ANZ Simplicity PLUS Home Loan Review | Finder

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About this loan

What are the features and benefits of the ANZ Simplicity PLUS Home Loan?

  • Extra Repayments. The ANZ Simplicity PLUS Home Loan offers fee-free extra repayments on your home loan, which can save you interest charges and reduce the length of your loan.
  • Interest-only options. This allows the borrower to pay only the interest portion of their home loan for up to 5 years.
  • Repayment flexibility. ANZ offers home loan customers the choice of weekly, monthly or fortnightly repayments on their home loan.
  • Redraw. This fee-free redraw facility allows borrowers to access any of the extra funds they've deposited into their home loan. There is a no minimum redraw amount.
  • Construction. You can build a new home or carry out major structural renovations, and use the drawdown feature of the home loan to make payments to your builder.
  • Maximum LVR. The ANZ Simplicity PLUS Home Loan has a maximum loan to value ratio of 80% if you wish to avoid attracting lenders mortgage insurance (LMI). You can borrow up to 90% but this may mean LMI costs and a higher interest rate.

What fees and charges come with this loan?

The ANZ Simplicity PLUS home loan has very few fees, and some are waived as part of a special offer:

  • Renegotiation fee: This fee is charged if you're renegotiating or converting an existing ANZ home or residential investment loan. The fee is $200-$350, but is currently being waived on request.
  • Application fee: Usually $600. The application fee for this loan is now $0 for a limited time on request.

How to apply

If you're interested in this loan you can press the green button and leave your details. To help you in the application process you should work out:

  • How much you want to borrow
  • The amount you have saved for a deposit
  • Whether you are co-borrowing

It's also worth checking your credit score before speaking to a mortgage specialist. You can get a free credit report here.

Home Loan Offers

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24 Comments

    Default Gravatar
    Sue
    April 5, 2019

    What is the difference between an application fee which is advertised as $0 and a settlement fee which is $160. To me they are the same!

      Avatarfinder Customer Care
      Mai
      April 6, 2019

      Hi Sue,

      Thank you for reaching out to Finder.

      I understand that the application fee and settlement fee seems to be the same and could be confusing. An application fees are normally the upfront fee when you apply for a home loan. While a settlement fee is normally charged prior to the closing of a mortgage loan for expenses such as survey costs, appraisal (valuation) fee, attorney’s fee, insurance, etc.

      Hope this helps.

      Kind Regards,
      Mai

    Default Gravatar
    Erika
    June 4, 2017

    I want to refinance my home loan. Could you pls tell me the process. Thank you

      Default Gravatar
      Jonathan
      June 4, 2017

      Hi Erika!

      Thanks for the comment.

      You can check your options on our guide about refinancing home loans.

      Once you’re on that page, please feel free to compare your options using our table.

      You can also ask for help from a mortgage broker. A mortgage broker is a professional who compares and helps you apply for home loans on your behalf. A good mortgage broker will give you personalised service all the way through to settlement.

      Hope this helps.

      Cheers,
      Jonathan

    Default Gravatar
    Jordan
    May 26, 2017

    Hi,

    I am dealing with a broker who has suggested a few lenders. It’s the first for me. Inexperienced as such. Is it true that brokers commission from the customer in a way that the bank such as ANZ would increase rates or fees to pay the broker? Just curious. Also, with the simplicity plus home loan at 4.03%, is it true you can withdrawal on available credit slightly different to that of an offset account? If details can be provided that Would be fantastic!

      Avatarfinder Customer Care
      May
      June 1, 2017

      Hi Jordan,

      Thank you for your question and for contacting finder.com.au we are a financial comparison website and general information service we are not mortgage specialists so can only offer general advice.

      Basically, mortgage brokers receive a commission or fee from lenders. Their fees would vary depending on the volume of transactions they have. Their commission is not related to when a bank/lender would increase their rates and fees so they can pay the broker. On this page, you can find more information how mortgage brokers are paid.

      As for the ANZ Simplicity PLUS Home Loan, it has a fee-free redraw facility, which allows you to withdraw any extra payments you’ve made on your home loan. Please read through our guide on how a redraw facility works on home loans to learn more.

      I hope this helps.

      Cheers,
      May

    Default Gravatar
    Annah
    April 28, 2017

    simplicity plus – discounted rate at 4.03% is not introductory rate, is it? just because it says special discount, so i was wondering if it was introductory.

      Avatarfinder Customer Care
      Dee
      May 1, 2017

      Hi Annah,

      Thanks for your question.

      The terms and conditions of the discounted rate of 4.03% did not mention that it is an introductory offer. The rate applies to applications received on or after Friday 22nd July 2016 and this offer may be withdrawn or changed at any time. The applicable interest rate may be amended or varied at any time.

      Cheers,
      Anndy

    Default Gravatar
    Miriam
    May 1, 2016

    I currently have an ANZ Simplicity Plus home loan. I now notice this does not have an offset account. If I were to change to another home loan at another bank with a better home loan package, what fees or costs would be associated with moving my existing loan to another bank?

      Avatarfinder Customer Care
      Marc
      May 3, 2016

      Hi Miriam,
      thanks for the question.

      This loan has a discharge fee of $160 which would apply if moving your loan from one bank to another. For other fees and charges it’s a good idea to contact ANZ and get a quote of the fees you’ll have to pay when exiting.

      I hope this helps,
      Marc.

    Default Gravatar
    Polly
    July 7, 2015

    I have a simplicity plus home loan and I wish to make large repayments which will pay off mortgage many years early as I turn 65 next Jan. What penalties and costs apply for early discharge if any and how can I avoid them?
    Polly

      Default Gravatar
      Jodie
      July 8, 2015

      Hi Polly,

      Thank you for contacting finder.com.au. a financial comparison website.

      ANZ fees for paying off your loan early during the fixed rate period, as this is a variable rate loan there may not be any fees associated with paying the loan off early but I would speak to ANZ directly to discuss your specific needs and how they can assist you with this.

      Regards
      Jodie

    Default Gravatar
    Arnold
    June 17, 2015

    I have anz simplicity loan small mortgage $220,000 want to switch banks for lower rate and flexibility

      Avatarfinder Customer Care
      Marc
      June 18, 2015

      Hi Arnold,

      Thanks for the question.

      You can compare refinancing home loans in our guide to see what options you may have and you can enquire directly with your preferred lender by selecting the ‘Go to Site’ button.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

      Cheers,
      Marc

    Default Gravatar
    Bob
    December 5, 2014

    Hi i just have a few questions. Im looking to borrow $400,000 from the bank under me and my brother name but the problem is,i have one default on my credit file from 2010 for $230 dollars that i have paid for.so i wanna to know can i get a loan approve by anz or the bank will decline the case

      Avatarfinder Customer Care
      Shirley
      December 8, 2014

      Hi Bob,

      Thanks for your question.

      These type of applications are handled on a case by case basis. It’s advisable to speak to ANZ directly and explain your situation.

      If you’re not eligible for the Simplicity Plus, ANZ will be able to advise on other options for your situation.

      Cheers,
      Shirley

    Default Gravatar
    Salman
    July 22, 2014

    i am a First Home buyer. I am looking to buy a block of land and then construct the house. Which loan will be suitable for me? Can I borrow 90% ? Whats’s the difference between Interest Rate & Comparison rate?

      Avatarfinder Customer Care
      Marc
      July 22, 2014

      Hi Salman,

      Thanks for the question.

      The loan which is suitable for you will depend on your individual circumstances. You may find our guide to construction home loans that are available for those looking to build a home, and these can save you interest charges as they allow you to only withdraw the money your builder requires rather than the whole loan amount.

      The interest rate is the amount of interest you will be charged for borrowing funds from a particular lender. The home loan comparison rate is a version of this interest rate which takes into account certain fees charged as part of that specific home loan.

      This may be a bit overwhelming, but you can always reach out for professional advice. You can speak to a mortgage broker and find out more about what options are available to you.

      Cheers,
      Marc

    Default Gravatar
    Jane
    February 24, 2014

    Will I have to pay exit fees on my mortgage of approximately $150,000

      Avatarfinder Customer Care
      Marc
      February 25, 2014

      Hi Jane,
      thanks for the question!

      This depends on when you opened it. Exit fees are banned for new loans entered into after 1 July 2011, but there are still break costs available for fixed rate loans. A good way of finding out exactly how much you’d pay to leave your home loan is to call your provider up and get a quote.

      I hope this helps,
      Marc.

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