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ANZ Breakfree Package has been discontinued

As part of redesigning and simplifying our home loans, the Breakfree Package was discontinued on 10 September 2022.

From this date, your package benefits ceased to apply and your home loan moved to a simpler fee structure where you'll only pay for the features you choose to use. 

Simpler home loans

We’ve been talking to our customers about what they prefer most in a home loan. They’ve told us it’s simplicity. That’s why we've discontinued the Breakfree Package and redesigned our home loans to be simpler.

Keep your rate discount, forget the package fee

Even after the Breakfree Package is discontinued, you'll keep your current interest rate discount, without needing to pay an annual package fee (it just won't be a Breakfree benefit anymore). Same rate discount, no package fee. Nice.

Take control with optional add-ons

Don't use it? Don't pay for it. You'll pay only for the features you choose to use, like an optional offset account to help save on interest for $10 a month.disclaimer

Free your mind from ongoing fees

With our simpler home loans you won't pay any ANZ set up or ongoing fees.disclaimer

What this means for your products previously linked to the Breakfree Package

On and from 10 September 2022, all products linked to your package as at this date have been delinked, and the package has been closed. From this date (or shortly after), all ANZ Breakfree Package benefits on your linked products cease to apply. 

  • Any of your home loans which were not already on our simpler home loans structure as at this date have been moved to this structure, with no ANZ set up or ongoing fees.disclaimer
  • If you were receiving an interest rate margin (discount) on a home loan as an ANZ Breakfree Package benefit, you will continue to receive the same interest rate discount, however the discount will not be applied as an ANZ Breakfree Package benefit.
  • If you were receiving a Monthly Account Service Fee waiver on your Access Advantage account, a discount on your Home, Car or Landlord insurance first year premium, or a discount on your Home Loan Protection or Mortgage Protection insurance,disclaimerthese benefits will continue to apply (however, they will no longer be applied as an ANZ Breakfree Package benefit) until advised otherwise by ANZ.
  • Annual Fee waivers on your Credit Card and Equity Manager facilities ceased to apply from this date (or shortly after). 

For further information on what these changes mean for you, please refer to the notice sent to you titled "Important changes to your ANZ Breakfree Package".

Feel the freedom from ongoing fees

 

No ANZ set up or ongoing fees

  • $0 Annual package fee
  • $0 Loan approval fee
  • $0 Loan administration charge
  • $0 Renegotiation fee
  • $0 Valuation administration fee
  • $0 Progress payment fee
  • $0 Guarantee administration fee
  • $0 Redraw fee

Only pay for the extras you want

  • Pay only for extras you choose to use, like an offset account for $10 a month
  • Don’t use it? Don’t pay for it. Choose the loan and extras that suit you

Some fees may still apply

Other home loan fees including Late Payment Fee, Lock Rate Fee and Early Repayment Cost (for Fixed Rate Loans) still apply. Loan security fees including Lodgement Fee, Production Fee, Settlement Fee and Search Fee still apply however will not be charged on establishment of a loan. Government fees and charges (including government search fees and stamp duty) may still apply. For further details refer to ANZ Personal Banking General Fees and Charges (PDF 155kb).

Review at any time

On or about 10 September 2022 all existing ANZ home loans (whether they were part of a Breakfree Package or not) have been moved to our simpler fee structure.

You can review your existing home loan at any time,disclaimerand can also request a free ANZ home loan check in.

Your questions answered

Your interest rate is made up of the applicable ANZ interest rate and any interest rate discount.

Once the ANZ Breakfree Package has been discontinued, you'll receive the same home loan interest rate discount you were receiving under the package (it just won't be a Breakfree benefit anymore).

Remember, variable rates are subject to change and may go up or down as ANZ regularly review interest rates to ensure they reflect current market conditions.

All other interest rate terms per your letter of offer continue to apply.

Once the ANZ Breakfree Package has been discontinued, any annual credit card account fee waiver and any additional cardholder fee waiver on your card will cease to apply.

The annual credit card account fee and additional cardholder fee (if applicable) will be charged each year on or about your annual fee date (anniversary date). This date is set by ANZ after your letter of offer is accepted.

Your ANZ credit card number will stay the same and you’ll still have access to all the great benefits and features of an ANZ credit card.

If you’re considering a different ANZ credit card, looking to update your details or change your PIN, you can manage your card here.

If you'd like to discuss your credit card situation in more detail please contact us.

 

An offset account can be a good way to reduce the interest charged on your home loan, while also giving you access to your money whenever you need it.

Once the ANZ Breakfree Package has been discontinued, any fee waivers on your ANZ One offset account will cease to apply and the account servicing fee will be $10 per month. Note, there are no changes to your offset to home loan linkage arrangements. If you'd like more information on your offset account, contact us to talk through your options.

Your current loan details including your account numbers will remain the same. 

Similarly, the account numbers will remain the same for any credit cards or transaction accounts that were previously linked to your Breakfree Package. Any payments you’ve set up on these accounts will also continue.

On the ANZ Breakfree Package discontinuation date, all ANZ products will no longer be eligible to be linked to the package and the package will be closed. All Breakfree Package benefits received on products including home loans, offset accounts, or credit cards, will cease to apply from this date.

If you received a waiver on your ANZ Access Advantage monthly account servicing fee, this waiver will continue to apply until advised otherwise. If you received a discount on your Home, Landlord or Car first year insurance premium, this will continue until your next policy renew date. And if you received a discount on your ANZ Mortgage Protection or ANZ Home Loan Protection insurance policy, this will continue until advised otherwise. These waivers and benefits will no longer be applied as a Breakfree benefit.

No, there will be no changes to your fixed home loan rate during your current fixed rate term. At the end of the fixed rate period your fixed home loan will revert to a variable rate, including any applicable interest rate discounts.

We're here to help

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For new policies commencing from 3 July 2023 (inclusive) or policies migrated from QBE Insurance (Australia) Limited from 7 August 2023 (inclusive), ANZ Home Insurance is issued by Insurance Australia Limited (ABN 11 000 016 722, AFSL 227681) trading as CGU Insurance and distributed by ANZ under its own license. ANZ recommends that you read the ANZ Financial Services Guide (PDF), ANZ Home Building Key Facts Sheet (PDF), ANZ Home Contents Key Facts Sheet (PDF), ANZ Home Insurance Target Market Determination (PDF), ANZ Home Insurance Premium, Excess and Discounts Guide (PDF) and the ANZ Home Insurance Product Disclosure Statement (PDF) (available online or by calling 13 16 14), before deciding whether to acquire, or to continue to hold, this product.

For new policies commencing from 3 July 2023 (inclusive) or policies migrated from QBE Insurance (Australia) Limited from 7 August 2023 (inclusive), ANZ Landlord Insurance is issued by Insurance Australia Limited (ABN 11 000 016 722, AFSL 227681) trading as CGU Insurance and distributed by ANZ under its own license. ANZ recommends that you read the ANZ Financial Services Guide (PDF), ANZ Landlord Insurance Target Market Determination (PDF), ANZ Landlord Insurance Premium, Excess and Discounts Guide (PDF) and ANZ Landlord Insurance Product Disclosure Statement (PDF) (available online or by calling 13 16 14) before deciding whether to acquire, or to continue to hold, this product.

For new policies commencing from 3 July 2023 (inclusive) or policies migrated from QBE Insurance (Australia) Limited from 7 August 2023 (inclusive), ANZ Car Insurance is issued by Insurance Australia Limited (ABN 11 000 016 722, AFSL 227681) trading as CGU Insurance and distributed by ANZ under its own license. ANZ recommends that you read the ANZ Financial Services Guide (PDF), ANZ Car Insurance Target Market Determination (PDF), ANZ Car Insurance Premium, Excess and Discounts Guide (PDF) and ANZ Car Insurance Product Disclosure Statement (PDF) (available online or by calling 13 16 14) before deciding whether to acquire, or to continue to hold, this product.

For policies commenced before 3 July 2023 or policies renewed before 7 August 2023, ANZ Home Insurance is issued by QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239 545). ANZ recommends that you read the ANZ Financial Services Guide (PDF), ANZ Home Building Key Facts Sheet (PDF), ANZ Home Contents Key Facts Sheet (PDF), ANZ Home Insurance Target Market Determination (PDF) and the ANZ Home Insurance Product Disclosure Statement (PDF) (available online or by calling 13 16 14), before deciding whether to acquire, or to continue to hold, this product. 

For policies commenced before 3 July 2023 or policies renewed before 7 August 2023, ANZ Landlord Insurance is issued by QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239 545). ANZ recommends that you read the ANZ Financial Services Guide (PDF), ANZ Landlord Insurance Target Market Determination (PDF) and ANZ Landlord Insurance Product Disclosure Statement (PDF) (available online or by calling 13 16 14) before deciding whether to acquire, or to continue to hold, this product.

For policies commenced before 3 July 2023 or policies renewed before 7 August 2023, ANZ Car Insurance is issued by QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239 545). ANZ recommends that you read the ANZ Financial Services Guide (PDF), ANZ Car Insurance Target Market Determination (PDF) and ANZ Car Insurance Product Disclosure Statement (PDF) (available online or by calling 13 16 14) before deciding whether to acquire, or to continue to hold, this product.

A $10 servicing fee applies per month per ANZ One offset account. Please refer to ANZ Personal Banking Account Fees and Charges (PDF) for fees and charges that apply.

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Other home loan fees including Late Payment Fee, Lock Rate Fee, Early Repayment Cost (Fixed Rate Loans) and ANZ Equity Manager facility fee still apply. Loan security fees including Lodgement Fee, Production Fee, Settlement Fee and Search Fee still apply however will not be charged on establishment of a loan. Government fees and charges (including government search fees and stamp duty) may still apply.

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ANZ Home Insurance, ANZ Landlord Insurance and ANZ Car Insurance were issued by QBE Insurance (Australia) Limited (QBE) ABN 78 003 191 035 (AFSL 239545).

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If you have a fixed rate home loan, early repayment costs may apply if you make early or additional repayments, switch to another loan or repay your loan before the end of your fixed term.

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