The ANZ Simplicity PLUS Home Loan offers a low interest rate and you don’t pay for any extra features you don't need. You can make additional repayments at any time to help you pay off your loan sooner. Borrowers can also redraw any extra monies paid on the loan when they need without being charged extra.
So while it’s a ‘basic’ home loan, these features will allow you to reduce interest costs over the life of the loan.
There are other extras not often found on a basic home loan. Borrowers can, for example, arrange a repayment holiday of up to three months if anything unexpected crops up, like an involuntary redundancy, a long-term illness in your family or if you’re travelling. There are no additional fees for this although your repayment amount will be adjusted to ensure your loan is still paid out on time.
The minimum borrowing amount is $50,000. New customers need a 10 per cent deposit or equity equivalent while existing customers need at least five per cent. If you have a deposit of 20 per cent or more (or equity equivalent) you don’t need to pay for lenders mortgage insurance.
ANZ also offer the Simplicity PLUS Home Loan as a construction loan, allowing you to draw down progress payments if you are building or renovating your home. There are fees attached to this, however, so be mindful of incurring extra charges.
Borrowers have the option of combining their Simplicity PLUS loan with a fixed rate loan or other loan type. But you’ll need to pay a $600 fee for the first loan into which you split and $200 for each subsequent split. You can choose how much you allocate to each, depending on your circumstances. You could also opt to split your loan into two variable products, such as the ANZ Standard Variable Home Loan and ANZ Simplicity PLUS Home Loan, or even two ANZ Fixed Loans. It's up to you.
Who is the ANZ Simplicity Plus Loan good for?
The Simplicity Plus Home Loan is good for first home and established buyers who want a low cost loan which offers some flexibility to repay and structure the loan, according to their needs. The loan may be of particular interest to existing ANZ home loan customers as discounts on fees and rates may apply. ANZ’s Simplicity PLUS is not offered to investors.
Review - What RateCity says
As the name implies, ANZ’s Simplicity Plus Loan is a fairly simple loan offering a lot of flexibility. As a first home loan or a simple refinance option it may suit your needs.
One of the biggest advantages of this home loan is that there is little in the way of ongoing fees. The fee-free redraw facility is also attractive, as are the extra repayment options.
Being able to pay extra monies into your loan without penalty may help save you thousands in interest costs. The Simplicity Plus Loan does, however, come with high upfront fees so make sure you factor these into your calculations.
ANZ Simplicity PLUS Loan Options
Follow the provided link for more about the ANZ Simplicity Plus Loan.
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