CBA and ANZ offering one year fixed rates with full offset

Discussion in 'Loans & Mortgage Brokers' started by Arcticfire, 4th Jun, 2020.

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  1. meme plecko

    meme plecko Well-Known Member

    Joined:
    18th Jun, 2015
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    Location:
    sydney
    Correct.

    1 year fixed investment with the package is 2.59% and can be linked to the offset account.
    Without the breakfree package, it would be 2.74% plus $10/month for the offset account. With a bit of negotiating, ANZ agreed to vaiwe the annual package fee and monthly fees for the second offset account (the first offset account is 'free' when on the package)
     
  2. jyeung80

    jyeung80 Well-Known Member

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    25th May, 2017
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    Location:
    Melbourne
    A few questions re the ANZ 1 year fixed IO loan (sorry if they're noob questions, I couldn't find the answers on their website):
    1. Can you get the 100% offset account if the loan is IO?
    2. At the end of the 1 year period, I assume you just revert to their SVR. Is it just the advertised SVR or do you have a chance to negotiate the rate at that point?
    3. If it was 1 year fixed IO, does it become P&I at the end of 1 year?
    4. Any redraw available for this product?
    Thanks.
     
    Last edited: 22nd Jul, 2020
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
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    Location:
    Gold Coast (Australia Wide)

    Offset is available ON PI and IO
    SVR roll or revert rate is priced at application/lodgement
    Reasonably sure that at ANZ the fixed rate matches the IO term, unlike eg CBA and WBC
    No redraw, needed because ??

    OO or IP loan ?
    ta
    rolf
     
    jyeung80 likes this.

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