Australia and New Zealand Banking Group, more popularly known as ANZ Bank, is one of the top four banks in Australia, and among the top 50 in the world. A leader in the mortgage market for years, its focus on low-risk loans makes it highly popular with mortgage brokers and home buyers. The mass appeal of ANZ, plus its wide branch network across Australia, give customers easy access when they need a home loan.
The most well-known home loan from ANZ Bank is the ANZ Breakfree package, which is a promising option for those looking to borrow more than $250,000. Among its benefits are rate discount and waived fees on your cheque account and credit card. Although you will be charged with an annual fee, the savings you receive from this package is much more than what you must pay.
Another option is the ANZ Equity Manager which is a line of credit that helps you convert your home equity into money you can spend.
If you need a smaller loan, you could choose the Simplicity Plus loan which does not have any annual fees or offset account.
Depending on the package you choose, your ANZ home loan may provide the following:
• 100% offset account (selected loans)
• Redraw facility (selected loans)
• Option to split loans
• Option to make additional repayments
• Zero fees for early repayment (selected loans)
• Option to make repayments weekly, monthly, or fortnightly
• Option to make interest-only repayments for up to five years
• Fee waiver on monthly account service
Check with ANZ if these inclusions are available with the home loan you are planning on getting. Always read the product disclosure statement (PDS) and other loan documentation before you commit.
Why choose ANZ for your mortgage?
• Ideal for ex-pats and self-employed customers
• Guarantor loans for first home buyers
• Partner 820 Visa home loans
• ANZ is self-insured
• All LMI applications are assessed in-house
• Construction loans
• Refinance an existing home loan with cashback of up to $3000
• Get a bank valuation upfront before applying
• Recognition of family tax benefit
• Special discounts for lawyers, accountants, and medical professionals
• Face-to-face transaction with the lender through a branch
• Considers rental payment history as genuine savings
Why should you take a second look?
• Borrowing over 90% of the property value can be difficult for first-time borrowers
• Strict in assessing living expenses
• Tough for home buyers with a low deposit or bad credit history
• You can only borrow up to 60% of the secured property value if you want to apply for low doc
• Rigid credit scoring – you may get declined for no apparent reason
• Lengthy service level agreements (SLAs)
Most mortgage brokers negotiate with the bank before submitting your loan application. And with prices constantly moving – sometimes a day apart – you could snag an incredible discount depending on the size of your loan and deposit. Make sure to compare your options before making the big decision. You want to ensure that you have the most fitting plan based on your needs and ability to pay.
Check out the different plans available on the market today here at Makes Cents.