ANZ Simplicity Plus - Owner Occupied - Variable

Ratings

★ ★ ★ ★ ★ (1 reviews)

About this rate option

ANZ Simplicity Plus offers owner-occupiers a variable rate of 7.63% (comparison rate 6.96%) with interest-only repayments, keeping the balance unchanged during the interest-only period before reverting to principal and interest. This option requires a deposit of at least 30%, as borrowing is capped at 70% of the property value. The loan allows extra repayments to pay it off sooner, and ANZ Redraw can give you access to those extra payments when needed. Loan terms from 1 to 30 years are available.

This summary was generated from ANZ’s published product data for this specific rate option. Always confirm current rates with the lender.

About Simplicity Plus

Key Features

While it does not have the convenient that comes with an offset account, but $Simplicity Plus comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.

Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.

LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.

Fees & Costs

ANZ charge a discharge fee of $160, which covers the cost for removing the mortgage that has been registered on the title of your property.
Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.
There is upfront costs of $160 to apply for Simplicity Plus, with no ongoing account keeping fees.

Borrowing Limits

An LVR of 95% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.

Eligibility

Interest only repayment option is not available with ANZ Simplicity Plus for buying next home.
Interest only repayment option is not available with ANZ Simplicity Plus for construction loan.
Interest only repayment option is not available with ANZ Simplicity Plus for first home buyer.
Interest only repayment option is not available with ANZ Simplicity Plus for refinance.

💡 Tip: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.

IMPORTANT:Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with ANZ or a mortgage broker just to be sure. This information should be used as a guide only.

Other rate options for Simplicity Plus

Refinance Variable · Principal & Interest 0 Years · 60% LVR

6.54%

Refinance Variable · Principal & Interest 0 Years · 70% LVR

6.59%

Refinance Variable · Principal & Interest 0 Years · 80% LVR

6.64%

Refinance Variable · Principal & Interest 0 Years · 90% LVR

7.24%

Refinance Variable · Principal & Interest 0 Years · 95% LVR

7.64%

Investment Variable · Interest Only 0 Years · 60% LVR

7.04%

Investment Variable · Interest Only 0 Years · 70% LVR

7.09%

Investment Variable · Interest Only 0 Years · 80% LVR

7.19%

Investment Variable · Interest Only 0 Years · 90% LVR

7.98%

Investment Variable · Interest Only 0 Years · Any LVR

7.98%

Investment Variable · Principal & Interest 0 Years · 60% LVR

6.64%

Investment Variable · Principal & Interest 0 Years · 70% LVR

6.69%

Frequently Asked Questions

Are there costs when I exit or refinance to another lender?

ANZ charge a discharge fee of $160, which covers the cost for removing the mortgage that has been registered on the title of your property.

Does ANZ Simplicity Plus comes with an offset account?

No, Simplicity Plus does not come with an offset account. Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.

Does ANZ Simplicity Plus comes with an offset account?

No, Simplicity Plus does not come with an offset account. While it does not have the convenient that comes with an offset account, but $Simplicity Plus comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.

What are the costs to apply for ANZ Simplicity Plus?

There is upfront costs of $160 to apply for Simplicity Plus, with no ongoing account keeping fees. Settlement fee: $160

Fees

Application fee

Important Information

Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with ANZ or a mortgage broker just to be sure. This information should be used as a guide only.