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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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Reduce your repayment

Access redraw or offset

Other ways to stay on top of your loan

New home loan interest rates

Pause your repayments

Frequently asked questions

 

Access the funds you need with changes to your current home loan

Reduce your repayment to the minimum repayment amount

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).

Access your redraw and/or offset balance

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).

Other ways to stay on top of your home loan

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.

New home loan interest rates

Variable home loans

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.

Fixed rate home loans

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.

Pause your repayments

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 up to six months (but interest will continue to be charged on your loan during this period). You will not be required to make any repayments to your home loan during the assistance period.

If you pause your repayments, ANZ may check in with you after your repayments have been on hold for three months 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.

Catching up on repayments

In order to catch up on the repayments you paused, your repayments will need to be adjusted at the end of the six months. 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.

Request a call back

Please note: We’re receiving a large volume of requests. Thank you for your patience.

Once you submit the form, our team will be in touch.

Frequently asked questions

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 for this assistance, you can put your home loan repayments on hold for 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.

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.

When you make regular repayments on your home loan with a principal and interest repayment type, you are paying both the interest charged for that period and some of the principal amount (the original amount you borrowed). 

When you pause your repayments using the COVID-19 assistance, interest will continue to be charged on the total home loan amount that you owe us. Given you aren’t making any repayments, this interest will be added to the total home loan amount you owe us. 

The total loan amount you owe us therefore increases when repayments are paused during periods of deferment.

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.

More COVID-19 support

Get the latest on our COVID-19 response and learn what we’re doing to help you get back on top of things.

Return to COVID-19 support

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).

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Fixed 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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