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Generally, when you make a loan repayment, your repayment pays down some of the principal balance as well as the interest accrued. This is known as principal and interest repayment.
However, you may be able to choose to make interest only payments for a specific period, so you’re only paying interest charged. This means your payments during that period will be lower than principal and interest repayments. Because you eventually have to repay the principal balance, this interest only period is always limited. You need to consider your financial situation to plan for the end of your interest only period, when you switch to principal and interest repayments, as your repayment amount will be higher.
Understanding how these different types of loan repayments work, and how they can change over time is important before deciding on a repayment type.
Learn more about interest-only repayments to determine if it could be the right option for you.
To discuss switching from interest only to principal and interest repayments now, call the ANZ Home Owner Direct team on 1800 035 500 Monday to Friday – 8am to 8pm.
Please note; if you switch from, or break, a fixed rate home loan before the end of the fixed term, you may incur an early repayment cost.disclaimer
To extend your interest only period, you will need to make an application. This will require updated information such as your current income and expenditure. Following an assessment of your application, you’ll be advised whether ANZ agrees to extend your interest only period. This application process may take up to four weeks so please make sure you allow enough time before the interest only period expires.
If you are having financial difficulty which is impacting your ability to make your loan repayments, you can find out more about our options for your circumstances.
When the interest only period expires, your repayments will change to principal and interest. This usually means your repayment amount will increase as you will now be repaying principal as well as paying interest on your loan. We’ll remind you a few months before the expiry to help you prepare for the new repayment.
However, it may be possible to extend your interest only period. If you’d like to do that, you need to contact us to make an application. Following an assessment of your application, you’ll be advised whether ANZ agrees to extend your interest only period. This application process may take up to four weeks so please make sure you allow enough time before the interest only period expires.
Costs of living impact everyone in different ways, which can at times include the ability to make home loan repayments. If you find yourself worrying about your next repayment, then depending on your situation we may have ways to help you, which could include restructuring your loan or working out a payment plan to better manage it.
Provide us with your details and one of our home loan specialists will get in touch. They can discuss issues including:
As well as any other home loan queries you may have.
Call back time is 1-3 business days.
Begin your home loan application journey by providing details about:
One of our home loan specialists will then be in touch to progress with your application.
Call back time is 1-3 business days.
Meet with a mobile lenderdisclaimer
You can also chat to an ANZ accredited broker for help with your home buying, investing or refinancing needs.
This is general information only and does not constitute tax advice. We recommend you obtain independent advice from a financial planner and/or registered tax agent if you are considering the right repayment type for you or purchasing an investment property.
Applications for credit are subject to ANZ’s credit approval criteria. Terms and conditions, and fees and charges apply. Australian credit licence number 234527.
For ANZ Fixed Rate loans, you can make early or additional repayments up to a set available tolerance amount (the lesser of 5% of the loan amount at the start of the current fixed rate period or $5,000) each year of the fixed rate period, without triggering an Early Repayment Cost. An Early Repayment Cost may be incurred if, during the fixed rate period, the available tolerance amount is exceeded, the loan is fully repaid or refinanced, or ANZ agrees to change the interest rate at your request. Please be aware that Early Repayment Costs can be very large. Terms and Conditions apply please refer to the ANZ Consumer Lending Terms and Conditions (PDF) and ANZ Fixed Rate Loans - What happens if you repay some or all of it early? (PDF). Alternatively please visit any ANZ branch or phone the Home Loan Hotline on 1800 100 641, 8:00am to 8:00pm (AEST), Monday to Friday.
ReturnANZ Mobile Lenders operate as an independently operated ANZ Mortgage Solutions franchise of Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. Australian Credit Licence Number 234527.
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