ANZ Breakfree Home Loan Package ($150,000-$249,999)

The Anz Breakfree Home Loan Package

Savvy home buyers know the advantages of flexible features available with variable rate home loans. Home buyers who want to avoid higher loan repayments when interest rates rise know the advantages of fixed rate home loans. If you want the best of both worlds, you will be interested in ANZ Bank’s Breakfree Home Loan Package.

The Features and benefits of ANZ Breakfree Home Loan Package ($150,000-$249,999)

The ANZ Breakfree Home Loan Package ($150,000-$249,999) offers a package that includes a home loan with discounted interest rate and reduced fees on a range of other banking products. The main features of the loan are:

• Variable interest rate, 6.92% This is a discount of 0.5% off ANZ’s standard variable home loan interest rate.
• Interest only repayment is allowed. This repayment option is available for loans for up to 10 years, and is a popular choice for buyers of investment properties who wish to have the benefit of reduced repayment amounts.
• Flexible repayment frequency. Repayments may be made on a weekly, fortnightly or monthly basis. If you are paid fortnightly it may suit you to schedule your repayments with your pay cycle, so that you make about two more repayments each year and reduce the length of your loan.
• Extra repayments are allowed, so that lump sums may be deposited into your loan account to shorten the length of the loan. This feature appeals to borrowers who may have surplus funds such as work bonuses or tax refunds that they’d like to use to save on home loan interest.
• Redraw facilities are available. Additional payments are easily accessible when needed, with a minimum redraw amount of $2,000.
• Split your loan into fixed rate and variable rate portions. If you want the flexible features of a variable rate loan, such as redrawing on extra repayments, but also need the budgeting certainty provided by a fixed interest rate with unchanging monthly repayment amounts, a split loan can give you the best of both types of loan. Each month you will know exactly how much you need to pay into your fixed rate loan and, provided that you meet minimum monthly repayment requirements, you are free to pay as much as you have available into your variable rate loan. You are free to split your loan into a combination of different fixed and variable rate loan products.
• Mortgage offset facilities are available. If you are eligible you can link one of the loans to an ANZ One transaction account. As funds in the transaction account are offset against the balance on your mortgage account, you can pay off your home loan sooner while still having access to funds when you need them for day to day expenses.
• Discounts on other ANZ banking products. The Breakfree Home Loan comes as part of a package of banking products, with a range of benefits such as discounts on personal loan interest, bonus interest on savings accounts, and waivers on loan approval fees and credit cards account fees.
• Who can apply? Individuals as owner-occupiers or investors wishing to borrow between $150,000 and $249,999 for up to 30 years may apply.
• How much can I borrow? Up to 80% of the property’s value may be borrowed, or up to 97% with mortgage insurance.
• What are the fees and charges? When you apply for the loan there are no upfront fees to pay. There is an ongoing annual service fee of $375.
• Are there penalties for closing the loan or refinancing? If a loan is repaid within four years there is a termination fee: for example, if a loan is terminated after 3 years the cost would be $700. The termination fee is waived if the customer has another ANZ home loan of more than $150,000. This means that if you sell your home, or if you wish to refinance your loan by switching to another ANZ home loan of more than $150,000, you will not be charged heavy termination fees.

The ANZ Breakfree Home Loan Package offers competitive interest rates on a home loan together with discounts on a range of ANZ banking products. The option of splitting your loan into fixed and variable rate parts allows you to take advantage of low interest rates and budget for your repayments with certainty, while giving you flexibility of extra repayments and redraw facilities.

Read the ANZ Breakfree Home Loan Package ($150,000 - $249,999) terms and conditions.

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