There are a number of different home loan options to suit different lifestyles, and taking time to get the right loan structure for your situation makes a big difference.

Here’s an overview of the different home loan options we offer, and what you need to think about when you’re comparing mortgage options.

You can also watch this video to see one of our Mobile Mortgage Managers explain the different ANZ Home Loan options available to you.

ANZ offers the following home loans.

  • ANZ Floating Home Loan – a floating interest rate loan.
  • ANZ Fixed Rate Home Loan – a fixed interest rate loan
  • ANZ Flexible Home Loan – a flexible home loan.

ANZ Home Loan – Floating Rate

You make regular repayments to your loan and the interest rate goes up or down in line with changes in the market.

This option is good if...
  • you want the flexibility to make extra repayments. You can increase your regular repayments or make lump sum payments anytime, at no cost – and by making extra repayments you can reduce your interest costs and get mortgage-free faster
  • interest rates move down, you get to take advantage of them immediately.
This option is not so good if...
  • you need the certainty of the same payment each time
  • interest rates move up, your repayments will go up also. You may also be able to choose for your repayments to stay the same, but your loan term will extend.

ANZ Home Loan - Fixed Rate

You choose an interest rate which is fixed for a set period (from 6 months to 5 years). At the end of the fixed interest rate period you can go onto a floating interest rate, or you can choose another fixed interest rate period. Your regular repayments stay the same within the fixed rate period.

This option is good if...
  • you need certainty about your repayments so you can budget - your repayments stay the same for the whole fixed rate period
  • interest rates rise, you won’t be affected while you’re on your fixed rate.
This option is not so good if...
  • you want to be able to make extra loan repayments. You can only make a lump sum repayment or increase your repayments by up to 5.00% p.a. of the outstanding loan balance each year without incurring an early repayment recovery (an early repayment administration fee may apply)
  • interest rates fall, you are locked into a fixed rate.

ANZ Flexible home loans

These work like a large overdraft. You can re-borrow up to your loan limit any time, for any purpose.

Your pay (and any other money you want) must go straight into the account, and your bills and payments come out again – so your loan balance is always moving up and down. Because interest is calculated daily, you can reduce your overall interest costs by keeping as much money in the account as you can at any given time (e.g. by putting all your expenses on your ANZ credit card and paying off your card every month).

This option is good if...
  • you need flexible access to credit for any reason
  • you’re good at managing your money and want to reduce your interest costs and pay off your mortgage faster.
This option is not so good if...
  • you don’t have good money management disciplines in place (e.g. if you keep re-borrowing rather than repaying your mortgage).

Each loan option has different pros and cons – but remember, you can break your loan up into a combination of floating or fixed interest rates or a flexible home loan to suit your needs. For example, you could put most of it on a fixed rate to give you certainty, and have a portion on a floating rate so you still have the flexibility to make extra repayments if you want to. 

Watch this video to get some tips from our Mobile Mortgage Managers on how to best structure your home loan.

Things to consider when you’re considering your home loan options include:

  • your situation – for example whether you need certainty for budgeting, whether your income is stable or varies, and your future plans
  • how much you can afford for your regular repayments
  • interest rates – these vary depending on the type of loan. You should also consider whether rates are likely to stay the same or move up or down – or whether you want to hedge your bets
  • how often you want to make repayments – weekly, fortnightly or monthly
  • your loan term – the longer the term the less your regular repayments will be but the more interest you’ll pay overall, and vice versa.

With so many choices, it can be hard to know what to do. At ANZ we can help you compare mortgages and work out the best loan structure for your needs – just ask.

More information

For more information or to apply for an ANZ Home Loan:

contact iconContact an ANZ Mobile Mortgage Manager

apply iconApply online

call iconCall 0800 ANZ HOME (0800 269 4663)

enquire iconEnquire online

visit iconVisit your nearest ANZ branch

For the ANZ First Home package, you need an ANZ everyday account with your salary, wages or business income direct credited and an ANZ Serious Saver account. ANZ lending criteria, terms and conditions and fees apply to all loans.

A copy of the Reserve Bank Disclosure Statement published by ANZ Bank New Zealand Limited may be obtained on request from any ANZ branch.

This material is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008.  It is recommended you seek advice from a financial adviser which takes into account your individual circumstances before you acquire a financial product. If you wish to consult one of ANZ's financial advisers, please contact us on 0800 269 296.

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