Extra repayments on fixed loans

Discussion in 'Loans & Mortgage Brokers' started by Possumcreek, 21st Jul, 2017.

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  1. Possumcreek

    Possumcreek Well-Known Member

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    Does anybody know if it is it possible to make extra payments into fixed P&I loan with ANZ?

    Not fixed at present but just wondering if extra payments are allowed and if so, what is the limit?
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I think there is a $10k pa limit.
     
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  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    other lenders have unlimited repayments if thats an issue

    ta

    rolf
     
  4. Possumcreek

    Possumcreek Well-Known Member

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    Thanks Terry and Rolf for your replies.
    I'll have to take that into consideration.
     
  5. Catherine IP

    Catherine IP Active Member

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    I jusr fixed part of mine under the breakfree package, the lady told me on the phone we can contribute up to 5k a year extra
     
  6. Savy mum

    Savy mum Well-Known Member

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    Do you know if you can have an offset account attached to a fixed ANZ loan
     
  7. Catherine IP

    Catherine IP Active Member

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    Not if it's for longer than a year hence we fixed part and left part as variable
     
  8. D.T.

    D.T. Specialist Property Manager Business Member

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    Better off using the offset than extra repayments?
     
  9. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Only with the 1 year fixed
     
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  10. wylie

    wylie Moderator Staff Member

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    I know that with our Westpac loans we cannot have an offset attached to a fixed loan. And we have $30K limit in extra repayments (just in case you are looking for a bank that allows such things).
     
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  11. Martin73

    Martin73 Well-Known Member

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    And NAB allows up to $20K extra repayments in the fixed period.
     
  12. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    I think that's $20k over the course of the entire fixed period, not per year. Most lenders allow up to $10k per year extra repayments.
     
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  13. Possumcreek

    Possumcreek Well-Known Member

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    Actually today I was told by loans department at ANZ that I could pay off 5% of the value of the fixed loan over the fixed period ie:$2500 on $50K loan
     
  14. Ros

    Ros Active Member

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    ANZ- The lesser of 5% of the loan amount at the start of the fixed period or $5000
    I checked the other day in the T & Cs
     
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  15. Possumcreek

    Possumcreek Well-Known Member

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    Already have one offset under Breakfree. Would have to pay a fee for a second. :(
     
  16. josh123

    josh123 Well-Known Member

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    Have you tried asking if the fee could be waived? I currently have 3 offset accounts and don't pay any extra fees(not for fixed accounts). Also I get the yearly fee waived but this happens only when Iv paid the fee first then the local branch I use reimburses me. Never hurts to ask :)
     
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  17. danger163

    danger163 New Member

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    @josh123 .. oh do they reimburse? I have just signed a split with anz.. banker is good enough to waive off 1 year.
     
  18. josh123

    josh123 Well-Known Member

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    Yep just ask, Iv been getting the refund for 4 years or so. It also helps if you have a good relationship with the branch manager hence also we get the 2 extra offset accounts waived.