ANZ Two Year Fixed Rate Home Loan

A two year ANZ, fixed home loan will deliver peace of mind for any home buyer who wants to avoid the risk of having to face any increase in interest rates, in that with such a mortgage you can have the rate fixed for that crucial two year period.

You can obtain a two year ANZ, fixed home loan, on an overall loan of 30 years, at an interest rate of 6.34% fixed for two years, with a comparison rate of 7.27% The minimum amount you can borrow on a two year ANZ fixed home loan is $20,000 but you can borrow up to 80% of the properties valuation if that is what you require, however a Lenders Mortgage Insurance (LMI) will be required if you wish to borrow more than 80% of valuation.

There are many advantages in taking out a two year ANZ, fixed home loan that make it stand out against the traditional old fixed interest rate home loans. These loans were once inflexible and rigid documents. Today a two year ANZ, fixed home loan is every bit as flexible and beneficial as a variable interest mortgage but with the added knowledge that the interest rate won’t change for at least two years.

A modern contemporary two year ANZ, fixed home loan will give you the following benefits:

• Early repayment facility – You will be able to repay your loan in full whenever you wish to do so.
• Ability to make additional repayments – You will be able to make a certain number of additional repayments without penalty, although some costs may be incurred if you wish to continue making additional repayments over the set amount.
• You will have a redraw facility – After the two year fixed rate period expires and the home loan reverts to a variable interest rate mortgage, a built in redraw facility will allow you to access any additional repayments you may have made other than any part of the additional repayment that went toward paying off the principal.
• A split loan option – This option will allow you to choose a portion of your home loan to be repayable at a fixed rate and another portion to be repayable at a variable interest rate.
• A lock rate option – A two year ANZ, fixed home loan of up to $1 million will have an option for you to lock in the advertised interest rate at the time you make application for the loan for a period of 90 days. Fees will apply for you to invoke this feature however. Otherwise the interest rate will be set at draw down.
• Ability to progressively draw down the loan as needed – The ability to draw down the loan on a progressive basis will be available for a period of four months. This is particularly valuable to those undertaking the building of their own home, however fees will be incurred to access this feature.
• Interest only repayments – If you are finding things a bit tight and you need more cash in hand for a period of time you will be allowed to pay interest only for a period of up to ten years.

As with all home loans, there are fees and charges involved for certain services that are performed by ANZ in order to ensure your home loan gives you all the protection and features you need. These fees include the following:

• Loan approval fee (LAF) – $600.
• Administration fee – $10 a month during the two year fixed interest rate period.
• Redraw fee – Nil. However there is a $2,000 minimum redraw amount at any one time.
• Early repayment costs – There may be a cost involved if you want to make additional repayments, repay your fixed loan either in part or in full, or switch to another fixed or variable interest rate before the end of the two year fixed rate period.
• Lock in interest rate fee – $750 is payable if you want to lock in the interest rate advertised at the time you make application for the home loan. This will hold that rate for a period of 90 days for all home loans up to an amount of $1 million.

A two year ANZ, fixed home loan is available for individuals as well as for companies and businesses who are buying the property for the personal well being of directors of the company or for any beneficiaries of a trust.

The above features clearly show how a two year ANZ, fixed home loan can offer home buyers the peace of mind and security needed when making such a major life decision. The knowledge that your repayment will remain stable for at least two years clearly safeguards you against any increase in interest rates during that time.

Read the ANZ Fixed Rate Home Loan - 2 Year Fixed Rate terms and conditions.

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