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.
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.