ANZ Bank Home Loans

ANZ Refinancing

ANZ Bank is one of the largest in Australia and New Zealand, and continues to be a full-service solution to its many customers.

As the fourth largest Australian bank and one of the largest globally, the Australia and New Zealand Banking Group (ANZ) offers a range of home loans, personal loans, credit cards, savings accounts, insurance products and various  other financial  products and services.  ANZ Bank refinancing loans have a number of benefits including,

  • Choosing a repayment frequency.
  • Availability of redraw on some variable interest rate home loans for free.
  • Making interest-only repayments for up to 10 years.

ANZ Home Loan Products

ANZ Equity Manager

Homeowners can tap into their home’s equity and get up to 90% LVR with LMI, or 80% without it. Money can be used to refinance, or invest. Options include redraw, split loan, extra repayments, and choosing between interest only or principal and interest payments. This variable loan comes with a number options, including redraw, split loan, additional payments, and may be used for refinancing home loans.

ANZ Fixed Home Loan

You could refinance as much as 80% LVR, or 95% LVR with insurance with a 1 year fixed rate. Interest only payments can be made for up to 10 years. Options on this loan include an offset account (for 1 year only), split rate, and fixed interest. Use the money for refinancing home loans, or investment. Options include interest only or principal and interest payments, split loan, and an offset account.

ANZ Simplicity Plus

Getting a simple home loan like this one is designed to keep it simple and less expensive. It has the basics, low fees, and lets homeowners borrow up to 95% LVR with LMI, or 80% LVR without it. Options include redraw and split loan, and permits extra repayments.

ANZ Simplicity Plus (First Home Buyers)

New home buyers can use this loan to obtain their first property. New customers can borrow as much as 80% LVR, or 90% LVR with LMI. Options are limited to keep the fees down, but they include redraw and split loan, and payments can be made by principal and interest or interest only.

ANZ Standard Variable Home Loan

Borrowers can get this loan for up to 80% LVR and have 30 years to pay it back. Options include redraw, offset account, pick the loan repayment term, and interest only payments. Split loan option is available in variable or fixed rates.

ANZ Standard Variable Residential Investment Loan

Variable investment loans are available from ANZ, and borrowers can receive up to 80% LVR, or up to 90% LVR with LMI. It can be paid back as principal and interest or interest only for up to 10 years. Many options are available, including an offset account, redraw, split loan, fixed interest, and extra repayments.

ANZ Breakfree Package

The Breakfree Package enables owner-occupiers and investors to combine their accounts and loans together and get a lower variable interest rate. Up to 95% LVR can be borrowed with insurance. Package includes an offset account, redraw, split loan, fixed interest, and extra repayments as options.

About ANZ  Refinancing

Things to Consider With ANZ Refinancing

  • The features you want to enjoy as part of your ANZ refinancing loan package such as redraw abilities, fixed rates and extra payments.
  • Credit cards and everyday transaction accounts both of these are available with some ANZ home loan products.
  • Equity options If you have accrued equity in your  current property, this may be used to your  advantage. ANZ recommend speaking to a specialist regarding the equity options available and the benefits on offer.
  • Fixed rate loan terms If you currently have a fixed term home loan and this is about to expire, then you may  want to consider refinancing. An expired fixed rate loan will revert to a variable rate loan, and you may find yourself  better off with a new loan product.

ANZ Home Loan Products Comparison

 

FAQs

What does refinancing a home loan mean?

Refinancing is when you take out a new mortgage in order to pay off an existing loan. This often occurs due to a change in financial situation, or because you want to secure a better deal on your mortgage. This can be facilitated with the same lender, or involve switching to a new mortgage provider.

What is the benefit of refinancing a home loan?

There is a range of benefits to refinancing your home loan. It can allow you to take advantage of a better home loan deal, unlock equity in your home, reduce the fees you pay, simplify your repayments (especially if you’re consolidating multiple debts) and even shorten the term of your mortgage therefore reducing your interest payments.

How soon can you refinance after refinancing?

How long you need to wait before refinancing depends on your mortgage provider. Some allow you to do so immediately after closing, while others have a waiting period of six months or longer. It’s best to check with your lender to determine their specific requirements.

What fees are involved in refinancing a mortgage?

Some common costs of refinancing include application fees, valuation fees, registration fees and discharge of mortgage fees.

What is the process of refinancing a home?

The first place to start with refinancing is to assess your current financial situation to ensure it’s the right choice for you. Then, you generally start by contacting your existing lender to see whether they can improve your current home loan deal. If they are unable to provide an alternative, you would then work with a broker to compare other home loans on the market. If you find a better option, you would apply for your new mortgage and exit your old one.

What is the risk of refinancing?

There are a few risks involved in refinancing your home. One of these is that if you apply for a fixed rate loan, sometimes this rate can actually fluctuate in the period between approval and settlement. This would mean you may not have actually locked in a better rate which is why it’s important to check you’re getting a home loan with a rate lock feature. Other risks involve getting locked into a longer mortgage term (therefore increasing your interest repayments) and being tricked by tempting introductory variable or honeymoon’ rates.

How much could refinancing save you?

There’s no hard and fast rule as to how much refinancing can save you: this depends on your unique financial situation, as well as the difference between your old and new interest rate. However, data shows that when your interest rate drops by 2% or more, this could save you up to $20,000 over the course of your mortgage.