Extra ways to reduce interest costs

If you can, pay any loan establishment fees or legal fees up front from your own savings rather than adding this amount to your loan.

You can make your first repayment as early as two business days after your loan draws down. Interest is calculated daily, so every day you have a reduced balance counts. 

Review your service providers to ensure you’re getting the best value. Any money you save on utilities, for example, can be put towards your loan. 

Circumstances change so be sure to review your loan regularly. If your circumstances improve, consider whether you can afford to increase your repayments. To give you the ability to make extra repayments whenever you like, consider a floating ANZ Home Loan or an ANZ Flexible Home Loan which provide greater flexibility to make extra repayments.

If you have an ANZ Home Loan with a fixed rate, there are a couple of ways you can make extra repayments without being charged an Early Repayment Recovery:

• If it’s the first increase that year, you can increase your regular repayments towards your home loan by up to $250 a week.
• Plus, each year you can make an extra lump sum repayment that’s no more than 5% of your current loan amount.

The year runs from the date, or the anniversary of the date, that your fixed rate period started.

Early Repayment Recovery (sometimes called a ‘break fee’) is an amount you pay us to reflect the loss we incur when you repay some or all of the loan early during a fixed rate period. Talk to us before you decide to repay early, as any Early Repayment Recovery could be large.  

On a floating ANZ Home Loan you can make extra repayments whenever you like – a minimum repayment amount may apply.