Breakfree Package Equity Manager ($250k-$700k)
- Last updated on 04 Jul 2020
based on $300,000 loan amount for 25 years
- No upfront fees
- Parents can sign as guarantor
- Repayments may decrease if RBA cuts rates
- No extra repayments
- No redraw and no offset
- Annual fee charged
- Discharge fee at end of loan
Interest rate structure
$250k - $700k
Principal & interest
Loan term range
1 - 30 years
Allows split interest
Investors, Line of Credit, Owner Occupiers
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Total estimated upfront fees
Other upfront fee
Minimum SMSF Amount
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ANZ was founded in Melbourne in the 1830s, and today makes up one of Australia’s big four banks, alongside Commonwealth Bank, NAB and Westpac.
ANZ offers an extensive range of home loan options, including first home buyer loans, investment mortgages, reverse mortgages and low-doc home loans.
ANZ employs approximately 46,000 staff who provide consumer and corporate banking services to customers throughout Australia and worldwide. The bank has over 550,000 shareholders with the majority being domestic shareholders.
We use your current mortgage details to calculate the potential savings if you were to change lenders, and also to help us point you to loans that may meet your needs.
For example – if you live in the house you own, we’ll make sure we show you the owner-occupier rates, which are typically cheaper than investor rates. Or if you have less than 20% equity in your property, then we won’t show you the deals that require a greater amount of equity.
Equity refers to the difference between what your property is worth and how much you owe on it. Essentially, it is the amount you have repaid on your home loan to date, although if your property has gone up in value it can sometimes be a lot more.
You can use the equity in your home loan to finance renovations on your existing property or as a deposit on an investment property. It can also be accessed for other investment opportunities or smaller purchases, such as a car or holiday, using a redraw facility.
Once you are over 65 you can even use the equity in your home loan as a source of income by taking out a reverse mortgage. This will let you access the equity in your loan in the form of regular payments which will be paid back to the bank following your death by selling your property. But like all financial products, it’s best to seek professional advice before you sign on the dotted line.
Equity is the value of your property, less any outstanding debt against it. For example, if you have a $500,000 property and a $300,000 mortgage against the property, then you have $200,000 equity. This is the portion of the property that you actually own.
This type of loan is a flexible mortgage that allows you to draw on funds when you need them, similar to a credit card.