We're here to help you stay on top of your home loan
Stay safe and we'll help you through this. Below are some options for you.
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Access the funds you need with changes to your current home loan
ANZ does not automatically reduce your home loan repayment when variable interest rates are reduced. We prefer to leave this decision up to you. We do this because by not automatically reducing your monthly repayment to the minimum repayment amount (for example, when there is a decrease in variable interest rates), you could end up paying less interest over the life of your loan.
Since June 2019, we have reduced our standard variable interest rates five times.
So, if you are currently paying more than the minimum repayment amount, you have the option to reduce your repayments to the minimum repayment amount. If you'd like to change your repayment amount, you can do so on ANZ Internet Banking (see instructions). No internet banking access? Register here or call us on 13 13 14 Mon – Fri 8am to 7pm (AEST).
Redraw
If you're on a variable rate home loan and you have been paying more than the minimum repayment amount on your home loan then you may have funds available to you in a redraw facility.disclaimer Your redraw balance is the amount that you have already paid off on your home loan in excess of the minimum repayments required.
This means you may not need to do anything just yet 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.
Keep in mind that if you redraw funds, the amount redrawn will be added to your loan balance and interest will be charged on that higher loan balance. There may be ways you can reduce or offset that additional interest. For example, if your loan is eligible, you could move the redrawn funds to an offset account linked to your home loan, (if you have an offset account). If you decide to redraw, you can then transfer these funds to your linked transaction account using ANZ Internet Banking.
Offset
Don’t forget that what is in your offset account is your cash, and it’s easy to access. If you do decide to use the funds in your offset account, the amount of interest that is offset (or reduced) against your total home loan balance will change. This may result in you paying more interest on your loan (than before you accessed the funds in your offset account).
How to check for redraw or offset options
Log onto ANZ Internet Banking to see whether you have redraw (see instructions) or offset funds available. You can see both your redraw balance and the funds available in your linked offset account if you have one.
No internet banking access? Register here or call us on 13 13 14 Mon – Fri 8am to 7pm (AEST).
Change your repayments to interest only
You may wish to consider applying to switch from principal and interest repayments to interest only repayments if it is suitable for you to do so.
Refinance and consolidate any other debts
Consider how much equity you have in your property. If you have enough equity you may be able to consolidate your other debts.
How to access these options
Please note for each of these options an application will be required and ANZ's standard credit approval criteria applies.
Please talk to your ANZ Lender or Broker or call us on 1800 100 641 (Mon – Fri 8am to 8pm, Sat – Sun 8am to 6pm AEST) to find out more.
Insurance
You may have insurance that covers you for illness or loss of employment. If you do and you’re eligible to receive payments under that insurance, you could consider using that money to make your loan repayments. If you have ANZ insurance, check if it may cover you for COVID-19.
We've decreased the standard variable home loan rate by 0.15% p.a. (effective Friday 27 March 2020)
What this rate change means for you:
- You can view your new home loan rate in ANZ internet banking.
- You will receive a letter confirming the new rate and new minimum repayment amount.
- If you are currently paying more than the minimum repayment amount (you can see the minimum repayment amount in your internet banking), you have the option to reduce your repayments to the minimum repayment amount. This could help to make some money available for other expenses you might need to cover now.
- If you'd like to change your repayment amount, you can do so on ANZ Internet Banking (see instructions). No internet banking access? Register here or call us on 13 13 14 Mon – Fri 8am to 7pm (AEST).
Please note: ANZ does not automatically reduce the minimum repayment you make on your loan when ANZ reduces its variable interest rate.
Access our low fixed rate home loan rates
Create some certainty with a set repayment amount.
If you currently have an ANZ variable rate home loan, you could look at moving across to a low fixed ratedisclaimer home loan. Talk to your ANZ Lender, Broker or call us on 13 25 99 Mon – Fri 8am to 7pm (AEST).
If you have an ANZ fixed rate home loan which is still within a fixed rate period and want to switch to a new rate, then it’s important that you know that you are required to break your loan, and you may have to pay an early repayment cost (PDF, 47KB). This cost may be substantial so talk to your ANZ Lender or Broker first or call us on 1800 035 500 8am to 8pm Mon – Fri (AEST).
Like the certainty of a fixed rate but still want some flexibility? You could consider splitting your loan.
COVID-19 assistance
If any of the above options are not suitable for your personal situation, you may want to consider accessing the COVID-19 Assistance.
If you’re experiencing financial difficulty due to COVID-19, you may be able to put your home loan repayments on hold for a period of time which must end on or before 31 March 2021. During the deferral period you needn’t make any repayments to your home loan, but interest will continue to be charged on your loan — and ANZ may check in with you during that period to see if you need further assistance.
Do I still get charged interest?
Yes, during the assistance period when we put your repayments on hold, interest will continue to be charged on your home loan and will need to be paid back over your remaining loan term.
This is known as interest capitalisation.
The total loan amount you owe us therefore increases when repayments are on hold during the assistance period so you may end up paying more interest over the life of the loan.
There may be other options available to help you make your loan repayments without having to take up COVID-19 assistance.
In order to catch up on the repayments you paused, your repayments will need to be adjusted at the end of your assistance period. Your repayments could increase, because you’ll be paying off a higher balance in the same period of time.
If you’re making repayments of principal and interest, you may also have the option to extend your loan term by six months. This means you’ll have more time to pay off your loan, but the new repayment amount could be higher than the current amount, because interest is being charged on the loan for a longer period.
Interest capitalisation example
Watch our video comparing these two different repayment options to see how they could be affected by interest capitalisation.
You can also view our infographic (PDF, 62KB).
Applying for COVID-19 assistance
Requesting an ANZ Home Loan repayments deferral as part of our COVID-19 support package?
If you defer your home loan repayments as part of the COVID-19 assistance, you may end up paying more interest over the life of your loan. Before applying, please make sure you consider other options which may be available to you to help you make your loan repayments.
Please note: We may be receiving a large volume of requests. Thank you for your patience.
Get the latest on our COVID-19 response and learn what we’re doing to help you get back on top of things.
Applications for credit are subject to ANZ’s credit approval criteria. Terms and conditions, and fees and charges apply. Australian credit licence number 234527.
Interest rates on this page are subject to change.
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).
Back to topFixed home loans aren’t for everyone and early repayment costs may apply if you repay your loan or switch to another one before the end of your fixed term or make early or additional repayments. Once the fixed rate period ends, the loan reverts to a variable rate loan and repayment amounts will change.
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