Changes to your loan repayments

1. Move to a Variable rate loan

Once your fixed rate period ends, you will automatically roll onto a variable rate unless you choose otherwise. The benefits of choosing a variable rate include:

• Redraw^disclaimer – Once you’re on a variable rate, if you make additional repayments, you can access those funds using ANZ Redraw.  
• ANZ One^disclaimer offset account  – The money you have in this account could offset the amount you owe on your home loan and you'll only be charged interest on the difference.
• Pay off your loan faster – No extra fees for making additional repayments whenever you can.

However, it’s worth noting that rates can move up (or down) over the life of your loan. Consider whether you can afford higher loan repayments if interest rates go up.
 

2. Refix

You can apply to refix for 1 to 5, 7 or 10 year terms. Terms and conditions and fees and charges apply. Some benefits of a fixed rate include:

• Budgeting – Because your interest rate is fixed, you'll know exactly how much your loan repayments will be during the fixed rate period. That means you can budget accordingly.
• Rate changes – If interest rates rise during your fixed period, your interest rate will not be impacted until your fixed rate period expires.

However, with a fixed rate loan, you need to know that if you repay the loan or switch to another one before the end of your fixed term, or make early or additional repayments, you may have to pay an Early Repayment Cost (PDF) (which may be very large).

Find out more on what happens if you repay some or all of your repayments early.
 

ANZ Fixed Rate Loans - What happens if you repay some or all of it early? (PDF)

If you have a variable rate loan, changes to interest rates may have an effect on your repayment amount.
 

Want to change from a variable to a fixed rate?

If you're looking to make a change to your variable rate home loan, we may be able to help. Contact us to explore your options. You can also check out our ANZ fixed rates.

If you're considering changing from a variable rate to fixed, keep in mind that with a fixed rate loan, if you repay the loan or switch to another one before the end of your fixed term, or make early or additional repayments, you may have to pay an Early Repayment Cost (PDF) (which may be very large).
 

ANZ Fixed Rate Loans - What happens if you repay some or all of it early? (PDF)

Choose a variable rate if you: 

• Want to make extra or early repayments on your loan 
• Might need to redraw your money 
• Don’t mind interest rates changing

Choose a fixed rate if you: 

• Prefer certainty in your repayments 
• Want to fix your interest rate for a set amount of time
• Need to set a budget and stick to it