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Modify a direct loan payment

Direct Loan Payments are an easy way to set up recurring payments to your linked ANZ loan accounts. You can set up a Bank Managed Payment, which acts as the primary loan payment method.

How do I modify my direct loan payment amount?

Video transcript

Did you know you may be able to free up some cash for additional expenses if you’re ahead on repayments on your ANZ Home Loan?

This is how it works.

If you’re on a variable rate home loan and currently paying more than the minimum repayment, or on a fixed rate and had chosen to pay more, you may be able to reduce your direct loan repayments to match the minimum repayment amount.

Since June 2019, ANZ has reduced its standard variable interest rate five times. ANZ doesn’t automatically reduce your minimum repayments when we reduce interest rates. So there’s a possibility your current repayments are more than the minimum amount you’re required to pay.

We do this to help you pay off your loan faster and pay less interest over the life of your loan.

By the way if you have a fixed rate loan and you’re making additional repayments, you may have to pay an Early Repayment Charge, which can be very large. So we recommend you check with ANZ before changing repayments on a Fixed loan.

Of course you can leave your set repayments as is but if you do need the extra cash, you can make changes through ANZ Internet Banking if your repayments come from an ANZ account, by following these simple steps.

Firstly, log in to ANZ Internet Banking.

Select your relevant loan account and then select ‘Manage repayments’.

If your current repayments come from ANZ, you should be able to make the changes here.

Select ‘Modify Payment’.

Here you will see your minimum repayment amount for your loan.

Select the ANZ account the repayment comes from, and enter your new repayment amount making sure it’s not less than the minimum repayment required.

As you’re only changing the repayment amount, the frequency, start and finish should remain the same.

Click ‘Submit’.

If your loan is on a fixed rate, you’ll see some important information which you should read carefully.

If you want to go ahead with the change, select ‘Continue’.

You will be asked to accept the conditions, please read them carefully and, if you agree to them, select ‘I accept’.

You will receive a Lodgement Receipt confirming the change.

You’ve now successfully changed your direct loan repayment amount.

Generally, the loan repayment change will be set up immediately. However, in some cases we may need to process your request differently, which can take up to two bank business days. Keep this in mind if making changes close to the time your next repayment is due.

For more information contact us at ANZ.

Log onto ANZ Internet Banking
From your home page,
Select your loan account.
Select the "Create or manage direct loan payments" link under the ‘Account Actions’ menu located on the left hand side of loan screen.

Your direct loan payments list will display. Next:

Select the relevant payment, using the radio buttons under the "Select" column.
Click "Modify payment"
Take note of your current minimum payment amount displayed (this represents the minimum repayment you must make on your loan) and follow the next steps:

Step 1 - Enter the loan payment details

Bank Managed Payments :

Select “Yes” if you want to modify a Bank Managed Payment (Direct Loan Payment) or “No” if you want a Customer Managed Payment, depending on whether this payment will be managed by ANZ or yourself
From Field: select the account you are transferring funds from using the drop down list.
Amount: enter the amount you wish to pay. If this amount is a Bank Managed Payment, the amount cannot be below the minimum repayment amount.
You can find the minimum repayment amount displayed on this page above the current text box (that you noted above)

Step 2 - Transfer details

If changing the minimum repayment amount only, leave the frequency, start and finish date as pre-populated, there’s no need to change these fields.
Select "Submit" to proceed with change to loan payment.

Please note:

If your loan is currently in an interest only, progress draw down, extension or deferral period, your additional payment will automatically stop at the end of that period.

Step 3 - Read and accept

Read and accept the conditions for loan repayments on the "Direct Loan Payment - Customer Authorisation" page.

Step 4 - View your lodgement receipt

Once you accept the customer authorisation the "Direct Loan Payment - Lodgement Receipt" page will display, showing the loan payment details and the payment instructions.

What happens next?

Depending on the loan payment requests and changes required in the loan contract, the direct loan payment may be set up straight away or sent to the Loan/Mortgage Team to process your request.

Your direct loan payment request may then take up to two bank business days to be processed.

Log onto ANZ Internet Banking
From your home page,
Select your loan account.
Select the "Create or manage direct loan payments" link under the ‘Account Actions’ menu located on the left hand side of loan screen.

Your direct loan payments list will display. Next:

Select the relevant payment, using the radio buttons under the "Select" column.
Click "Modify payment"
Take note of your current minimum payment amount displayed (this represents the minimum repayment you must make on your loan) and follow the next steps:

Step 1 - Enter the loan payment details

Bank Managed Payments :

Select “Yes” if you want to modify a Bank Managed Payment (Direct Loan Payment) or “No” if you want a Customer Managed Payment, depending on whether this payment will be managed by ANZ or yourself
From Field: select the account you are transferring funds from using the drop down list.
Amount: enter the amount you wish to pay. If this amount is a Bank Managed Payment, the amount cannot be below the minimum repayment amount.
You can find the minimum repayment amount displayed on this page above the current text box (that you noted above)

Step 2 - Transfer details

If changing the minimum repayment amount only, leave the frequency, start and finish date as pre-populated, there’s no need to change these fields.
Select "Submit" to proceed with change to loan payment.

Please note:

If your loan is currently in an interest only, progress draw down, extension or deferral period, your additional payment will automatically stop at the end of that period.

Step 3 - Read and accept

Read and accept the conditions for loan repayments on the "Direct Loan Payment - Customer Authorisation" page.

Step 4 - View your lodgement receipt

Once you accept the customer authorisation the "Direct Loan Payment - Lodgement Receipt" page will display, showing the loan payment details and the payment instructions.

What happens next?

Depending on the loan payment requests and changes required in the loan contract, the direct loan payment may be set up straight away or sent to the Loan/Mortgage Team to process your request.

Your direct loan payment request may then take up to two bank business days to be processed.

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For further assistance please call the ANZ Internet Banking team on 13 33 50 (International callers: +61 3 9683 8833) 24 hours a day, seven days a week.

Frequently asked questions

Use our frequently asked questions to find out more about modifying a direct loan payment.

What does it mean by "Bank Managed Payment (Direct Loan Payment)" or "Customer Managed Payment" under the Payment Type column?

What does it mean by "Bank Managed Payment (Direct Loan Payment)" or "Customer Managed Payment" under the Payment Type column?

Can I modify the amount of my Bank Managed Payment for my loan?

Yes, but you can only increase the repayment amount of your Bank Managed Payment.

You must ensure that your payments are equal to or more than the minimum repayment amount.

Can I change the frequency of my Bank Managed Payment?

If your Bank Managed Payment has already been set up, you can only increase the payment amount.

The payment frequency cannot be modified through ANZ Internet Banking

How can I change the payment frequency of my direct loan payment?

You can request a change to the payment frequency of your direct loan payment by contacting the ANZ Mortgage team on 13 25 99 between 8.00am and 8.00pm (AEST), Monday to Friday for mortgages or the ANZ Personal Loans team on 1800 801 485 between 8.00am and 8.00pm (AEST), Monday to Friday for personal loans.