Understanding your home loan

Where can I view my loan balance? 

Once you’ve registered for ANZ Internet Banking (and linked your home loan to it), you’ll be able to manage your ANZ Home Loan wherever you are 24/7, as long as you have internet access.

You’ll be able to:

• Check your current loan balance, interest rate and loan term details
• See the loan payment schedule
• View details regarding your linked ANZ One offset account (if you have one)
• Make changes to your existing Direct Loan Payment or add a new Direct Loan Payment to your account.

You can also check your loan balance and transaction history on the go with the ANZ App.

What is a comparison rate? 

A rate that helps you work out the true cost of a loan. This rate takes other fees and charges into account, like a loan approval fee and loan administration charge in addition to the interest rate. It’s meant to be a fairer way of comparing how much a loan will cost you.

For more information visit https://www.moneysmart.gov.au/.

How is my interest calculated?

Interest is calculated based on the unpaid daily balance of your loan. For example, if you had a loan balance of $150,000 and your interest rate was 6% p.a., your interest charge would be: $150,000 x 6% divided by 365 days = $24.66 for that day. For most ANZ Home Loans, interest is usually calculated daily and charged monthly. For details refer to the ANZ Consumer Lending Terms and Conditions (PDF 412kB) and your letter of offer.

What happens when interest rates change? 

If you have a variable rate home loan or residential investment loan, interest rates may have an effect on your repayment amount. An interest rate rise may mean your required repayment amount goes up, while a fall in interest rates may result in your required repayment amount going down. If you have a fixed rate home loan, your minimum monthly required repayment will not change during the fixed period.

How can I pay my loan down sooner?

If you have an ANZ Standard Variable Rate home loan, there are a few different ways you may be able to pay your loan off sooner:

• You can choose to increase the amount you repay or make an extra lump sum payment. 
• If you don't want to make a lump sum payment or increase your repayments, then you could think about making repayments on a fortnightly basis rather than monthly. You’ll pay a bit more in the short term but reduce your interest in the long run.
• Making use of your ANZ One offset account^disclaimer is another way to save on interest payable. Linked to an ANZ Standard Variable Rate or one-year ANZ Fixed Home Loan, the money you have in the ANZ One offset account will offset the amount you owe on your home loan, and you'll only be charged interest on the difference.

What is an Early Repayment Cost? 

Fixed rate loans give you the certainty of fixed repayments and provide us with certainty about the interest we'll receive over your fixed rate term. This allows us to make hedging and funding arrangements to match our customers' lending needs.^disclaimer In making these arrangements, we incur interest costs. If you repay some or all of your fixed rate loan early or switch to another fixed or variable interest rate before the end of your fixed rate term, we'll need to change our funding arrangements. The Early Repayment Cost helps us recover a reasonable estimate of the cost incurred in changing those funding arrangements. 

ANZ Fixed Rate Loans - What happens if you repay some or all of it early? (PDF 47kB)

How do I get a payout figure to close my home loan?

It's easy to obtain a payout figure for your home loan if you'd like to close it by calling 13 25 99 between 8.00AM, and 8.00PM (AEST) Monday to Friday.

You can also request to close your ANZ loan online by sending a secure mail through ANZ Internet Banking at any time or by visiting any ANZ branch.

You must make a separate request to cancel your ANZ Breakfree package if you hold one by calling the ANZ Breakfree team directly on 13 33 12 between 8.00AM and 8.00PM (AEST), Monday to Friday. You also fax us a cancellation request to 1800 105 607 at least seven days before you need the cancellation to take effect.

If you repay a fixed rate loan early or switch to another fixed or variable interest rate before the end of your fixed term, or make early or additional repayments, you may have to pay an Early Repayment Cost (which may be very large). Accordingly, before deciding whether to close your home loan (or making other changes to it), please check the consequences of doing so. For more information about early repayment costs, please refer to ANZ Fixed Rate Loans - What happens if you repay some or all of it early? (PDF 47kB).

Please refer to the ANZ Consumer Lending Terms and Conditions booklet (PDF 475kB) for more details.

ANZ took a mortgage over my home when I got my home loan. Now that I've paid off my loan, will ANZ release it's mortgage? 

ANZ will leave its mortgage in place over your property until you ask for it to be removed.
 
You can ask ANZ to remove its mortgage by completing and signing an ANZ Discharge and Variation Authority form.
 
However, you first need to make sure that all of the lending with ANZ which is secured by the mortgage has been repaid.  That lending may include supplementary loans you’ve taken or loans for which you’ve given a guarantee.
 
For more information about how to have an ANZ mortgage released, including how to get a copy of the ANZ Discharge and Variation Authority form, please refer to anz.com/settle or visit your nearest ANZ branch.