maximum for owner occupied loans and 10 years maximum for residential investor loansdisclaimer) Making interest only payments may suit you in some circumstances.

Note that if you decide this option is right for you, your repayments will be lower during the interest only period but you will have to repay the principal down the track and you may pay more over the life of your loan.

Learn more about repayment types

Can't decide between variable and fixed?

Some customers choose to split their home loan between the two: 50-50, 60-40 or some other ratio, it's up to you.

What's a split loan?

Our best variable home loan rates this century

Owner occupied interest rate

 

Principal and interest

  disclaimer

Comparison ratedisclaimer

Principal and interest rate when borrowing 80% or less of the property valuedisclaimeron an owner occupied home loan with total mortgage lending amount disclaimerof $150,000 plus, under the ANZ Breakfree packagedisclaimer. Annual package fee currently $395.

 

Investment loan interest rate

 

Owner occupied rates

Principal and interest 

  disclaimer

Comparison ratedisclaimer

Principal and interest rate when borrowing 80% or less of the property valuedisclaimeron an owner occupied home loan with total mortgage lending amount disclaimerof $150,000 plus, on an ANZ Standard Variable Residential Investment Loan under the Breakfree packagedisclaimer. Annual package fee currently $395.

 

Variable home loan rates and feesdisclaimer

Rates and fees
Interest rate

See all rates for our loans

Comparison ratedisclaimer

Loan Approval Fee

$600

Loan Administration Charge

$5 per month

Renegotiation Feedisclaimer

$200 or $350 depending on change requested

Rates and fees
Minimum loan amount

$20,000

Maximum loan amount

Subject to ANZ's credit assessment criteria

Maximum loan term

Maximum 30 years

Early Repayment Cost

$0

Redraw fee

$0

Lenders Mortgage Insurance (LMI)disclaimer

If LVR is more than 80%

What is LVR?

Home loan calculators

How much could I borrow?

Get an indication of how much you may be able to borrow

What could my repayments be?

Get an estimate of your potential loan repayments

Your home loan questions answered

Home loan interest rates can go up or down as the lending market changes. With a variable home loan, the interest rate you pay will change whenever your lender changes the rate.

 Your minimum repayment amount will go up if interest rates go up and go down if interest rates go down.

Find out more about fixed vs variable home loans.

 

   

Variable home loan interest rates will change whenever your lender changes the rate. This means your minimum repayment amount will go up or down depending on what the current interest rate applied by your lender is.

While variable home loans can make budgeting more challenging, and you should consider whether you can afford higher loan repayments if interest rates go up, variable home loans generally offer greater flexibility than fixed rate home loans.

With a variable home loan, you could make extra repayments to pay off your loan faster, choose your repayment frequency or make interest only repaymentsdisclaimerfor an agreed term (5 years maximum for owner occupied and 10 years maximum for residential investor loansdisclaimer). You could also be able to redrawdisclaimeryour extra repayments if you need to, or save on interest payable with an offset account.disclaimer

With a fixed home loan, making extra payments usually incurs a penalty. Find out more about fixed vs variable home loans.

 

  

Your loan repayments can be adjusted by ANZ accordingly. Do consider whether you can afford higher loan repayments if interest rates go up.

  

 

It’s not so much about whether a fixed or variable home loan is better than the other. Both offer different benefits, so it’s about which one is better for you, taking into account your particular circumstances, objectives and needs.

Fixed rate home loans provide more certainty because your interest rate and repayments are locked in for the duration. However, there can be less flexibility in making additional repayments, paying off the loan early and refinancing before the term is up.

On the other hand, variable rate home loans can provide the flexibility of making additional payments and redrawing when needed, using an offset account and paying off the loan early. However, variable rates go up and down, so there’s less certainty about your repayment amounts. Your minimum repayment amount will be lower when rates go down but it will also go up if rates increase, which can make budgeting more challenging.

If you can't decide between fixed and variable rates, you might want to consider splitting your loan. That way you can enjoy the benefits of both options. 

  

If you're looking to borrow more than 80% of the value of the property you're looking to buy (as determined by ANZ), you may need to pay Lenders Mortgage Insurance (LMI). Banks often call this percentage the ‘LVR’ , which stands for ‘Loan to Value Ratio’. Even though you pay the premiums, LMI protects the lender (ANZ, not you) if you default on your loan. For some property types, LMI might be required when the LVR is less than 80%.

Learn more about ANZ LMI with our Key Fact Sheet (PDF 370kB).

  

If you have money in an everyday banking account, you may choose to move it into an ANZ One offset account. You can link it to your ANZ Standard Variable loan or one-year ANZ Fixed loan to help you save on interest charges. The money you have in ANZ One will offset the amount you owe on your home loan, and you’ll only be charged interest on the difference.

Find out more about offset accounts.

  

If you choose interest only, the minimum repayments amount on your loan will be lower during the interest only period because you are not required to repay any of the loan principal. You will have to repay the principal down the track and so you may end up paying more over the life of your loan. There may be additional restrictions on the amount you can borrow or loan type you can select if you choose to pay interest only. Choosing to repay principal and interest means that, with each repayment, you're paying off interest charges as well as some of the loan principal.

Learn more about repayment types.

  

Interest is calculated based on the unpaid daily balance of your loan. For example, if you had a loan balance of $150,000 and your interest rate was 6% p.a., your interest charge would be: $150,000 x 6% divided by 365 days = $24.66 for that day. For most ANZ Home Loans, interest is usually calculated daily and charged monthly. For details refer to the ANZ Consumer Lending Terms and Conditions (PDF 412kB) and your letter of offer.

  

A comparison rate is designed to help you work out the total cost of a home loan by building the known costs like up-front and ongoing fees into that rate. It doesn’t include things like government charges, redraw fees or fee waivers. 

You can use comparison rates to help you compare the cost of different home loans with similar features. When deciding which home loan is right for you, it’s important to think about what features each home loan offers, and how much these matter to you. Keep in mind that you may not necessarily pay the comparison rate that is advertised for your loan type.  This is because, for example, you may not pay all the fees and charges which the comparison rate includes.

  

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Understand the home loan application process

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This guide outlines the home loan application process to help you understand the steps to applying for a home loan with ANZ.

  

The information on this page does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you and read the relevant terms and conditionsProduct Disclosure Statement and the ANZ Financial Services Guide (PDF) before acquiring any product. 

Applications for credit subject to approval. Terms and conditions available on application. Fees and charges apply. Australian credit licence number 234527.

Repayment Calculator

All applications for credit are subject to ANZ’s normal credit approval criteria. Product terms and conditions are available on application and eligibility criteria applies to the Breakfree package. An annual Breakfree package fee of $395 and a minimum lending requirement of $150,000 applies. Breakfree benefits only apply while you maintain the package and meet ongoing eligibility criteria. See ANZ Breakfree or ask ANZ for details.

This is an estimate for illustrative purposes only and is based on the limited information provided. It does not constitute an offer of credit. To apply for an ANZ Home Loan you must complete an application.

The estimated repayment amount does not include any fees or charges.

If a Variable Rate Loan is selected, the interest rate will be subject to change throughout the term of the Loan, which can impact on repayment amounts.

Results are based on approximate amortised scheduled repayments and do not take into account interest rate changes or other events that may change repayment amounts on a loan.

For fixed rate loans, once the fixed rate period expires, the loan reverts to a variable rate loan and repayment amounts will change.

For interest only loans, once the interest only period expires, the loan will revert to the applicable variable rate loan for the remainder of the loan term (unless another interest rate period is taken). At the end of the interest only period, minimum repayment amounts may increase to cover principal and interest. Interest only loans are not for everyone and you should consider if this is the right strategy for you.

The calculator does not include ANZ Equity Manager.

Interest rates are current as at  and are subject to change.

Rates shown for loans of less than $150,000 do not include the Breakfree discount. Visit ANZ Breakfree to find out if you are eligible for the Breakfree discount.

ANZ Home Loans are available for periods between 1 and 30 years.

ANZ Home Loans are available for a minimum of $10,000. This calculator has been set to a maximum of $9,900,000 but you can apply for a higher amount.

Applications for credit are subject to ANZ’s credit approval criteria. Terms and conditions, and fees and charges apply. Australian credit licence number 234527.

Borrowing power calculator

Applications for credit are subject to ANZ’s credit approval criteria. Terms and conditions, and fees and charges apply. Australian credit licence number 234527.

This estimate is based on the accuracy of the limited information provided. It is also based on a loan term of 30 years, payment type principal and interest and either an ANZ Standard Variable rate for home loans or an ANZ Standard Variable rate for residential investment property loans depending on the type of property you have selected. The estimate might be different if payment type is interest only. It does not constitute an offer of credit. To apply for an ANZ Home Loan you must complete an application. All applications for credit are subject to ANZ's normal credit approval criteria. ANZ does not store the information you provided to generate this document.

The calculation of estimated maximum home loan borrowing power excludes Lenders Mortgage Insurance. The value of the security property is also considered in any credit assessment criteria.

Minimum loan amounts apply to different loan types. For more information, visit anz.com or contact us.

Terms and Conditions, fees and charges apply. Refer to ANZ Personal Account Fees and Charges booklet (PDF 139kB).

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Terms and Conditions and eligibility criteria apply to ANZ Redraw. ANZ Redraw is not available on loans in a company name. For further information on ANZ Redraw please refer to the ANZ Consumer Lending Terms and Conditions (PDF 412kB).

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Particular credit assessment criteria and maximum loan term of 6 months apply (12 months if your property is being constructed). Repayments will be interest only payments followed by a final payment of principal and interest. Bridging finance is only available if you intend to sell your current property within 6 months  (12 months if your property is being constructed) of settlement of your new property. 

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A Progress Payment Fee of $250 will be payable when you first request a Progress Payment to be drawn down under the loan. See ANZ Personal Banking General Fees and Charges (PDF 116kB).

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Interest only loans are not for everyone and you should consider if this is the right strategy for you. Applications are subject to credit assessment.

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Subject to ANZ's credit assessment criteria.

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The rate shown is the Simplicity PLUS Home Loan index less the applicable special offer discount. Rates are subject to change. Eligibility criteria apply to special offer discounts, including $50,000 or more in new or additional ANZ lending. Offers can be withdrawn or changed anytime.

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Interest rate current as at  and subject to change. Rate incorporates a Breakfree discount applied to eligible home loans linked to the Breakfree package. ANZ Breakfree discounts and benefits apply only while the customer maintains the package and meets ongoing eligibility criteria.

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Comparison rate calculated on a loan amount of $150,000 over a term of 25 years based on monthly payments, including a Breakfree package discount (if applicable). These rates are for secured loans only.

WARNING: This Comparison Rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

For interest only variable loans, the comparison rates are based on an initial 5 year interest only term. For fixed rate interest only loans, the comparison rates are based on an initial interest only period equal in term to the fixed period.

The repayment calculator does not show all interest rates. Our home loan interest rates page shows all available rates, including special offers and discounts when borrowing 80% or less of the property value.

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Property value is ANZ's valuation of the security property and may be different to the price you pay for a property. ANZ Fixed Home Loan discounts when borrowing 80% or less of the property value are available for applications submitted from Monday 15 February 2021.

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Total Mortgage Lending - Means the sum of the account balances, plus any funds available for redraw, of home and investment loan accounts and the credit limit of any Equity Manager facilities held in the names of the applicants or borrowers, whether or not the loan is linked to the ANZ Breakfree Package. It does not include Nominated Loan Accounts which are held by other Package Holders.

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Annual package fee currently $395 and subject to change. Eligibility criteria and terms and conditions apply, including a minimum total mortgage lending requirement of $150,000. See ANZ Breakfree Terms and Conditions for details. ANZ Breakfree package benefits only apply while you maintain the package and meet ongoing eligibility criteria. Terms and conditions and fees and charges apply to products and services taken out in connection with an ANZ Breakfree package.

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Interest rates shown on this page are current as at  and are subject to change. For all applicable fees & charges please see the ANZ Personal Banking Account Fees and Charges (PDF 139kB)ANZ Personal Banking General Fees and Charges (PDF 155kB) and your letter of offer.

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When we approve an application by you to renegotiate or convert your loan/facility, we may charge either a Renegotiation Fee or a further Loan Approval Fee / Facility Approval Fee. The Renegotiation Fee is $200, except in the cases below, where it is $350.

  • There is a change to the borrowers or guarantors, the term or amount of the loan/facility or the security provided for the loan/facility.
  • Repayments are changing to interest-only repayments, an interest only period is being extended or there is a change from interest in arrears to interest in advance or vice versa.
  • Two or more loans are being combined into a single loan.
  • A loan is converted to a facility or vice versa.
  • A Lenders Mortgage Insurance premium would become payable as a result of the change.
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Lenders Mortgage Insurance (LMI) is paid by the borrower and protects ANZ in the event that the borrower defaults and a shortfall arises following the sale of the security property. ANZ usually requires LMI where the Loan to Value Ratio (LVR) is above 80% (depending on the type of property).

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Rates shown apply during the interest only period of your loan. After the interest only period, your rate will switch to the applicable variable rate for a principal and interest loan.

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ANZ may provide pre-approval (also known as approval in principle or conditional approval) to eligible customers who apply for an ANZ home loan and complete an application form and satisfy any other applicable requirements. Pre-approval is an approval for a loan subject to conditions being met, including that security is satisfactory to ANZ. Australian Credit Licence Number 234527.

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