We're here to help you stay on top of your home loan

If you are ahead on your repayments, you may not need to do anything just yet. This is because when your repayment is due, ANZ will use those extra funds to meet that repayment, meaning you keep up to date with your home loan.

An alternative if you have made extra repayments on your home loan is to consider accessing your redraw balance first. Your redraw balance is the amount you have already paid off on your home loan in excess of the minimum repayments required. Should you wish to use your redraw funds to make your regular home loan repayments, transfer these funds to your linked transaction account using ANZ Internet Banking.

Other options that might be available to you include making repayments using: 

• funds in your linked offset account, or 
• other deposit balances you may have available to make loan repayments. 

You can find the details of the amounts available in your redraw, offset and other deposit accounts on ANZ Internet Banking.

If you are currently paying more than the minimum repayment amount, you also have the option to reduce your repayments to the minimum. You can do this through ANZ Internet Banking (instructions available here) or by contacting ANZ on 13 25 99.

If these options are not suitable, please complete our Request a Call Back form to seek assistance through the COVID-19 Assistance offering.

Before you make any decisions, take time to think through the options available to you and what different options may mean for you (e.g. some may result in you paying more interest).  

If you are financially impacted by COVID-19 you may be able to put your home loan repayments on hold for up to six months to support you during your time of financial difficulty. ANZ may check in with you after your repayments have been on hold for three months to see if you need further assistance.

As COVID-19 may impact your ability to repay your home loan in a variety of ways, once you have requested assistance we will contact you and ask a few questions to better understand your situation and whether you are eligible.  

ANZ’s COVID-19 Assistance has been available since Monday 23 March 2020. 

It doesn’t matter when you request COVID-19 Assistance or if you make your request online or over the phone. We will call you back and our COVID-19 assistance will continue to be available. 

We are receiving a very high volume of enquiries at this time, but we will get back to you. Thank you for your patience.

You can contact the ANZ Customer Connect team on 1800 252 845.

If you are eligible, we will put the repayments on your home loan on hold for a period of up to six months. ANZ may check in with you after your repayments have been on hold for three months to see if you need further assistance. This means that you’re not required to make any repayments on your home loan during the assistance period.

Please note that during the assistance period interest will continue to be charged on your home loan and given you are not paying this interest in your repayment, the unpaid interest will be added to the total loan amount that you owe us. If you take up the COVID-19 Assistance, you may end up paying more interest over the life of your loan.

At the end of the COVID-19 Assistance period your home loan repayments will start again.

If you are making principal and interest repayments, you have two options to catch up on the repayments that were put on hold:

1. Your loan term can be extended by a period equal to the duration of the assistance provided and your repayments will be adjusted accordingly, or
2. You can keep your original loan term and your repayments will be adjusted to ensure you pay your loan off over the original loan term. 

If you are currently making interest only payments, you will keep your original loan term and your repayments will be adjusted to ensure you pay your loan off over the original loan term (i.e. option 2 outlined above).

If, at the end of the COVID-19 Assistance period, you continue to have difficulty meeting your repayments you can discuss your options with the ANZ Customer Connect team.

Yes. Your redraw balance is the amount that you have already paid off on your home loan over and above the minimum repayments required. If your home loan repayments are put on hold as part of the COVID-19 Assistance offering, you will no longer be able to access the funds in redraw, and your redraw balance will be reset to $0. The total loan amount you owe us will be unchanged, because this was reduced at the time you made those extra repayments.

You may prefer to retain access to your funds currently in redraw to meet your financial commitments. As a Variable Rate customer you are able to retain access to funds you have already built up in your redraw balance by transferring this amount to your ANZ transaction account before you apply for ANZ’s COVID-19 Assistance. We can assist you to do this when we contact you about putting your home loan repayments on hold. Please remember that if you transfer funds from redraw, the outstanding balance of your loan will increase and you may end up paying more interest over the life of your loan.

When you have an ANZ Fixed Rate loan, you can’t access any funds you’ve paid in addition to the required repayment amount until the end of your fixed rate period, when the loan converts to a Variable Rate loan. 

If during a fixed rate period, you apply for ANZ’s COVID-19 Assistance to put your repayments on hold, it is important to know that if your repayments are put on hold, any extra amount you have already paid on your loan will not be available as redraw when the loan converts to a Variable Rate home loan. You will not have lost that money, because it has already been used to help reduce your loan balance.

Yes – on ANZ Variable Rate home loans you can make uncapped additional repayments up until you pay off the loan. 

However, all ANZ Fixed Rate home loans have an annual limit for additional repayments during the fixed period. If you make repayments greater than the annual limit, you may be charged an early repayment cost (PDF, 47KB) which may be substantial.

Interest on an ANZ Variable Rate home loan will continue to be charged at the applicable daily interest rate, which can change from time to time.

If you are on an ANZ Fixed Rate home loan, your rate during the fixed period will not change.

If you have concerns about meeting your repayments after the COVID-19 Assistance period, you will need to contact ANZ Customer Connect on 1800 252 845.

The COVID-19 Assistance offering is available on all ANZ Variable Rate loans (including Simplicity PLUS) and ANZ Fixed Rate loans (including owner occupier and investor and interest only/principal and interest repayments). It is not available on ANZ Equity Manager.

If you have been up to date on your home loan repayments, but have missed a repayment for the first time between applying for COVID-19 Assistance and waiting for us to respond, this is okay. You won’t be disadvantaged by the time it takes us to contact you about your application. Your credit rating won’t be impacted and we won’t be contacting you to chase this missed repayment.

No, please don’t be concerned. During the period you put your repayments on hold as part of the COVID-19 Assistance offering, your loan will not be reported to credit reporting agencies as being behind on repayments.

If, however, you have missed a repayment before requesting COVID-19 Assistance, you may not be eligible for ANZ’s COVID-19 Assistance offering. Please contact ANZ Customer Connect to consider whether you can apply for assistance through ANZ’s normal hardship process.

If you have lodged an online request but have not yet heard back, we will contact you as soon as possible.

If you take up the COVID-19 Assistance offering, your repayments will be put on hold  for up to six months and you will not be charged a late payment fee during this time. If you have already missed repayments prior to requesting the COVID-19 Assistance, your individual case will be managed with your Customer Connect consultant when we call you back.

Generally there are no additional restrictions if you sell your house or renegotiate your loan while your repayments are on hold during the COVID-19 Assistance period.

However, if you renegotiate your loan, this will be a variation to your contract with ANZ and will cancel the assistance that has been applied to your loan. Don’t worry though, you are can re-apply for COVID-19 Assistance and will not be penalised for doing so.

Please note, if you do sell your house or renegotiate your loan, you will be subject to the normal ANZ terms including applicable fees and charges. For example, if you sell your house or renegotiate your loan during the fixed period, you may incur an early repayment cost (PDF, 47KB) which may be substantial.

If you have an ANZ Variable Rate home loan with principal and interest repayments, you may want to consider applying to switch to interest only payments. This will temporarily reduce your repayments as you will only be paying the interest portion of your repayment.

How to apply

We have recently introduced a temporary COVID-19 interest only renewal process. This makes it easier for eligible customers who meet certain credit approval criteria to either switch from principal and interest to interest only payments for 6 or 12 months, or to renew an interest only period 6 or 12 months.

Eligibility

You won’t be eligible to apply for this renewal process if you are currently on ANZ’s COVID-19 Assistance. However, having that COVID-19 assistance in place instead may better meet your needs. For example, interest will be calculated at your existing variable interest rate, which will be lower than the interest rate under the interest only payment option.

If you aren’t eligible for the temporary COVID-19 interest renewal process, normal credit approval criteria applies. Also, if you switch to interest only repayments for a period, you will end up paying more interest over the life of your loan. Speak to your lender for further information or see our explanation of different repayment types.

If you are an ANZ Fixed Rate home loan customer and switch to interest only repayments during your fixed rate period, you may incur an early repayment cost (PDF, 47KB) (which can be very large and which may vary from day to day).

ANZ Fixed Rate home loans are designed to give you interest rate and repayment certainty for the length of your fixed rate term.  

If you have an ANZ Fixed Rate home loan which is still within a fixed rate period and want to switch to the new rates, then you are required to break your loan and may have to pay an early repayment cost (PDF, 47KB) which may be substantial.

If you still want to proceed, you may be able to add this early repayment cost to your new ANZ home loan, however this requires you to complete a full loan application because this results in an increase in your loan amount. This application is subject to normal ANZ credit approval criteria.

If your application has been fully approved, this approval will still stand, even though you have applied for assistance. As per normal ANZ terms, draw down needs to occur within 6 months of when you signed your letter of offer.

If ANZ has provided a conditional approval we may contact you for further inquiries to better understand your current situation.

Yes, you can apply for COVID-19 Assistance and have your repayments deferred for up to six months (noting during the construction period, your repayments will be interest only). This will not impact the construction period itself which will remain at a maximum of 24 months. 

At the end of the assistance period (up to six months), you will keep your original loan term and your repayments will be adjusted to ensure you pay off your loan over the original life of the loan.

Information on the assistance for Personal Loan and Credit Card customers is available on our COVID-19 site.