How do I decide how much to refinance?
When you’re deciding how much to request to refinance to ANZ Plus, you’ll need to consider your personal needs and circumstances, including whether you’d like to access any existing redraw or borrow additional funds.
If you’d like to access the funds in your redraw after you’ve switched, and you don’t plan on redrawing these funds with your existing bank, you’ll need to include it in your requested loan amount.
So, for example, if your current loan is $100,000 with $20,000 in redraw, you’ll need to enter $120,000 as your current loan amount.
If your loan is approved, any surplus including additional funds you borrow will be paid into your nominated account (less any exit fees your previous bank may charge). To reduce your loan balance, you then have the option to transfer the surplus into your new ANZ Plus Home Loan which may then be available under the redraw facility.
Split loans
If you have a split loan, your request needs to include the sum of the total outstanding balance of both loans, as well as any additional redraw you’d like to access.
If you’re stuck on your new loan amount request, or what redraw is, you can message a Coach.