Lock in a fixed rate and enjoy repayment security on your home loan.
With a competitive fixed rate, you can know exactly how much your home loan will cost you over its term. This allows you to plan ahead with confidence and accuracy. The ANZ Breakfree Home Loan Package Fixed gives you the choice of locking your rate over a variety of periods, from as little as 1 year to as many as 10. It lets you borrow up to 95% of your new home's value and combines your loan, bank account and credit card into one convenient package giving you easy manageability of your finances. As a result of moving your banking over to ANZ, you'll be rewarded with rate discounts and discounts on some fees.
For homebuyers who would prefer not to fix their rate, ANZ also offers a similar package with variable interest rates. If you're comfortable with variable repayments, then this home loan might be worth considering.
| Product Name | ANZ Breakfree Package Home Loan Fixed |
|---|---|
| Interest Rate Type | Fixed |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $150,000 |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 95% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | Yes |
| Split Loan Facility | Yes |
| Fixed Interest Option | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $0 |
|---|---|
| Lender's Legal Fee | $0 |
| Valuation Fee | $0 |
| Ongoing Fees | $395 p.a. |
| Discharge Fee | $160 |
Pros
- No application, loan approval, settlement and valuation fees
- No annual fee or additional cardholder fees for the eligible credit card linked to this home loan
- Offset account available when fixing for one year
Cons
- Annual service fee of $395
Things to consider about the ANZ Breakfree Home Loan Package Fixed
The ANZ Breakfree Home Loan Package Fixed is a full documentation loan, meaning you must be able to supply a full range of income evidence including payslips, bank statements and other supporting documents. (ANZ does have some low doc options, but these have more restrictive maximum LVRs and other conditions.)
As mentioned, this loan is a package home loan. It offers a rate discount and fee waivers in exchange for you moving your banking to ANZ and also paying an annual fee.
Features of the ANZ Breakfree Home Loan Package Fixed Rate
- Loan-to-Value Ratio (LVR). You can borrow up to 95% of the property's value with Lender's Mortgage Insurance (LMI), or 80% without LMI. The minimum amount you may borrow with these terms and rates is $150,000.
- Loan terms. For the fixed rate portion of this loan you can choose terms between 1 and 5 years, or a 7 or 10-year term. The overall loan can be spread out over 30 years.
- Repayment frequency. You have the choice of weekly, fortnightly or monthly repayments, enabling you to match your home loan to your salary.
- Repayment types. You are allowed the option of interest-only repayments for up to 5 years with this loan if you're an owner occupier, or 10 years if you're an investor. You may also make additional repayments during the fixed rate period so long as they total less than 5% of the loan or $5,000 during the fixed term, whichever is less. You could incur an early repayment cost if you exceed these amounts.
- Redraw. Once your loan reverts to the variable rate you are able to redraw any extra repayments you have made.
- Offset account. A 100% offset account is only available if you choose the 1-year fixed rate option. An offset account is a linked transaction account, in which any funds deposited into it can offset the interest on your home loan, saving you over the course of your home loan.
Fees
- Annual fee. A $395 charge will be added to your account each year that your loan is open.
- Rate lock fee (optional). $750. This fee is charged in the event that you wish to lock in the advertised rate at the time of application for up to 90 days. This guarantees you will receive the advertised rate you apply for, rather than the possibility of a less favourable rate in the time taken for your loan to settle.
Fee savings as part of the Breakfree package
The Breakfree package waives a number of fees, including:
- Loan approval fee. $600. This fee is waived as part of the Breakfree Package. ANZ usually charges it for the preparation of your loan paperwork.
- The ANZ One Offset account fee. $10 per month. This account is only offered on the 1-year fixed term.
- ANZ Frequent Flyer Platinum credit card includes a $240 annual account fee and a $55 rewards program services fee.
How to apply for the ANZ Breakfree Home Loan Package Fixed Rate
To apply for the Breakfree Home Loan Package, click the green "Go to site" buttons or fill out the form on the right of this page. Clicking the "Go to site" button will securely take you to the ANZ website where you can fill in some details about you and the property. This process will take around two minutes, after which an ANZ mortgage specialist will give you a call back at a convenient time to talk through your options.
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